Johnson Controls International PLC has reported its fiscal fourth quarter and full-year 2024 results, showing a positive trend in sales and earnings. In the fourth quarter, the company saw a 7% increase in sales to $7.4 billion, with organic sales also rising by 10%. Full-year sales increased by 2% to $27.4 billion, and organic sales grew by 4%.
The GAAP earnings per share (EPS) for the fourth quarter were $0.95, while the adjusted EPS stood at $1.28. For the full year, GAAP EPS was $2.52, and adjusted EPS was $3.71.
The company's backlog for building solutions increased by 7% organically year-over-year, reaching $13.1 billion. Notably, orders in the fourth quarter increased by 8% organically year-over-year.
In terms of segment results, the Building Solutions North America segment reported a 16% increase in sales to $3.2 billion, with organic sales also rising by 16%. The Building Solutions EMEA/LA segment saw a 7% increase in sales to $1.1 billion, with organic sales growing by 10%. Sales for the Building Solutions Asia Pacific segment declined by 5% to $664 million, with organic sales also dropping by 5%. The Global Products segment reported flat sales at $2.4 billion, but organic sales grew by 8%.
The company's corporate expenses increased by 126%, reaching $158 million in the fourth quarter. Johnson Controls also reported total cash provided by operating activities of $1,526 million, with free cash flow at $1,318 million and adjusted free cash flow at $1,087 million. The company paid dividends of $247 million and repurchased 5.4 million shares of common stock for approximately $370 million.
Looking ahead, Johnson Controls provided guidance, including a multi-year restructuring plan that is expected to result in approximately $500 million in annual cost savings following an investment of around $400 million over the next three years.
Following these announcements, the company's shares moved 6.1%, and are now trading at a price of $79.42. For more information, read the company's full 8-K submission here.
