International. Johnson Controls reported GAAP earnings per share ("EPS") for the fourth fiscal quarter of 2018 from continuing operations, including special items, of $0.83. Excluding these items, adjusted EPS for continuing operations was $0.93, an increase of 7% compared to the prior-year period.
Sales of $8.4 billion were up 3% compared to a year earlier. Excluding the impacts of mergers and acquisitions, foreign currency and lead prices, total sales grew organically by 6%.
GAAP earnings before interest and taxes ("EBIT") were $1.0 billion and EBIT margin was 12.0%. Adjusted EBIT was $1.2 billion and adjusted EBIT margin was 14.0%, up 10 basis points from a year earlier. Excluding the impact of the Scott Safety sale, foreign currency and lead prices, the underlying adjusted EBIT margin increased 50 basis points.
The Company announced that the Board of Directors approved an additional $1 billion share repurchase authorization. There is currently $900 million remaining in prior authorization.
"The strong fourth quarter results close a year of significant progress for Johnson Controls, with positive momentum entering fiscal 2019," said George Oliver, president and chief executive officer. "Our teams around the world successfully met our operational goals, with strong organic growth and cash flow performance."
"We are in the final stages of the strategic review of our Energy Solutions business. We have evaluated multiple options and have made significant progress in making a final decision."
"As we look forward to fiscal 2019, we remain focused on driving execution in our portfolio to further enhance our growth trajectory supported by our strong order book, order momentum and new business achievements. We expect our overall financial performance to continue to improve as we focus intensely on frontline growth, margin expansion and free cash flow conversion," Oliver continued.
