Eaton Reports Record Q4 2023 Results

Eaton Reports Record Q4 2023 Results

Fourth-quarter sales reached $6 billion, an 11% increase from the previous year, driven by organic growth and a slight boost from foreign exchange.

Eaton Corporation plc reported its fourth-quarter earnings for 2023, revealing a notable increase in financial performance. The company announced an adjusted earnings per share of $2.55, up 24% from the same period in 2022, after accounting for various charges and income from acquisitions and divestitures.

Fourth-quarter sales reached $6 billion, an 11% increase from the previous year, driven by organic growth and a slight boost from foreign exchange. Segment margins improved to 22.8%, indicating a 200-basis point increase from the fourth quarter of 2022.

Operating cash flow for the quarter was $1.3 billion, with free cash flow at $1.1 billion, both marking significant increases from the year before.

For the full year, Eaton’s sales were $23.2 billion, reflecting a 12% increase from 2022, attributed entirely to organic sales growth. The company’s segment margins reached 22.0%, showing a 180-basis point improvement over the previous year. Adjusted earnings per share for the year were $9.12, a 20% increase from 2022.

Looking forward, Eaton expects organic growth of 6.5-8.5% for 2024, with adjusted earnings per share projected to be between $9.95 and $10.35. For the first quarter of 2024, the company forecasts organic growth of 6-8% and adjusted earnings per share between $2.21 and $2.31.

In business segment performance, the Electrical Americas segment saw sales of $2.7 billion, up 16% from the fourth quarter of 2022, with operating profits reaching $763 million. The Electrical Global segment recorded $1.5 billion in sales, up 6% from the previous year. The Aerospace segment’s sales were $895 million, a 10% increase from the fourth quarter of 2022. The Vehicle segment reported sales of $723 million, up 2% from the previous year, while the eMobility segment saw a 19% increase in sales to $165 million.

Eaton’s chairman and chief executive officer, Craig Arnold, emphasized the company’s strong performance and the ongoing strength in their backlog, indicating robust demand. Arnold also highlighted a new $375 million multi-year restructuring program aimed at further improving efficiency and growth.

You May Also Like

Auto Parts 4 Less Reports Substantial Revenue Growth

The company attributes the growth to strategic initiatives and its LiftKits4Less.com platform, which was reactivated five months ago.

Auto Parts 4 Less Group Inc. Announces Growth Strategy

Auto Parts 4 Less Group Inc. announced significant revenue growth following its strategic initiatives.

Christopher Davenport, CEO and Founder of Auto Parts 4 Less Group Inc. stated, "We are thrilled to report a significant increase in our revenue over the first quarter of this year. Our revenue climbed from $48,573 in January to $102,409 in March, marking an impressive growth of 111%. This success is primarily driven through our LiftKits4Less.com platform, which we reactivated just five months ago. Additionally, while our subsidiary, Auto Parts for Less Inc., reported a P&L net loss of approximately $5,500 for March, we are very close to achieving a break-even point, which is a testament to our efforts in controlling the burn rate.

Auto Parts 4 Less Announces Investment from RB Capital

Auto Parts 4 Less announced it has completed the first tranche of funding from RB Capital Partners.

Auto Parts 4 Less Group Inc. Announces Growth Strategy
Advance Auto Parts Reports Q4, Full Year 2023 Results

President and CEO Shane O’Kelly said Advance continues to act with a sense of urgency to “return to profitable growth.”

financial results
AutoZone Reports Q2 Results with Increases in Same Store Sales

During the quarter, AutoZone opened 19 new stores in the U.S., while adding six new stores in Mexico and four in Brazil.

Dana Inc. Reports 2023 Record Sales and Q4 Earnings

For the full-year 2023, Dana reported sales of $10.6 billion, up from $10.2 billion in 2022.

AAM Reports Q1 2024 Financial Results
Other Posts
Eaton Introduces Fuse Portfolio for Electrified Commercial Vehicles

Eaton Bussmann series fuses can handle up to 1,400 amps and 900 volts, and can be tailored to customer specifications.

Eaton Introduces Higher Power Fuses for Electrified Commercial Vehicles
Eaton to Supply ELocker Differential System to EV Manufacturer

The system leverages an electric motor to power the rear wheels and an electric motor or an optional internal combustion engine (ICE) driving the front wheels, Eaton said.

Eaton-to-Supply-ELocker-Differential-System-to-EV-Manufacturer
Eaton Receives 2024 Automotive News PACEpilot Award

Eaton was recognized for its 4-speed electrified vehicle transmission.

Eaton-Automotive-News-PACEpilot-award
Eaton Names Senior Vice President and Controller

Adam Wadecki currently serves as senior vice president of internal audit.

Eaton Names Senior Vice President and Controller