Eaton Reports $6.24 Billion Revenue for Q4
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Eaton Corp. reported gains in net income and revenue for the fourth quarter of 2024.
The Dublin-based component manufacturer posted net income of $972 million, or $2.45 a diluted share, for the three months ending Dec. 31. That compared with $947 million, $2.35, during the same time the previous year. Net sales increased by 4.6% to $6.24 billion from $5.97 billion.
“Once again, we delivered on our commitments in the quarter, reporting record segment margins and strong earnings per share,” Eaton CEO Craig Arnold said. “We continue to see positive market activity with orders at high levels and ongoing backlog strength.”
Eaton noted that it achieved record Q4 segment margins of 24.7%, a 190 basis-point improvement over Q4 2023.
For the full year, Eaton reported net income of $3.8 billion, or $9.50 a share, on net sales of $24.9 billion, compared with net income of $3.22 billion, $8.02, on net sales of $23.2 billion in 2023.
“Our strong performance in 2024 was a result of robust demand and our team’s successful execution,” Arnold said. “We’re confident in that continued momentum into 2025 as Eaton is in a unique position to deliver differentiated performance amid powerful megatrends driving higher growth in our markets.”
Arnold
For Q4, Vehicle segment net sales decreased 10.5% to $647 million from $723 million, driving operating profit to fall 5.4% to $122 million from $129 million last year. EMobility segment revenue decreased 10.9% to $147 million from $165 million, but operating profit rebounded to $3 million compared with an operating loss of $16 million in Q4 2023.
The company’s Electrical Americas segment net sales increased 8.7% to $2.91 billion from $2.67 billion the prior year, while operating profit for the segment increased 20% to $918 from $763 billion. Electrical Global segment net sales increased 3.8% to $1.57 billion from $1.51 billion, with operating profit rising 2.5% to $277 million compared with $284 million a year ago.
Eaton said its Aerospace segment net sales increased 8.5% to $971 million from $895 million, with operating profit rising 11% to $222 million from $200 million.
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