NYSE$ETN
Eaton Corp PLC · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Eaton reported record sales and adjusted earnings per share, driven by organic growth and strong execution.
Eaton Corporation reported record fourth-quarter results, with adjusted earnings per share of $2.55, up 24% over 2022. Sales reached a record $6.0 billion, driven by 10% organic sales growth. The company issued guidance for 2024, projecting adjusted earnings per share between $9.95 and $10.35.
- Record quarterly sales driven by 10% organic growth.
- Adjusted earnings per share increased by 24% compared to Q4 2022.
- Segment margins reached a record 22.8%, a 200-basis point improvement year-over-year.
- Operating and free cash flow were both records, increasing by 9% and 8%, respectively.
Headline financials
Revenue & EPS history
Eaton · Revenue · Quarterly
$5.97B
Revenue by segment
Eaton · $5.88B total across 5 segments · Q3 2023
- Electrical Americas$2.59B+19.0%44.1%
- Electrical Global$1.5B+1.1%25.6%
- Aerospace$867M+12.9%14.7%
- Vehicle$753M+1.2%12.8%
- eMobility$163M+19.0%2.8%
Forward guidance
Eaton expects organic growth of 6.5-8.5% and adjusted earnings per share to be between $9.95 and $10.35 for the full year 2024.
Tailwinds
- Company expects organic growth of 6.5-8.5% for the full year 2024.
- Company anticipates adjusted earnings per share to be between $9.95 and $10.35 for the full year 2024.
- Company anticipates organic growth of 6-8% for the first quarter of 2024.
- Company anticipates adjusted earnings per share to be between $2.21 and $2.31 for the first quarter of 2024.
- New multi-year restructuring program to optimize operations and global support structure.
Headwinds
- Global pandemic such as COVID-19
- Geopolitical tensions or war
- Unanticipated changes in the markets for the company’s business segments
- Unanticipated downturns in business relationships with customers or their purchases from us
- Competitive pressures on sales and pricing
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.8%
Avg return
Earnings day
+0.4%
Avg return
5 days after
+2.3%
Avg return
30 days after
62%
40 / 65 earnings
Positive
+10.9%
Q4 2015
Best reaction
-8.9%
Q2 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.0% | -5.2% | -1.3% | |
| Q4 2025 | +0.6% | +4.0% | -1.3% | |
| Q3 2025 | -2.3% | -3.3% | -12.3% | |
| Q2 2025 | -7.4% | -5.7% | -9.5% | |
| Q1 2025 | -0.8% | +0.2% | +6.1% | |
| Q4 2024 | -0.2% | -3.6% | -10.3% | |
| Q3 2024 | -2.3% | -1.6% | +9.5% | |
| Q2 2024 | -8.0% | -8.9% | +0.7% | |
| Q1 2024 | -4.4% | -1.8% | +2.4% | |
| Q4 2023 | +9.8% | +10.2% | +19.4% | |
| Q3 2023 | +8.6% | +8.6% | +15.1% | |
| Q2 2023 | +6.6% | +5.2% | +12.2% | |
| Q1 2023 | +2.1% | +1.3% | +6.1% | |
| Q4 2022 | +1.7% | +6.0% | +3.5% | |
| Q3 2022 | +0.4% | +5.7% | +8.9% | |
| Q2 2022 | +0.8% | +0.8% | -5.9% | |
| Q1 2022 | +2.3% | +0.5% | -3.9% | |
| Q4 2021 | -4.3% | +0.0% | -4.5% | |
| Q3 2021 | +3.1% | +4.2% | +1.4% | |
| Q2 2021 | +3.4% | +4.1% | +7.4% | |
| Q1 2021 | +0.8% | +2.2% | +1.4% | |
| Q4 2020 | -1.6% | +0.3% | +10.6% | |
| Q3 2020 | -1.3% | +2.4% | +8.7% | |
| Q2 2020 | +1.2% | +1.6% | +10.9% | |
| Q1 2020 | -4.3% | -5.8% | -1.0% | |
| Q4 2019 | +7.2% | -2.4% | -0.3% | |
| Q3 2019 | +1.2% | +1.6% | +6.6% | |
| Q2 2019 | +1.4% | -2.2% | -1.8% | |
| Q1 2019 | -2.5% | -1.4% | -9.7% | |
| Q4 2018 | +4.9% | +5.9% | +10.1% | |
| Q3 2018 | +0.9% | +3.1% | +7.0% | |
| Q2 2018 | +3.1% | +2.1% | +3.7% | |
| Q1 2018 | -2.9% | -0.2% | +2.1% | |
| Q4 2017 | +1.3% | -1.5% | -5.1% | |
| Q3 2017 | +2.9% | -1.4% | -1.8% | |
| Q2 2017 | -5.3% | -4.8% | -8.3% | |
| Q1 2017 | +0.3% | +1.0% | +2.6% | |
| Q4 2016 | -1.5% | -1.5% | +0.9% | |
| Q3 2016 | -4.5% | -4.7% | +6.1% | |
| Q2 2016 | +0.5% | +2.4% | +4.7% | |
| Q1 2016 | +0.4% | — | — | |
| Q4 2015 | +10.9% | — | — | |
| Q3 2015 | +4.4% | — | — | |
| Q2 2015 | -0.7% | — | — | |
| Q1 2015 | +0.2% | — | — | |
| Q4 2014 | +6.3% | — | — | |
| Q3 2014 | +3.1% | — | — | |
| Q2 2014 | -8.9% | — | — | |
| Q1 2014 | -2.5% | — | — | |
| Q4 2013 | -1.7% | — | — | |
| Q3 2013 | +3.0% | — | — | |
| Q2 2013 | -5.1% | — | — | |
| Q1 2012 | +4.4% | — | — | |
| Q1 2013 | +4.7% | — | — | |
| Q4 2010 | +1.6% | — | — | |
| Q4 2011 | +1.6% | — | — | |
| Q4 2012 | +5.4% | — | — | |
| Q3 2012 | +9.9% | — | — | |
| Q2 2012 | +5.0% | — | — | |
| Q3 2011 | -7.2% | — | — | |
| Q2 2011 | +5.0% | — | — | |
| Q1 2011 | +2.0% | — | — | |
| Q3 2010 | -0.2% | — | — | |
| Q2 2010 | -2.2% | — | — | |
| Q1 2010 | -0.5% | — | — |
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