Eaton Corporation reported record financial results for the fourth quarter and full year 2024, with strong growth in earnings, margins, orders, and backlog. Fourth-quarter earnings per share (EPS) reached $2.45, up 4% from the prior year, while adjusted EPS was $2.83, an 11% increase. The company’s segment margins hit a record 24.7%, improving by 190 basis points year-over-year. Sales for the quarter were $6.2 billion, a 5% increase, with organic sales up 6%. The Electrical Americas segment saw a 16% rise in orders and a book-to-bill ratio of 1.2 on a rolling twelve-month basis.

For the full year 2024, Eaton posted record sales of $24.9 billion, an 8% organic increase, and EPS of $9.50, with adjusted EPS at $10.80, up 18%. Operating cash flow and free cash flow hit record levels of $4.3 billion and $3.5 billion, respectively. The company provided strong 2025 guidance, projecting EPS between $10.60 and $11.00 and adjusted EPS between $11.80 and $12.20, with 7-9% organic growth and segment margins of 24.4-24.8%.

By segment, Electrical Americas sales grew 9% in Q4 to a record $2.9 billion, with operating profits up 20% and a backlog up 29% year-over-year. Electrical Global sales increased 4%, with operating margins at 17.7%. Aerospace sales rose 9%, while Vehicle and eMobility segments declined by 10% and 11%, respectively. Despite some headwinds, Eaton remains confident in its positioning amid megatrends in electrification and digitalization.