Eaton Corporation plc reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with net sales reaching $24.9 billion, a 7% increase from $23.2 billion in 2023. The company's net income attributable to ordinary shareholders also rose to $3.8 billion, up 18% from $3.2 billion in the previous year. This growth translated to a diluted earnings per share of $9.50, compared to $8.02 in 2023. The increase in revenue was attributed to strong demand across various sectors, particularly in the Electrical Americas and Aerospace segments, despite some challenges in the Vehicle segment.
Eaton's strategic developments included several acquisitions aimed at enhancing its market position. Notably, the company acquired Exertherm, a provider of thermal monitoring solutions, and a 49% stake in NordicEPOD AS, which specializes in power modules for data centers. These acquisitions are expected to bolster Eaton's capabilities in the Electrical Americas and Global segments. Additionally, the company continued to focus on its restructuring program initiated in 2024, which is projected to incur total charges of $475 million and is expected to yield significant operational efficiencies.
Operationally, Eaton reported a global workforce of approximately 94,000 employees, with a notable increase in employee engagement metrics, as 84% of surveyed employees expressed favorable engagement. The company also highlighted a backlog of approximately $15.9 billion as of December 31, 2024, indicating strong future demand. The Electrical Americas segment alone accounted for $11.4 billion in sales, reflecting a 13% increase from the previous year, driven by robust performance in commercial and institutional markets.
The filing also addressed various risks, including supply chain disruptions and inflationary pressures on raw materials, which have impacted costs. Eaton has implemented measures to mitigate these risks, including investments in supply chain resiliency. Looking ahead, the company anticipates continued growth driven by megatrends in electrification and digitalization, with a focus on sustainable practices and renewable energy solutions. Eaton's management remains optimistic about its ability to navigate market challenges and capitalize on emerging opportunities in the power management sector.
About Eaton Corp plc
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