Eaton Corp. plc Q4 FY2023 results: revenue $6.0 billion, up 10.8% on the year

Eaton Corp. plc (ETN) reported revenue of $6.0 billion for Q4 FY2023, the quarter ended 31 December 2023, up 10.8% on the same quarter a year earlier. Net income was $945 million, up 30.9% on the year, and diluted earnings per share $2.35. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$6.0 billionup 10.8%

Net income$945 millionup 30.9%

Diluted EPS$2.35

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	5,967	5,880	n/a	n/a
Cost of revenue	3,732	3,684	n/a	n/a
Gross profit	2,235	2,196	n/a	n/a
Gross margin	37.5%	37.3%	n/a
Research and development	201	187	n/a	n/a
Selling, general and administrative	956	949	n/a	n/a
Pre-tax income	1,088	1,079	n/a	n/a
Income tax	141	187	n/a	n/a
Effective tax rate	13.0%	17.3%	n/a
Net income	945	891	n/a	n/a
Net margin	15.8%	15.2%	n/a
Diluted EPS	$2.35	$2.22	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,298	1,141	n/a	n/a
Capital expenditure	243	228	n/a	n/a
Free cash flow	1,055	913	n/a	n/a
Free cash flow margin	17.7%	15.5%	n/a
Depreciation and amortisation	231	229	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	344	343	n/a	n/a
Dividend per share	n/a	$0.86	n/a	n/a
Diluted shares, weighted	401m	402m	n/a	n/a
Shares outstanding at period end	399m	399m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	38,432	37,289	n/a	n/a
Cash and equivalents	488	348	n/a	n/a
Receivables	4,475	4,460	n/a	n/a
Inventory	3,739	3,713	n/a	n/a
Goodwill	14,977	14,781	n/a	n/a
Long-term debt	9,261	9,125	n/a	n/a
Long-term debt including finance leases	8,244	8,150	n/a	n/a
Operating lease liabilities	533	486	n/a	n/a
Finance lease liabilities	22.0	n/a	n/a	n/a
Shareholders' equity	19,036	18,383	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	5,880	5,967	5,943	6,350	6,345	6,240	6,377	7,028	6,988	7,055	7,451	8,531
Cost of revenue	3,684	3,732	3,725	3,940	3,899	3,811	3,930	4,431	4,313	4,457	4,799	5,676
Gross profit	2,196	2,235	2,218	2,410	2,446	2,429	2,447	2,597	2,675	2,598	2,652	2,855
Gross margin	37%	37%	37%	38%	39%	39%	38%	37%	38%	37%	36%	33%
R&D	187	201	189	196	207	202	198	192	203	204	211	227
SG&A	949	956	1,025	1,021	1,028	1,003	1,048	1,149	1,105	1,009	1,269	1,236
Interest expense	n/a	n/a	n/a	n/a	29.0	n/a	33.0	71.0	67.0	70.0	106	201
Pre-tax income	1,079	1,088	1,001	1,195	1,204	1,166	1,177	1,186	1,275	1,294	1,107	1,144
Tax rate	17%	13%	18%	17%	16%	17%	18%	17%	21%	13%	22%	28%
Net income	891	945	821	993	1,009	971	964	982	1,010	1,131	866	821
Net margin	15%	16%	14%	16%	16%	16%	15%	14%	14%	16%	12%	10%
Diluted EPS	$2.22	$2.35	$2.04	$2.48	$2.53	$2.45	$2.45	$2.51	$2.59	$2.90	$2.22	$2.11
Operating cash flow	1,141	1,298	475	946	1,309	1,597	238	918	1,351	1,965	507	1,127
Capital expenditure	228	243	183	187	183	255	147	202	178	392	193	253
Free cash flow	913	1,055	292	759	1,126	1,342	91.0	716	1,173	1,573	314	874
Buybacks	0.0	0.0	138	600	877	877	615	692	362	193	0.0	0.0
Dividends paid	343	344	368	388	374	370	397	421	404	404	415	443
Shares outstanding	399m	399m	400m	398m	395m	393m	391m	389m	388m	388m	388m	388m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001551182-24-000006: the filing on EDGAR. All of Eaton Corp. plc's filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install