2024-02-01 14:57:09 ET
Eaton Corporation plc (ETN)
Q4 2023 Earnings Conference Call
February 1, 2024 11:00 ET
Company Participants
Yan Jin - Senior Vice President of Investor Relations
Craig Arnold - Chairman & Chief Executive Officer
Tom Okray - Executive Vice President & Chief Financial Officer
Conference Call Participants
Jeff Sprague - Vertical Research
Andrew Obin - Bank of America
Chris Snyder - UBS
Steve Tusa - JPMorgan
Joe Ritchie - Goldman Sachs
Julian Mitchell - Barclays
Steve Volkmann - Jefferies
Nigel Coe - Wolfe Research
Tim Thein - Citigroup
Deane Dray - RBC Capital Markets
Presentation
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Eaton Fourth Quarter 2023 Conference Call. [Operator Instructions] And as a reminder, your conference is being recorded.
I would now like to turn the conference over to your host, Yan Jin. Please go ahead.
Yan Jin
Good morning. Thank you all for joining us for Eaton's fourth quarter 2023 earnings call. With me today are Craig Arnold, our Chairman and CEO; and Tom Okray, Executive Vice President and Chief Financial Officer. Our agenda today includes operating remarks by Craig, then I will turn it over to Tom who will highlight the company's performance in the fourth quarter. As we have done on our past calls, we'll be taking questions at end of Craig's closing commentary.
The press release and the presentation we'll go through today have been posted on our website. The presentation includes adjusted earnings per share, adjusted free cash flow and other non-GAAP measures, they are reconciled in the appendix. A webcast of this call is accessible on our website and will be available for replay. I would like to remind you that our comments today will include statements related to the expected future results of the company and are therefore forward-looking statements. Our actual results may differ materially from our forecasted projections due to a wide range of risks and uncertainties that are described in our earnings release and the presentation.
With that, I will turn it over to Craig.
Craig Arnold
Okay. Thanks, Yan. We're pleased to report our Q4 results and record performance for the year. Our team continued to deliver on our commitments, supported by strong markets and good execution.
So let me begin with some highlights of the quarter on Page 3. We generated adjusted EPS of $2.55 for the quarter and $9.12 for the year, both all-time records. Adjusted EPS was up 24% and full year was up 20%. And we continued to post strong margins. Q4 was 22.8%, up 200 basis points and above the high end of our guidance....
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Eaton Corporation plc (ETN) Q4 2023 Earnings Call Transcript