Power management company Eaton Corporation plc (NYSE: ETN) of Dublin, Ireland, said sales in the fourth quarter of 2021 were $4.8 billion, up 2% from the fourth quarter of 2020.
The sales increase consisted of 6% growth in organic sales and 7% growth from acquisitions, which was partially offset by 10% from the divestiture of the hydraulics business and 1% from negative currency translation, Eaton reported.
For all of 2021, sales were $19.6 billion, up 10% from 2020.
“We delivered a solid fourth quarter with record adjusted earnings per share, and I’m proud of how our teams are performing in a challenging environment,” said Craig Arnold, Eaton chairman and CEO. “Our businesses are managing well under continued supply and labor constraints, achieving record fourth quarter segment margins with particular strength in Electrical Global and Aerospace. Amid uncertainties, we’re very pleased with our record performance in 2021 including robust organic growth, record segment margins, transformative portfolio management and outstanding growth in earnings per share.”
Eaton’s earnings per share were $1.37 for the fourth quarter of 2021. Excluding charges of $0.23 per share related to intangible amortization, $0.09 per share related to acquisitions and divestitures, and $0.03 per share related to a multi-year restructuring program, adjusted earnings per share of $1.72 were a fourth quarter record and up 19% over the fourth quarter of 2020, the company said.