Eaton Corporation ETN reported fourth-quarter 2020 earnings of $1.28 per share, which surpassed the Zacks Consensus Estimate of $1.22 by 4.9%. However, earnings were down 6.6% year over year.GAAP earnings for the reported quarter were $1.18 per share compared with $1.09 in the year-ago period. The difference between GAAP and operating earnings for the reported quarter was due to a one-time charge of 6 cents associated with acquisitions and divestitures, as well as 4 cents related to a multi-year restructuring program.RevenuesTotal quarterly revenues came in at $4,687 million, which beat the Zacks Consensus Estimate of $4,623 million by 1.4%. However, total revenues decreased 10.5% from the year-ago quarter.For the reported quarter, organic sales were down 5% from the prior-year period. Divestiture of Lighting and Automotive Fluid Conveyance businesses resulted in an 8% decline in revenues. Nonetheless, acquired assets added 2% to fourth-quarter sales.Eaton Corporation, PLC Price, Consensus and EPS Surprise Eaton Corporation, PLC price-consensus-eps-surprise-chart | Eaton Corporation, PLC QuoteSegment DetailsElectrical Americas’ total fourth-quarter sales were $1,703 million, down 18.5% from the year-ago level. The decline was due to the impact of the Lighting business divestiture and fall in organic sales.Electrical Global’s total sales were $1,252 million, down 5% from the year-ago quarter. Organic sales were down 7% from the year-ago quarter, primarily due to deterioration in oil and gas and industrial markets. Positive currency translation offset the negatives by 2%.Hydraulics’ total sales were $485 million, up 2% from the year-ago quarter. The revenue growth was due to an improvement in organic sales.Aerospace total sales were $542 million, down 13% from the year-ago quarter. Organic sales were down 25% year over year, partially offset by an 11% sales increase from the acquisition of Souriau-Sunbank and 1% growth from the impact of positive currency translation.Vehicle total sales were $620 million, down 7% from the year-ago quarter. Decline in organic sales, divestiture of the automotive fluid conveyance business and negative currency translation affected the results.eMobility segment’s total sales were $85 million, up 13% year over year. The improvement in organic sales and positive currency translation boosted the top line of this segment.Highlights of the ReleaseSelling and administrative expenses were $765 million, down 12.5% from the year-ago quarter.The company’s fourth-quarter research and development expenses were $140 million, down 7.9% from the prior-year period. Interest expenses for the quarter were $36 million, down 14.3% from the year-ago period.Orders in Hydraulics were up 25% year over year, while the same in Electrical Americas, Electrical Global, and Aerospace was down 1%, 6%, and 33%, respectively.In 2020, the company returned $2.8 billion to shareholders, $1.6 billion through share repurchases and $1.2 billion through dividend.Financial UpdateEaton’s cash was $438 million as of Dec 31, 2020 compared with $370 million in the comparable period of 2019.As of Dec 31, 2020, the company’s long-term debt was $7,010 million, down from $7,819 million in the corresponding period of 2019.GuidanceEaton’s first-quarter 2021 earnings are expected in the range of $1.17-$1.27 per share. Acquisitions and divestitures are expected to negatively impact earnings by 5%, while favorable foreign currency translation is likely to boost the same by 2-3% in the first quarter.Eaton expects organic revenue growth in the range of 4-6% in 2021. Segment operating margin for 2021 is expected in the range of 17-18%.Earnings for 2021 are expected in the range of $5.40-$5.80 per share. It is targeting share buyback in the range of $500-$700 million in 2021. The company is aiming for 8-10% earnings growth over the next five years.Zacks RankCurrently, Eaton has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other ReleasesA.O. Smith Corporation AOS came out with fourth-quarter 2020 quarterly earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 59 cents by 25.4%.AZZ Inc. AZZ came out with third-quarter fiscal 2021 quarterly earnings of 80 cents per share, which beat the Zacks Consensus Estimate of 58 cents by 37.9%.Emerson Electric EMR came out with first-quarter fiscal 2021 quarterly earnings of 83 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 22%.Zacks Names “Single Best Pick to Double”From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Emerson Electric Co. (EMR): Free Stock Analysis Report A. O. Smith Corporation (AOS): Free Stock Analysis Report AZZ Inc. (AZZ): Free Stock Analysis Report Eaton Corporation, PLC (ETN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research