Revenues as Reported
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The analysis of the annual revenue data reveals several notable trends and patterns across different segments over the five-year period.
- Commercial Aviation Original Equipment
- This segment experienced fluctuations, starting at $1,932 million in 2020, decreasing to $1,720 million in 2021, then increasing significantly to $2,397 million in 2023 before slightly declining to $2,223 million in 2024. This suggests some volatility, possibly from market fluctuations or supply chain factors.
- Commercial Aviation Aftermarket
- There was a consistent and strong upward trend, with revenues growing steadily each year from $3,786 million in 2020 to $7,144 million in 2024, nearly doubling over the period. This indicates expanding demand and possibly an increasing installed base driving aftermarket sales.
- Defense and Space
- Revenues started at $5,826 million in 2020 but declined for two consecutive years to $4,630 million in 2022, then partially recovered to $6,091 million in 2024. The rebound in the final years may reflect renewed contracts or defense spending increases.
- Net Aerospace Technologies sales
- This category overall showed solid growth, from $11,544 million in 2020 to $15,458 million in 2024, despite some intermediate fluctuations. This denotes a positive trajectory in aerospace-related revenues.
- Sensing and Safety Technologies
- Revenues declined steadily from $3,207 million in 2020 to $1,824 million in 2024. This consistent decrease signals potential market contraction or competitive pressures in this segment.
- Productivity Solutions and Services
- This segment rose from $1,256 million in 2020 to a peak of $1,739 million in 2022, followed by a decline to $1,202 million in 2024, indicating a volatile demand pattern and possibly transitional challenges or market shifts.
- Process Solutions
- The segment showed consistent growth from $4,590 million in 2020 to $6,111 million in 2024, reflecting steady demand and expansion in industrial process markets.
- Warehouse and Workflow Solutions
- There was a peak in 2021 at $2,944 million, followed by a sharp decrease to $914 million in 2024. This decline may indicate a significant reduction in sales or restructuring effects in this area.
- Net Industrial Automation sales
- Sales increased from $11,071 million in 2020 to $12,425 million in 2021, then decreased gradually to $10,051 million in 2024. This pattern suggests cyclical demand with a high point in 2021.
- Products
- This subcategory under industrial automation showed a steady increase from $2,995 million to $3,868 million over the period, implying consistent growth within this product line despite overall industrial sales fluctuations.
- Building Solutions
- There was consistent, moderate growth, from $2,194 million in 2020 to $2,672 million in 2024, suggesting stable market demand in building-related offerings.
- Net Building Automation sales
- Revenues rose steadily from $5,189 million in 2020 to $6,540 million in 2024, reflecting growing adoption and sales in building automation technologies.
- UOP
- This segment exhibited moderate growth from $2,177 million in 2020 to $2,644 million in 2024, indicating steady demand in energy or related markets.
- Advanced Materials
- There was a clear upward trend, with sales increasing from $2,656 million in 2020 to $3,781 million in 2024, pointing to expanding applications and market penetration for advanced materials.
- Net Energy and Sustainability Solutions sales
- This segment showed consistent growth from $4,833 million in 2020 to $6,425 million in 2024, highlighting an increasing emphasis on sustainability and energy-related solutions.
- Corporate and All Other
- This category was negligible through the earlier years but demonstrated a gradual increase from $5 million in 2022 to $24 million in 2024, possibly reflecting increased corporate-level activities or minor business units.
- Net sales
- Total net sales progressed steadily from $32,637 million in 2020 to $38,498 million in 2024, representing an overall growth trend of approximately 18% across the period, underscoring consistent expansion in the company's revenue base.