During Q4, we also had 2 notable accomplishments that improved our position in late-cycle power markets. We substantially completed the construction of our large Power Transformer plant, and we are beginning production at the new facility. And we formed a joint venture with Shanghai Electric to enhance our competitive position in China and other emerging markets for some of our Thermal products. The joint venture has already received an indication for its first significant order, and we expect it to benefit this year and beyond from China's investment in power infrastructure. We're very encouraged with the progress we've made, and we plan to continue focusing on strategic actions in 2012.
Moving on to the financial results for Q4. Revenue increased 13% over last year to nearly $1.5 billion. From an organic perspective, revenue grew 11%, with all 4 segments reporting organic growth. Segment income was $177 million, up 10% over last year, and our segment margin was 11.9%. In the quarter, Flow accounted for nearly 50% of our total segment income. We're very pleased with Flow's operating results, which included 13% organic revenue growth and segment income margins greater than 15%.
Looking at earnings per share on an adjusted basis. Q4 EPS increased 58% over last year to $1.78 per share. And excluding the cash flow impact associated with the ClydeUnion acquisition, we generated $219 million of free cash flow in the quarter.
For the full year, revenue increased 12% over last year to nearly $5.5 billion. Organic revenue growth was 7%. Segment income was $580 million, up 4% over last year, and our full year segment income margin was 10.6%. Adjusted EPS increased 21% over last year to $4.38 per share. And for the full year, excluding ClydeUnion, we generated $265 million of free cash flow. On an adjusted basis, our free cash flow conversion of net income was approximately 119%.Read the rest of this transcript for free on seekingalpha.com