You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Let's begin on Slide 3.
Order trends remain positive across the majority of our portfolios in September, and we had a strong finish to the year.
Our year-over-year backlog is up 21% as a result of general recovery trends across the portfolio, a meaningful increase in the DFRE segment backlog and some recognition from our customers that raw material costs and supply chain constraints are becoming more challenging into 2021 driving preorders in some markets.
Revenue of 1.8 billion was flat versus the comparable period.
Adjusted segment operating margin at 7.1% was flat despite unfavorable revenue mix during the quarter.
For the full year, revenue was down 6% and adjusted segment margins up to 16.7% as a result of structural cost savings centered around strategic initiatives, tight cost controls, offsetting the impact of fixed cost under-absorption[Phonetic].
As we discussed at length in Q3, we are driving toward a strong cash flow performance in the 4th quarter, and we got it with full year free cash flow increasing 24% over 2019 achieving 14% of revenue.
This is what we would expect to happen as we liquidate working capital in excess of loss profits impact and as a result of efficiency gains from our back office consolidation program.
With that backdrop, we look into 2021 with conservative optimism.
Our order book is solid, albeit with a different mix as compared to last year with DFRE having a material positive impact to the top and bottom line in '21.
With that, we are initiating full year guidance of 5% to 6% organic revenue growth and adjusted earnings per share of $6.25 to $6.45.
I will not spend a lot of time on slide 4, which is a more detailed overview of the results of the 4th quarter, so let's move to slide 5.
Engineered Products revenue declined to lower shipments and CapEx levered markets such as industrial winches, waste handling equipment, and vehicle services.
ESG had a tough Q4 comparable to overcome and VSG was coming off a strong Q3, so the performance was largely expected.
Both have strong backlogs into 2021.
The aerospace and defense business had a strong quarter that ended a record year for the business, and demand in industrial automation has shown robust recovery contributing to our backlog as global auto sequentially ramps production.
In fueling solutions, as we discussed at the end of Q3, the comparable benchmark for Q4 was tough.
Despite the topline pressure, the segment posted another quarter of strong margin performance and lower volume as our, as our productivity actions remain durable.
We are beginning to see the mix benefits from our Helix and Anthem dispenser products which we believe are winning in the marketplace.
We completed the acquisition of Innovation Control Systems in the 4th quarter, which is a great addition to our vehicle launch platform.
ICS is a leading supplier of access, payment, and site management solutions and software, which fits into our strategy of driving long-term value from the large installed base of retail fuel sites which we presented in October.
Sales and imaging and identification declined 3% organically.
The core market in coating business grew on continued healthy demand for consumables and improvement in demand for printing equipment with particularly healthy activity in the United States.
Digital textile printing CapEx remained slow, but it will begin seeing recovery in demand for consumables and small format machines which are likely [Technical Issue] of conditions normalizing in 2021.
Imaging and identifications is our highest gross margin segment.
The marking and coating business has delivered commendable margin performance this year, holding the profit line virtually unchanged; however, decrementals in textile printing on lower volumes weighed on the segment margins in Q4 and during the full year, we expect this to begin reversing progressively into 2021.
Pumps and process solutions returned to top line growth in the 4th quarter on strong growth in biopharma, medical, and hygienic applications.
We also began seeing cyclical recovery in industrial pumps, which posted growth after several soft quarters.
Compression components and aftermarket continued to be slow, but recent trends in natural gas and LNG markets gives us grounds for optimism going forward.
The 4th quarter closed off a solid margin performance in this segment with margins expanding a 150 basis points in Q4 and 220 basis points for the full year.
This was driven by broad based productivity efforts, cost controls, favorable mix, and well-timed capacity expansion in biopharma and medical which we highlighted earlier in the year.
Refrigeration and food equipment posted 13% organic growth with all businesses except food service equipment delivering the increase.
A significant, a significant portion of the growth came from the well advertised strength in can making.
We are also very encouraged by activity in core food retail market, which grew organic top line at high single-digits in the quarter driven by the continued strength in the door case product line where we saw double-digit growth for the full year.
The heat exchanger business grew on robust demand in heat pumps and residential applications as well as refrigerated transport and industrial applications like semiconductors and data centers.
Margin performance expectedly improved supported by volume and actions we took in the middle of 2020.
Absolute earnings increased 71% in the quarter of the comparable period.
This margin performance coupled with the upcoming ramp-up of automated case line in food retail positions us to deliver material margin expansion in 2021.
I'll pass it to Brad here.
Let's go to slide 6.
On the top is the revenue bridge.
Our top line continued its recovery with sequential improvement in organic revenue over Q3.
Several of our businesses including short cycle industrial pumps and heat exchangers returned to positive growth in the quarter.
While biopharma, aerospace, and defense, marketing and coding, food retail, and can making continued their positive growth trajectory from prior quarters.
FX benefited the topline by 2% or 34 million, driven principally by strengthening of the Euro against the Dollar.
Acquisitions, more than offset[Phonetic] dispositions in the quarter by 12 million.
We expect this number to grow in subsequent quarters.
The revenue breakdown by geography reflects sequential improvement in each major geographies except with the exception of Asia.
The US, our largest market, posted a 1% organic decline in the quarter, an improvement over the 4% decline in Q3 and progressively improving order rates and a strong quarter in biopharma, marking and coding, food retail, and can making among others.
Europe declined 3% organically driven by retail fueling and a difficult comparable quarter in vehicle services, though partially offset by continued strength in several of our pumps and process solutions businesses.
All of Asia was down 11% organically driven principally by China, which was down 16% organically.
This result in China was not unexpected, as we continue to face headwinds in retail fueling due to the expiration of the underground equipment replacement mandate.
Moving to the bottom of the page.
Bookings were up 2% organically, reflecting the continued momentum we see across our businesses.
In the quarter, we saw organic growth in four out of our five segments.
The fifth segment fueling solutions faced a difficult comparable quarter in the prior year as previously discussed.
Overall, our backlog is currently up approximately 300 million or 21% higher compared to this time last year, positioning us well as we enter 2021.
Let's go to the earnings bridges on slide 7.
We delivered improved sequential results in the quarter after a significant decline in Q2 and recovery in Q3.
On the top chart, adjusted segment EBIT and margin were both essentially flat year-over-year as continued productivity initiatives offset negative organic growth and diluted impact of FX on margins.
Going to the bottom chart, the adjusted net earnings declined 1 million, as higher taxes in corporate expense offset improved segment EBIT.
The effective tax rate excluding discrete tax benefit was approximately 21.4% for the year compared to 21.5% in the prior year.
Discrete tax benefits were 8 million in the quarter and 22 million for the year or approximately 4 million lower than in 20 -- than in 2019.
As we move into 2021, excluding the impact of discrete taxes, we expect the effective tax rate remain essentially the same as 2020 at about 21.5% rightsizing and other costs were 21 million in the quarter or 17 million after tax relating to several new permanent cost containment initiatives and other items that we executed at the end of 2020.
Now on slide 8.
We are pleased with the cash performance in 2020 with full year free cash flow of 939 million, a 181 million or 24% increase over last year.
Free cash flow conversion stands at 21% of revenue for the 4th quarter, historically our highest cash flow quarter and 14% for the full year, a significant increase over the prior year.
Recall, last quarters -- last quarter's earnings call, we decided to prioritize prudent working capital management over fixed course -- fixed cost absorption to close out the year, and you can see the value delivered in our year-over-year working capital comparison.
We have strong revenue visibility into Q1 and confidence in our team's ability to match industrial production with improved customer demand.
I'm on page 9.
Let me take a few moments to give you an update on our center led initiatives that we outlined in our strategic plan in September of 2019.
While we could have not expected what transpired in 2020, we positive at the time that our portfolio had through cycle durability and that there were opportunities to drive synergies from our diverse portfolio to improve profitability over time.
Despite this, we often hear a notion that Dover is a cost out story likely because we give measurable structural cost saving goals each year, implying a finite nature to such endeavor.
There is a lot more than cost reductions to our improvement journey, and we continue to reinvest a portion of the savings.
So, I will give you a short update on where we are in these strategic initiatives.
Through in 2019, we began with the right sizing of our SG&A base after a significant portfolio change.
This was necessary and required immediate intervention.
Since then, the improvements have been driven by steady productivity and structural cost actions by our operating units and from our investments in four core enterprise capabilities that generate very attractive return on investment and can be leveraged across the portfolio.
The investments are substantial.
By the end of this coming year.
, the head count involved a center led enterprise capabilities will have increased by over 50%.
These are transformational initiatives touching every corner of our global portfolio and delivering real results that you can see in our bottom line, and there is significant runway to drive value.
We are investing in the following four enterprise capabilities, and I'll highlight a few results, but I would encourage you to review the stats in the slides.
First, Dover Digital on slide 10.
This work began in 2017 and accelerated in 2018 with the opening of our Dover Digital Center in Boston.
We have over 100 e-commerce connected product and software experts dedicated to this endeavor.
This team helps our business to lever each commerce at scale and improve the customer journey with ease of doing business as well as back end efficiency for sales and order entry.
For example, this year we target to reach a run rate of $1 billion of revenue processed through digital channels, much of which is service parts and catalog items compared to 100 million in 2019.
This is a multi-year journey, value creation journey, and we are very excited about what lies ahead for our digital team.
Moving to slide 11.
Our operation center of excellence is a central team of domain knowledge experts that delivers health and safety, supply chain management, lean operations, and advanced manufacturing and automation.
This team is instrumental in driving value through rooftop consolidation and automation projects.
As you know, we have a number of these in the works.
We are also excited about the results of the early lean initiatives this spearheading.
This is another multi-year journey that we continue -- will continue to deliver results.
Moving on to slide 12 is our central back office system, which we call Dover Business Services.
We've been at this for several years, and we're still in the early innings of expanding the scale and scope of this capability.
By centralizing and offshoring transactional back office facilities, we multiply efficiency through scale, technology leverage, and unit cost arbitrage.
DBS is and will remain an integral part of our margin enhancement story.
And lastly moving to slide 3, the India Innovation Center is more than 600 person strong team that our operating companies can leverage for product engineering, digital solutions development, data information management, research and development, and intellectual property services.
The scale and expertise of this team allows our operating companies to tap resources that would have been unaffordable to them as stand-alone companies and allows for concurrent engineering on time sensitive projects.
So, let's sum this up on slide 14.
We laid out four pillars of our strategy in 2019 and have been delivering through cycle.
We have maintained our focus on margin improvement and continue to invest despite the economic difficulties of 2020.
Our end market exposure, coupled with the strategic R&D investments, we are delivering attractive growth profile.
We are committed to reinvesting in our businesses as a top priority and capital allocation to maintain competitive competitiveness, fuel growth, and improve productivity.
We are making good strides on the inorganic front.
Finally, we're staying disciplined in our capital allocation by returning excess capital to our shareholders, buying[Phonetic] growing dividends and share repurchases.
Moving to 15, where does this leave this going into 2021.
We believe that our playbook offers us a significant runway to continue delivering attractive through cycle returns through mid single-digit topline growth, steady margin expansion, healthy cash conversion, and disciplined capital allocation and shareholder-friendly capital return posture.
I'll step off the soapbox and let's move on to 16, we expect demand in engineered products to rebound in 2021.
We have seen strong bookings recently in vehicle services and Industrial automation with relevant automotive and vehicle usage statistics trending in the right direction.
Bookings have also improved recently waste handling, and we are nearly fully booked for the first quarter.
Municipal demand remains uncertain, but we see strong trends in the parts and digital business.
As we previewed in November, we expect fueling solutions to have a modest organic growth year, there is known headwind from EMV roll-off in the US, but there are a number of positive [Technical Issue].
We are encouraged by the prospects of our new Anthem user interface solution offering.
We expect robust growth in our systems and software business where we will be launching the industry first cloud platform developed.
We also see good setup for vehicle wash and are excited about having ICS in our portfolio.
We expect imaging and identification to perform well this year.
Marking and coding saw limited downside in 2020, and we've been on a good trajectory in recent quarters, despite the tough comp in Q1 due to COVID-driven consumable stocking.
We expect further improvement in services as travel restrictions subside and activity and serialization software is also firming up.
The biggest factor in the segment is of course the digital textile printing unit.
Our initial read is for the recovery to take place in the second half of the year when printers will be ramping up production for 2020 apparel collections.
Pumps and process solutions expected to have another solid year.
We expect robust growth in biopharma and hygienic applications and a continued recovery trend in industrial pump.
Plastics and polymers is expected to deliver steady performance with a comparable basis to the second half bias to the second half.
Precision components is likely to experience a slower start to the year, and we are still comping versus last year's first quarter.
That's our robust upstream and downstream activity.
And finally, we expect a very strong year in refrigeration and food equipment.
The core food retail business is operating with a strong backlog, and the order trajectory has been healthy in the last few quarters.
We expect retailers that had paused their remodel programs last year amid the pandemic to restart these strategic initiatives, and we are well positioned to participate in that activity.
Additionally, we see a good outlook for natural refrigerant systems, both in Europe and also in the US where California was the first state to recently mandate transition to natural refrigerant systems.
We were the pioneers in this space, and we are very well positioned to capitalize on this sustainability trends in the industry.
Belvac as you know, is working through a record backlog and is booked for the year.
Our heat exchanger business also exited 2020 with a record backlog and a constructive order trajectory across multiple verticals.
This will result in material margin improvement in this segment on the back of the case production automation project, higher volume positive business mix.
We covered most of the items on the earlier slides but summarize, but I summarize them here in the slide for your reference.
The Dover team has delivered strong results in it's difficult conditions, and I commend all of our employees for doing their part and Andre with that, let's move on to Q&A.

user
sees fy 2021 adjusted earnings per share $6.25 to $6.45.

assistant