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Text: I'm here today with Pat McHale and Mark Sheahan.
Our conference call slides have been posted on our website and provide additional information that may be helpful.
Sales totaled $470 million this quarter, an increase of 14% from the fourth quarter last year and an increase of 12% at consistent translation rates.
Net earnings totaled $115 million for the quarter or $0.66 per diluted share.
After adjusting for the impact of excess tax benefits from stock option exercises, net earnings totaled $106 million or $0.61 per diluted share.
Gross margin rates increased 130 basis points from last year's fourth quarter.
Realized pricing and foreign currency were favorable in the quarter.
Mix was also favorable as we saw the margin impact of sales growth in our higher-margin industrial segment more than offset the continued strength in our lower margin Contractor segment.
Operating expenses increased $7 million in the fourth quarter as compared to a year ago due to increases in sales and earnings based expenses and higher product development costs.
The reported income tax rate was 11% for the quarter, down 5 percentage points from last year, primarily due to an increase in tax benefits related to stock option exercises.
After adjusting for the effect of stock option exercises, our tax rate for the quarter was 18%, slightly lower than the fourth quarter last year due to additional foreign income taxed at lower rates.
Cash flow from operations totaled $131 million in the fourth quarter and $394 million for the full year.
Discretionary cash outflows in the quarter included the final repayment of $125 million of the $250 million borrowed on the revolving credit facility in the first quarter.
We also made a voluntary contribution of $20 million to our U.S. pension plan.
For the full year 2020, dividends paid totaled $117 million and capital expenditures were $71 million.
A few comments as we look forward to 2021.
Based on current exchange rates and the same volume and mix of products and sales by currency, the effect of exchange is currently expected to benefit sales by 2% and earnings by 6% for the full year, with the most significant impact coming in the first half.
Unallocated corporate expenses are projected to be $30 million and can vary by quarter.
The effective tax rate for the year is expected to be 18% to 19%.
Capital expenditures are expected to be $115 million, including $80 million for facility expansion projects.
We may make share repurchases in 2021 by opportunistic open market transactions or short-dated accelerated share repurchase program.
Finally, 2021 will be a 53-week year with the extra week occurring in the fourth quarter.
The second quarter in a row, the Contractor segment exceeded 30% growth and ended the year with record sales and earnings.
Contractor grew in all regions during the quarter and for the year.
Residential construction activity remains solid and the home improvement market robust.
Contract North America saw strong out-the-door sales in both propane and home center and we continue to work hard to maintain adequate channel inventory.
The Industrial segment grew mid-single digits for the quarter, but still ended the year down 10%.
Compared to the previous three quarters, activity improved in some key end markets like spray foam, electronics, and battery.
Access to industrial facilities remains limited but coating activity has improved.
The Asia-Pacific region was up versus last year's Q4, which was particularly weak.
Price realization, solid factory performance, and good expense management combined with improved sales resulted in strong Industrial operating earnings for the quarter.
Process segment sales declined 10% for both the quarter and the year.
A number of markets in our Process segment remained challenged, particularly those related to the vehicle lubrication or oil and gas sectors.
Heading into 2021, we expect challenging end market conditions to remain in place in our Industrial and Process segments for at least the first half of the year as lockdowns persist and access to customers remains limited.
Our outlook for the Contractor segment remains positive as favorable conditions continue and demand has been solid to start the year.
From the sales team to the shop floor, the Contractor team worked incredibly long hours, maintained a positive attitude, and were committed to doing whatever it took to get the job done.
Culture matters and they are winners.
We exited the year with momentum and look forward to the fight again this year.

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quarterly earnings per share $0.66; adjusted earnings per share $0.61.

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