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Text: A detailed discussion of the risks and uncertainties that may affect our future results is contained in AMETEK's filings with the SEC.
I'll now turn the meeting over to Dave.
AMETEK concluded 2020 with a strong fourth quarter, delivering record operating results despite ongoing challenges presented by the pandemic.
Our businesses saw solid sequential sales and order improvements in the quarter while year-over-year growth turned positive across several of our businesses.
We also drove exceptional operating performance in the quarter, leveraging our broad set of operational excellence initiatives.
These efforts led to record backlog, margins and cash flow as well as the high quality of earnings that exceeded our expectations, positioning us extremely well as we look ahead to 2021.
The safety of our employees remains our number 1 priority.
We continue to adjust our practices and enforce our safety protocols across our businesses to help limit the possible spread of the virus.
While we are cautious in the short term given COVID-19 and ongoing travel restrictions, we are highly confident in the strength of our businesses and our ability to deliver exceptional growth and shareholder returns over the long term.
The AMETEK growth model continues to provide the framework for long-term sustainable success and our performance in 2020 was a testament to the strength and flexibility of the model.
Now let me return to our results for the quarter.
Sales in the quarter were $1.2 billion, down 8% compared to the fourth quarter of 2019.
Organic sales were also down 8% with the divestiture of Reading Alloys, a three point headwind, the acquisition of IntelliPower contributing one point to growth and foreign currency added two points.
As we saw in prior quarters, our commercial aerospace business was the most impacted by the pandemic with sales down approximately 35% in the quarter.
Orders continued to improve with our book-to-bill at 1.07 for the fourth quarter.
This led to a record backlog of $1.8 billion, providing us with a positive line of sight into 2021.
Operating income in the fourth quarter was $298.1 million, up slightly from the fourth quarter of 2020, and operating margins were a record 24.9%, up an impressive 210 basis points compared to the prior year period.
EBITDA in the fourth quarter was a record $360.7 million and EBITDA margins were also a record of 30.1%, up a robust 300 basis points over the fourth quarter of 2019.
This operating performance led to earnings per diluted share of $1.08, matching last year's fourth quarter results and comfortably ahead of our guidance for the quarter.
Our business has also delivered outstanding cash flow during the quarter.
With operating cash flow up 13% to a record $386 million and free cash flow conversion, exceptional 158% of net income.
Now let me provide additional details at the operating group level for the fourth quarter.
The Electronic Instruments group delivered superb operating performance despite challenging market conditions.
EIG sales in the fourth quarter were $819.4 million, down 7% from the prior year and in line with our expectations of solid sequential improvement.
Organic sales were down 10%, with the acquisition of IntelliPower contributing 2%, and foreign currency contributing 1%.
Commercial aerospace remained the largest driver of the sales weakness while other EIG businesses saw improvements versus prior quarters.
Our Materials Analysis division returned to growth in the fourth quarter, while other EIG businesses, including Zygo and Telular, also generated year-over-year growth.
Despite the overall sales decline, EIG's operating income in the fourth quarter increased 3% over the prior year to a record $236 million, and operating margins reached a new high of 28.8%, expanding an exceptional 270 basis points over the same period in 2019.
Our Electromechanical Group also delivered strong operating results in the quarter.
EMG sales were $379.5 million, down 11% from the fourth quarter in 2019, driven in large part by the divestiture of Reading Alloys.
Organic sales were down 4%, with the divestiture an 8-point headwind, and foreign currency adding two points.
In addition to continued strong growth across our defense businesses, we are pleased to see our automation business generate solid organic growth in the quarter.
Fourth quarter operating income for EMG was $79.8 million, and operating margin expanded an impressive 110 basis points to 21%.
Now for the full year results.
Despite very difficult end market conditions and meaningful top line headwinds in 2020, AMETEK was able to expand full year operating margins while delivering record levels of operating and free cash flow, truly outstanding performance.
Overall sales for the year were $4.5 billion, down 12% from 2019.
Organic sales declined 13%, with acquisitions adding 4%, the divestiture of Reading Alloys a 3% headwind, and foreign currency flat for the year.
Operating income in 2020 was $1.1 billion and operating margins were a record 23.6%, expanding 80 basis points over 2019.
EBITDA for the year was $1.32 billion and EBITDA margins were a record 29.2%, up 230 basis points from last year.
This led to full year earnings of $3.95 per diluted share, down 6% versus the prior year.
As Bill will highlight, our businesses did a fantastic job managing our working capital, which helped drive a record level of cash flow with full year operating cash flow up 15% to $1.28 billion.
In summary, while 2020 was very challenging, I'm extremely proud of the way AMETEK colleagues managed through the pandemic and delivered tremendous results.
Before I cover the outlook for 2021, I wanted to highlight certain key elements of the AMETEK growth model and how each position us for long-term success.
First and foremost, AMETEK's proven operational acumen stood out in 2020, with our businesses doing an incredible job driving our operational excellence initiatives.
In the fourth quarter, we generated $60 million in total cost savings with $50 million of structural savings and $10 million in temporary savings.
And for the full year, total incremental savings versus the prior year were $235 million, with approximately $145 million of structural savings and $90 million in temporary savings, including furloughs, travel reductions and temporary pay actions.
As we look ahead to 2021, we expect a much more modest level of temporary savings versus 2020 as the economy continues to recover from the worst of the pandemic and we continue to add back these temporary costs.
However, we do expect to drive meaningful incremental structural savings across our various operational excellence initiatives including across our global sourcing activities.
For the full year 2021, we expect approximately $140 million of incremental operational excellence savings.
Shifting to new product development.
Even through this downturn, we remain committed to investing in new products and solutions that help our customers solve their most complex challenges.
In 2020, we invested $246 million in research, development and engineering, approximately 5.5% of sales.
These investments led to outstanding innovation and dozens of new product launches.
In the fourth quarter, our vitality index or the percent of sales generated from products introduced over the last three years was an impressive 25%.
In 2021, we expect to invest approximately $270 million or 5.5% of sales in research, development and engineering to enhance our position as a global technology leader.
This is a 10% increase over 2020 RD&E spend.
Finally, I want to touch on our acquisition strategy.
Prior to the onset of the pandemic last year, we acquired IntelliPower, a leading provider of high reliability, ruggedized, uninterruptible power systems for mission-critical defense and industrial applications.
IntelliPower has integrated nicely into our Power Systems and Instruments division and is performing well.
While deal flow in 2020 was impacted by the pandemic, we are seeing continued improvements in the M&A markets and are managing a strong pipeline of acquisition targets across a broad set of markets.
As Bill will discuss shortly, AMETEK has significant balance sheet capacity and, when combined with our robust cash flow generation, provides us with meaningful capital to support our acquisition strategy, which remains our number 1 priority for capital development -- deployment.
Now shifting to our outlook for the year ahead.
While we remain cautious in the short term, given the uncertainty of the timing and pace of the recovery, we are confident in the strength of our businesses and our ability to manage through these uncertain times.
We continue to manage our businesses safely and prudently while ensuring continued investments in key growth initiatives.
For the year, we expect both overall and organic sales to be up mid-single digits versus 2020.
Diluted earnings per share for the year are expected to be in the range of $4.18 to $4.30, up 6% to 9% compared to 2020.
For the first quarter, we anticipate continued year-over-year impact from the pandemic, with overall sales down low to mid-single digits and first quarter earnings of $0.97 to $1.02 per share, flat to down 5% versus the prior year.
In summary, the strength of the AMETEK growth model, the asset-light nature of our businesses, our leading positions in attractive niche markets and our world-class workforce will continue to drive long-term sustainable success.
I'm confident that we are emerging from this unprecedented economic environment even stronger than we were before.
As Dave highlighted, AMETEK had an outstanding finish to 2020 with record operating performance and a high quality of earnings in the fourth quarter.
The way our teams persevered through the challenges of the past year was truly impressive.
With that, I will provide additional financial highlights for the fourth quarter and the full year and will also provide some additional guidance for 2021.
Fourth quarter general and administrative expenses were $17.7 million, up modestly from the prior year.
For the full year, G&A was down 11% from 2019 due to lower compensation costs and other discretionary cost reductions and, as a percentage of total sales, was 1.5% in both years.
For 2021, general and administrative expenses are expected to be up approximately 10% due primarily to the return of temporary costs, including compensation.
The effective tax rate in the fourth quarter was 20.1%, up from 17.6% in the fourth quarter of 2019.
The difference in tax rate was due primarily to the finalization of tax returns in each of the years.
For 2021, assuming the current tax regime, we anticipate our effective tax rate to be between 19% and 20%.
And as we've stated in the past, actual quarterly tax rates can differ dramatically, either positively or negatively, from this full year estimated rate.
Our businesses continue to manage their working capital exceptionally well.
Operating working capital was an impressive 14% in the fourth quarter, down 330 basis points from the 17.3% reported in the same quarter last year, reflecting the outstanding work by our teams.
Capital expenditures were $37 million in the fourth quarter and $74 million for the full year.
Capital expenditures in 2021 are expected to be approximately $110 million.
Depreciation and amortization in the quarter was $65 million and for the full year was $255 million.
In 2021, we expect depreciation and amortization to be approximately $260 million, including after-tax, acquisition-related intangible amortization of approximately $117 million or $0.50 per diluted share.
As Dave highlighted, our businesses continue to generate tremendous levels of cash flow.
Operating cash flow in the quarter was a record $386 million, up 13% over last year's fourth quarter.
Free cash flow was also a record at $349 million, up 16% over the same period last year, resulting in a free cash flow conversion of 158% of net income.
Cash flow for the full year also set new record levels.
Operating cash flow for 2020 was $1.28 billion, up 15% over the prior year, and free cash flow was $1.21 billion, a year-over-year increase of 19%.
Full year free cash flow conversion was 158% of net income adjusted for the Reading Alloys gain.
Total debt at December 31 was $2.41 billion, down from $2.77 billion at the end of 2019.
Offsetting this debt is cash and cash equivalents of $1.2 billion.
Our gross debt-to-EBITDA ratio was 1.8 times and our net debt-to-EBITDA ratio was 0.9 times at year-end.
We entered 2021 with approximately $2.6 billion in liquidity to support our growth initiatives.
This liquidity, along with our strong balance sheet and no material debt maturities until 2024, enables us to manage the continued effects of the economic downturn while also deploying meaningful capital on strategic acquisitions.
To conclude, our businesses performed exceptionally well in the fourth quarter and throughout the year, delivering a high quality of earnings in a very challenging environment.
Our outlook for 2021 and beyond remains positive given our strong financial position, our proven growth model and our world-class workforce.
Andrew, we're now ready to take questions.

user
q4 sales $1.2 billion versus refinitiv ibes estimate of $1.2 billion.
for 2021, expect overall sales to be up mid-single digits on a percentage basis compared to 2020.
q4 adjusted earnings per share $1.08.
for 2021, adjusted earnings per diluted share are expected to be in the range of $4.18 to $4.30.
sees q1 2021 adjusted earnings per share $0.97 to $1.02.
for q1 2021, overall sales are expected to be down low to mid-single digits.

assistant