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: We are pleased to report robust results for fiscal 2020, highlighted by professional segment growth, primarily from incremental contribution from Charles Machine Works and Venture Products, a record performance from our Residential segment.
We owe our successful performance to our team, which demonstrated perseverance and ingenuity in this challenging year.
We navigated COVID-induced manufacturing inefficiencies, including social distancing and workforce fluctuations.
At the same time, we provided innovative solutions to meet demand from our retailers and customers.
Our employees managed these changes admirably, while working in significantly modified production environments or at home, as they balanced personal challenges resulting from the pandemic.
I am beyond proud of our team and will remember this year as one that highlighted the way we lived our values, while caring for one another and serving our customers with determination.
And to our channel partners, as essential businesses, you served our customers with dedication and passion.
Together, we persevered to maintain and gain market share in key product categories with existing and new customers.
Execution in this challenging year continued to be guided by our enterprise strategic priorities of accelerating profitable growth, driving productivity and operational excellence, and empowering people.
In addition, we enhanced our commitment to the well-being of our employees, service to our customers and support for our community.
Ultimately, staying true to our values enabled us to deliver for our stakeholders.
For fiscal 2020, highlights include record growth in the Residential segment, successful introduction of new battery-powered products for residential and professional applications, increased investments in research and development in key technology areas, strong free cash flow; the continued return of value to shareholders via dividends and the launch of our Sustainability Endures Platform that documents our progress, aligned with long-held values and objectives, and profiles our continued efforts to address environmental, social and governance priorities.
I'll now provide some commentary regarding key results by segment for the full year and fourth quarter, and Renee will go into more detail.
For fiscal 2020, Professional segment net sales were up 3% year over year and earnings were up 12%.
Residential sales were up 24%, and earnings were up 75%.
For the fourth quarter, Professional segment net sales were up 10% versus the same prior year period, and earnings were up 70%.
Residential net sales were up 39% and earnings were up 90%.
I'll now provide some insight into the demand environment for the quarter.
In the Residential segment, we experienced a continuation of trends seen throughout much of fiscal 2020.
Stay-at-home directives and the expansion and strength of our channel were key contributors to high demand for walk power mowers and zero-turn riding mowers.
Innovative features, refreshed brand presence, and extended season sales provided additional momentum.
In the Professional segment, we drove growth with increased demand for our landscape contractor, snow and ice management, golf irrigation, rental and specialty construction, and ag irrigation products.
Strong product offerings, favorable weather and stay-at-home trends drove retail demand throughout the quarter and provided momentum going into fiscal 2021.
The Toro Company is sustainably strong.
The pandemic year of 2020 proved that by focusing on our enterprise strategic priorities and living our enduring values, we are able to deliver strong results.
Our performance this year was only possible because of the resilience and flexibility of our team, the manner in which our operations and businesses resourcefully responded to customer demands, and the dedication of our channel partners.
As a result, I'm optimistic about our momentum going into the new fiscal year.
During the fourth quarter, we continued to build on our sales momentum in both the Residential and Professional segments, while executing well operationally and investing in innovation to position The Toro Company for long-term growth.
We did sell in a challenging and unpredictable environment.
We grew fourth quarter net sales by 14.5% to $841 million.
Reported earnings per share was $0.66 and adjusted earnings per share was $0.64 per diluted share.
This compares with reported earnings per share of $0.35 and adjusted earnings per share of $0.48 per diluted share for the comparable quarter of last year.
For the full year, net sales increased 7.7% to $3.38 billion.
Reported earnings per share was $3.03 per diluted share, up from $2.53 last year.
Full year adjusted earnings per share was $3.02 per diluted share, up from $3 a year ago.
Now, to the segment results.
Residential segment net sales for the fourth quarter were up 38.5% to $187.9 million, mainly driven by strong retail demand for walk power and zero-turn riding mowers.
Full year fiscal 2020 net sales for the Residential segment increased 24.1% to $820.7 million.
The increase was mainly driven by incremental shipments of zero-turn riding and walk power mowers as a result of our expanded mass channel, as well as strong retail demand for these products due to new and enhanced product features, favorable weather and stay-at-home trends.
Residential segment earnings for the quarter were up 90.2% to a record $26.4 million.
This reflects a 390-basis point year-over-year increase to 14.1% when expressed as a percentage of net sales.
This improvement was largely driven by productivity and synergy initiatives and SG&A expense reduction and leverage on higher sales volume.
For the year, Residential segment earnings increased 74.5% to a record $113.7 million.
On a percent of net sales basis, segment earnings increased 390 basis points to 13.8%.
This was a record setting year for the Residential segment and the team deserves well-earned recognition.
Professional segment net sales for the fourth quarter were up 9.5% to $644 million.
This increase was primarily due to growth in shipments of landscape contractor, zero-turn riding mowers and snow and ice management equipment, annual pricing adjustments and lower floor plan costs, as well as incremental sales from the Venture Products acquisition.
For the full year, Professional segment net sales increased 3.3% to $2.52 billion.
Professional segment earnings for the fourth quarter were up 70.2% to $104.2 million, and when expressed as a percent of net sales, increased 580 basis points to 15.2%.
This increase was primarily due to annual pricing adjustments and lower floor plan costs, lower acquisition-related charges, and benefits from productivity and synergy initiatives.
This was partially offset by product mix.
For the full year, Professional segment earnings increased 12% compared to fiscal 2019.
When expressed as a percent of net sales, segment earnings increased 130 basis points to 15.9% from last year.
Turning to our operating results.
We reported gross margin for the fourth quarter of 35.7%, an increase of 230 basis points over the prior year period.
Adjusted gross margin was 35.7%, up 120 basis points over the prior year.
The increases in gross margin and adjusted gross margins were primarily due to the benefits from productivity and synergy initiatives and net price realizations, mainly within the Professional segment.
This was partially offset by product mix.
Reported gross margin was positively affected by lower acquisition-related charges compared with the prior year period.
For the full year, reported gross margin was 35.2%, up 180 basis points compared with 33.4% in fiscal 2019.
Adjusted gross margin was 35.4%, up from 35.1% in fiscal 2019.
SG&A expense as a percent of net sales decreased 290 basis points to 24.6% for the quarter.
This decrease was primarily due to restructuring costs in the prior year period that did not repeat, and cost reduction measures, including decreased salaries and indirect marketing expense.
This was partially offset by increased warranty costs in certain Professional segment businesses.
For the full year, SG&A expense as a percent of net sales was 22.6%, down 40 basis points from fiscal 2019.
Operating earnings as a percent of net sales for the fourth quarter increased 520 basis point to 11.1%.
Adjusted operating earnings as a percent of net sales increased 270 basis points to 11.1%.
For fiscal 2020, operating earnings as a percent of net sales were 12.6%, up 220 basis points compared with 10.4% last year.
Adjusted operating earnings as a percent of net sales for the full year were 12.8% compared with 12.9% a year ago.
Interest expense of $8 million for the fourth quarter was flat compared with a year ago.
Interest expense for the full year was $33.2 million, up $4.3 million over last year, driven by increased borrowings as a result of our Professional segment acquisitions.
The reported effective tax rate was 18.5% for the fourth quarter, and the adjusted effective tax rate was 21.9%.
For the full year, the reported effective tax rate was 19% and the adjusted effective tax rate was 20.9%.
Turning to the balance sheet and cash flow.
At the end of the year, our liquidity was $1.1 billion.
This included cash and cash equivalents of $480 million and full availability under our $600 million revolving credit facility.
We have no significant debt maturities until April of 2022.
Accounts receivable totaled $261.1 million, down 2.8% from a year ago.
Inventory was flat with a year ago at $652.4 million.
We have plans to build inventory in the fourth quarter to partially mitigate potential supply chain and manufacturing constraints.
Instead, the additional production allowed us to fulfill stronger than expected retail demand and satisfy customer needs.
Accounts payable increased 14% to $364 million from a year ago.
Full year free cash flow was $461.3 million with a reported net earnings conversion ratio of 140%.
This positive performance was primarily due to favorable net working capital, the increase in reported net earnings and reduced capital expenditures.
Given our strong cash generation in fiscal 2020, we have already paid down $50 million of debt in November.
We also expect to resume share repurchases in fiscal 2021.
In fiscal 2020, our disciplined capital allocation strategy continued to include investing in organic and M&A growth opportunities, maintaining an effective capital structure and returning cash to shareholders.
We also focus on near-term liquidity.
For fiscal 2021, our capital priorities remain the same and include reinvesting in our businesses to support sustainable long-term growth -- both organically and through acquisitions -- returning cash to shareholders through dividends and share repurchases and repaying debt to maintain our leverage goals.
In addition to the $50 million debt pay down in November, we also recently increased our quarterly cash dividend by 5%.
We are providing full-year fiscal 2021 guidance at this time based on current visibility.
Note that there continues to be considerable uncertainty given the potential effects of COVID-19.
This includes potential effects on demand levels and timings, our supply chain and the broader economy.
I will share the guidance highlights and Rick will cover the macro trends and key factors that we will be watching throughout the fiscal year.
For fiscal 2021, we expect net sales growth in the range of 6% to 8%.
This includes four months of incremental sales from the Venture Products acquisition.
We expect continued recovery in Professional segment end market.
The strongest growth will be in the second and third quarter, as those comparable periods last year were most impacted by the pandemic.
We expect Residential segment end markets to return to low single-digit growth, following an exceptionally strong fiscal 2020.
We anticipate a stronger first half than second, given our fiscal 2020 performance.
Looking at profitability, we expect moderate improvement in fiscal 2021 adjusted operating earnings as a percent of net sales compared with fiscal 2020.
This assumes continued productivity and synergy benefits and lower COVID-related manufacturing inefficiencies.
We expect these benefits to be partially offset by material, wage and freight inflation as well as the reinstatement of salaries, incentive and discretionary employee-related costs that were reduced or eliminated in fiscal 2020.
In the Professional segment, we expect earnings as a percent of net sales to improve versus fiscal 2020 due to better volume leverage.
In the Residential segment, we expect earnings as a percent of net sales to be similar to fiscal 2020 on comparable volumes.
We expect full year adjusted earnings per share in the range of $3.35 to $3.45 per diluted share.
This adjusted earnings per share estimate excludes the benefit of the excess tax deduction for share-based compensation.
Based on current visibility, we anticipate adjusted earnings per share to be higher in the first half of fiscal 2020 versus the year ago period.
The majority of the increase will be in the second quarter.
For the second half of fiscal 2021, we expect adjusted earnings per share to be comparable with the same period of fiscal 2020.
We expect depreciation and amortization for fiscal 2021 of about $95 million.
We anticipate capital expenditures of about $115 million, as we continue to invest in projects that support our enterprise strategic priorities.
We anticipate fiscal 2021 free cash flow conversion in the range of 90% to 100% of reported net earnings.
In fiscal '21, we'll continue to execute and adapt to changing environments as we maintain a balance of focusing on the short-term while never losing sight of our long-term strategic priorities.
We look forward to capitalizing on many exciting growth opportunities in fiscal '21 and beyond.
Looking ahead, we'll be watching a number of macro trends, such as the trajectory and duration of COVID-related impacts, including potential global supply chain disruptions and continuing social distancing restrictions impacting production, global economic recovery factors driving general consumer and business confidence and commodity trends and weather patterns for the winter and spring season.
As these trends evolve, we are well positioned for growth within our specific market categories and are closely watching a number of key drivers.
For our Residential and certain Professional businesses, customer interest in home investments; for landscape contractors, improvement in business confidence; for snow and ice management, demand within our new and refreshed product categories; for golf, the anticipation of another strong year for rounds played and the return of food and beverage and event revenue; for grounds equipment, the budgets of municipal and other tax supported entities and their impact on capital equipment purchases; for underground, the funding of 5G and broadband build out and critical need infrastructure rehab and replacement; and for rental and specialty construction, the resumption of fleet upgrades and replacements.
We have a strong and innovative portfolio of products to address these market opportunities.
Some recently introduced products that will continue to drive our business, include TITAN, Z Master, and TimeCutter zero-turn riding mowers for homeowners and contractors; the Flex-Force 60-volt lithium-ion suite of products, including our walk power mower, snow thrower, hedge trimmer, chainsaw and power shovel; the BOSS Snowrator and Ventrac Sidewalk Snow Vehicle; the Greensmaster eTriFlex all electric and hybrid riding Greensmowers; the Ditch Witch JT24 Horizontal Directional Drill; the Toro e-Dingo electric and Dingo TXL 2000 stand-on skid steers, and the Ditch Witch SK3000 stand-on skid steer.
The enthusiastic customer response to these products demonstrates the success of our innovation efforts and we will continue to focus on key technologies like, alternative power, smart connected and autonomous products.
Lastly, we have concluded our three-year Vision 2020 employee initiative.
For fiscal 2021, we have implemented a new one-year employee initiative.
Our stretch enterprisewide performance goals include net sales of $3.7 billion and adjusted operating earnings of at least $485 million.
In closing, for fiscal 2021 and beyond, we believe our diverse portfolio of businesses and strong customer relationships, position us to grow.
Our productivity and synergy initiatives will drive profitability and fund investments.
Our investments in innovative products and emerging technologies will enable us to meet the evolving needs of our customers and, more than ever, our team is the key to The Toro Company's continued success.

user
q4 adjusted earnings per share $0.64.
q4 earnings per share $0.66.
q4 sales $841 million versus refinitiv ibes estimate of $772.1 million.
sees fy 2021 sales up 6 to 8 percent.
sees fy 2021 adjusted earnings per share $3.35 to $3.45.

assistant