Yesterday, we reported first quarter sales increased 10% to $1.15 billion.
Organic sales grew 11% from a combination of raw material related price increases, higher volume and currency benefit.
Volume grew 4%, with continued strong demand in residential end markets, growth in automotive and modest recovery in hydraulic cylinders, partially offset by sales declines in Aerospace.
Divestitures net of acquisitions reduced sales 1%.
EBIT was a first quarter record of $128 million.
EBIT increased $49 million in the versus first quarter of 2020, primarily due to volume growth, lower fixed cost and the non-recurrence of 2020's $8 million impairment charge related to a note receivable and a $4 million charge to write off stock associated with a prior year divestiture.
EBIT margin increased 360 basis points to 11.1% and increased 240 basis points versus adjusted first quarter 2020 EBIT margins of 8.7%.
First quarter EBITDA margin was 15.1% compared to 2020's first quarter adjusted EBITDA margin of 13.2%.
Earnings per share were a first quarter record of $0.64.
First quarter 2020 earnings per share was $0.33, including a $0.07 per share reduction from the non-recurring items mentioned.
Excluding these charges, first quarter earnings per share increased $0.24 or 60% versus first quarter 2020 adjusted earnings per share of $0.40.
We also reported yesterday that our Board of Directors increased our second quarter dividend to $0.42 per share, a $0.02 per share or 5% increase versus the first quarter of 2020.
This marks our 50th year of consecutive annual dividend increases and places us among 31 other companies with at least 50 years of consecutive annual dividend increases known as Dividend Kings.
At Friday's closing price of $49.67, the current yield is 3.2%, which is one of the higher yields among the S&P 500 Dividend Aristocrats.
Sales in our Bedding Products segment were up 9% versus the first quarter of 2020.
Sales benefited from raw material related selling price increases of 9% from inflation in steel, chemicals and non-woven fabrics, and positive currency impact of 1%.
Volume grew 2% from the strength in ECS, European Spring and US Spring.
Prior year divestitures reduced sales by 3%.
In the first quarter, we added over half of our planned 25% capacity expansion through a combination of labor and additional production equipment.
Supply improve through April and we expect to return to January allocation levels of roughly 75% by the end of May.
Sales in our Specialized Products segment increased 10% in the first quarter, with 6% from currency benefit, 3% from volume growth and 1% from acquisitions.
In our Automotive business, volume for the quarter was up 14%.
Sales in our Furniture, Flooring at Textile Products segment were up 12% in the first quarter, driven by 8% volume growth, raw material related price increases of 3% and a currency benefit of 1%.
The fixed cost actions we took last year reduced our first quarter cost by approximately $20 million.
Over the past 15 years, LIFO has netted to only $9 million of expense to the Company.
While this average is less than $1 million annually, year-to-year changes have been significant at times.
As a result of this accounting change, we expect to make tax payments of approximately $21 million based on current tax rate.
The cash outlay will occur over the three-year period of 2021 through 2023, with approximately $11 million of that to be paid in 2021.
Consistent with that pattern, cash from operations was a negative $11 million in the first quarter, a decrease of $21 million versus $10 million in the same quarter of 2020.
We ended the quarter with adjusted working capital as a percentage of annualized sales at 12%.
We ended the quarter with net debt-to-trailing 12-month EBITDA of 2.46 times and $1.4 billion of total liquidity.
In addition, we brought back $24 million of offshore cash during the quarter.
2021 sales are now expected to be $4.8 billion to $5 billion, or up 12% to 17% over 2020 resulting from mid-to-single -- mid-to-high single-digit volume growth, raw material related price increases, and currency benefit.
The increase versus prior guidance of $4.6 billion to $4.9 billion reflect the combination of higher raw material related price increases and modestly higher volume growth.
2021 earnings per share are now expected to be in the range of $2.55 to $2.75, primarily reflecting higher volume and higher metal margin.
This guidance also assumes fixed cost savings as a result of actions taken in 2020 to be approximately $70 million.
Based upon this guidance framework, our 2021 full year EBIT margin should be in the range of 11% to 11.5%.
Earnings per share guidance assumes a full year effective tax rate of 23%, depreciation and amortization to approximate $195 million, net interest expense of approximately $75 million and fully diluted shares of 137 million.
Additionally, we expect our full year operating cash flow to approximate $500 million, capital expenditures to approximate $150 million, dividends of approximately $220 million and debt repayment of at least $51 million.

Summary:
Yesterday, we reported first quarter sales increased 10% to $1.15 billion.
Earnings per share were a first quarter record of $0.64.
We also reported yesterday that our Board of Directors increased our second quarter dividend to $0.42 per share, a $0.02 per share or 5% increase versus the first quarter of 2020.
2021 sales are now expected to be $4.8 billion to $5 billion, or up 12% to 17% over 2020 resulting from mid-to-single -- mid-to-high single-digit volume growth, raw material related price increases, and currency benefit.