Given the historic challenges resulting from the global pandemic for most of 2020, I'm very proud of the many contributions of our 5,000 employees across the globe who stepped up to the challenge by going above and beyond to meet the needs of our customers and support our communities.
While we moved our current -- while we have moved our current focus to Phase 4, we have not lost sight of the first three phases as they continue to be important.
For the fourth quarter, organic sales were down 21%, primarily as a result of lower volumes given the pandemics' continuing impact on our end markets, especially at Aerospace.
The fourth quarter saw a 7% increase over the third quarter with both segments generating sequential sales improvement.
Adjusted earnings per share were $0.36, down 58% from last year.
Looking at the full-year, organic sales were down 22%, while adjusted earnings per share were $1.64, down nearly 50% from a year ago.
Manufacturing PMIs in our major geographic markets remain strong and correspondingly, we've seen fourth quarter organic orders at Industrial grow 10% over a year ago.
Sequential Industrial orders were up 9% over the third quarter and segment book-to-bill was slightly better than 1 times.
Molding Solutions generated very strong orders in medical end markets, both year-over-year and sequentially, each with well over 50% growth.
Sales were up over 20% from a year ago.
However, sequential sales were strong increasing over 20%.
Although sales were relatively flat to a year ago, they were up 20% sequentially.
At Engineered Components, organic orders were up nearly 20% on a year-over-year basis, with organic sales up mid-single digits versus a year ago.
With General Industrial Markets on the upswing and global automotive production forecasted to be up meaningfully in 2021, we anticipate Engineered Components to grow high-single digits organically.
Total sales growth was strong with both year-over-year and sequential growth of 20%.
The vacuum product range consists of about 1,100 items, including high-performance suction cups, vacuum pumps, sensors and related accessories that allow our customers to handle different objects in various industrial sectors with low energy consumption and reduce downtime.
Overall, for the Industrial segment, we see 2021 organic growth in the low-double-digit range with adjusted operating margins of 12% to 14%.
For the fourth quarter, Barnes Aerospace sales were down nearly 40% at OEM and nearly 50% in the aftermarket from the prior year.
The OEM silver lining for the fourth quarter was book-to-bill of 1.6 times relative -- reflective of the strongest orders quarter since the third quarter of 2019.
One last point on our Aerospace business, OEM business, in particular, our estimates of OEM sales per aircraft for our major programs are unchanged from our prior view except for the 737 MAX.
With the award of the long-term agreement with GE Aviation on the LEAP program, mentioned on last quarter's call, we now forecast approximately $100,000 of sales per aircraft, up from our previous estimate of $50,000.
We anticipate 2021 segment operating margin to be in the range of 13% to 14%, surely compressed by the lower aftermarket expectation.
Fourth quarter sales were $289 million, down 22% from the prior year period, with organic sales declining 21% as continuing impacts from the pandemic affect our end markets.
The diversified Seeger business had a negative impact of 3% on our net sales for the fourth quarter, while FX positively impacted sales by 3%.
Operating income was $32.7 million versus $61.3 million a year ago.
Adjusted operating income was $32.9 million this year, down 48% from $63.5 million last year.
Adjusted operating margin of 11.4% decreased 580 bps.
Net income was $17.7 million, or $0.35 per diluted share, compared to $41 million, or $0.80 per diluted share a year ago.
On an adjusted basis, net income per share of $0.36 was down 58% from an $0.86 a year ago.
Adjusted net income per share in the fourth quarter of 2020 excludes $0.01 of residual restructuring charges from previously announced actions with most of the impact reflected in other expense not operating profit.
For the fourth quarter of 2019, adjusted net income excludes a favorable $0.05 adjustment related to the finalization of Gimatic short-term purchase accounting and an $0.11 non-cash impairment charge related to the divestiture of Seeger, both in our Industrial segment.
Sales were $1.1 billion, down 25% from the prior year.
Organic sales were down 22% for the year.
The Seeger divestiture negatively impacted sales by 3%, while FX had a minimal positive impact.
Operating income was $123.4 million versus $236.4 million a year ago.
On an adjusted basis, operating income was $144 million this year versus $244.1 million last year, a decrease of 41%.
Adjusted operating margin decreased 360 bps to 12.8%.
For the year 2020, interest expense was approximately $15.9 million, a decrease of $4.7 million as a result of lower average borrowings and lower average interest rates.
Other expense was $5.9 million, a decrease of $3 million, primarily as a result of lower FX losses this year as compared to last year, partially offset by higher pension expense.
The Company's effective tax rate in 2020 was 37.6% compared with 23.4% last year, with the increase largely due to a decline in earnings in jurisdictions with lower rates, the recognition of tax expense related to the completed sale of the Seeger business during the first quarter of 2020, the impact of the global intangible low-taxed income or guilty tax on foreign earnings in the US and tax charges related to prior year's stock awards.
For 2020, net income was $63.4 million, or $1.24 per diluted share, compared to $158.4 million, or $3.07 per diluted share a year ago.
On an adjusted basis, 2020 net income per share was $1.64, down 49% from $3.21 in 2019.
Adjusted earnings per share for 2020 excludes $0.27 of restructuring costs and $0.13 of Seeger divestiture adjustments.
While 2019 adjusted earnings per share excludes $0.03 of Gimatic short-term purchase accounting adjustments and an $0.11 non-cash impairment charge related to the disposition of the Seeger business.
Fourth quarter sales were $209 million, down 9% from a year ago.
Organic sales decreased 8%.
Seeger divested revenues had a negative impact of 5%, while favorable FX increased sales by 4%.
Sequential sales were up 6% from the third quarter.
Industrial's operating profit for the fourth quarter was $24.5 million versus $30.2 million last year.
On an adjusted basis, which excludes a small amount of restructuring charges and Seeger divestiture adjustments, fourth quarter operating income was down 24% to $24.7 million and adjusted operating margin was down 230 bps to 11.8%.
For the year, Industrial sales were $770 million, down 18% from $939 million a year ago, with organic sales down 14%.
The Seeger divestiture had an unfavorable sales impact of 5%, while favorable foreign exchange had a positive impact of 1%.
Operating profit of $66.6 million was down 42% from the prior year.
On an adjusted basis, operating profit was $85 million, a decrease of 30% from last year.
Adjusted operating margin was 11%, down 200 bps.
Sales were $80 million for the quarter, down 43% from last year and operating profit was $8.2 million, down 74%, primarily driven by the lower sales volume.
Operating margin was 10.2% as compared to 22.3% a year ago.
For the full-year, Aerospace sales were $354 million, down 36% from a record $553 million a year ago.
Operating profit was $56.8 million, down 54% from last year's record $122.5 million.
On an adjusted basis, which excludes $2.3 million in 2020 restructure charges, operating profit was $59 million and adjusted operating margin was 16.7%.
Aerospace OEM backlog ended the quarter at $572 million, up 7% from the third quarter and we expect to ship approximately 45% of this backlog in 2021.
2020 cash provided by operating activities was $215 million, a decrease of approximately $33 million versus last year.
Free cash flow was $175 million versus $195 million last year and capital expenditures of $41 million were down approximately $13 million from a year ago.
Regarding the balance sheet, our debt-to-EBITDA ratio, as defined by our credit agreement, was approximately 3 times at quarter end.
Through the third quarter of 2021, our senior debt covenant maximum, our most restrictive covenant, has increased from 3.25 times EBITDA, as defined, to 3.75 times.
Our fourth quarter average diluted shares outstanding was 51 million shares and our share repurchase activity remains suspended.
We expect organic sales to be up 6% to 8% for the year.
Adjusted operating margin is forecasted to be between 12% and 14%.
Adjusted earnings per share is expected to be in the range of $1.65 to $1.90, approximately flat to up 16% from 2020's adjusted earnings of $1.64 per share.
We do see a higher weighting of adjusted earnings per share in the second half with a 40% first half, 60% second half split.
In particular, we see the first quarter of 2021 being the low quarterly point, given delivery schedules in our longer cycle business in the range of $0.27 to $0.32, significantly lower than last year's strong first quarter.
Interest expense is anticipated to be between $16.5 million and $17 million.
Other expense approximately $8.5 million driven by pension, and effective tax rate of approximately 30%.
Capex of $55 million.
Average diluted shares of approximately 51 million shares and cash conversion of over 100%.

Summary:
Adjusted earnings per share were $0.36, down 58% from last year.
With General Industrial Markets on the upswing and global automotive production forecasted to be up meaningfully in 2021, we anticipate Engineered Components to grow high-single digits organically.
Fourth quarter sales were $289 million, down 22% from the prior year period, with organic sales declining 21% as continuing impacts from the pandemic affect our end markets.
Net income was $17.7 million, or $0.35 per diluted share, compared to $41 million, or $0.80 per diluted share a year ago.
On an adjusted basis, net income per share of $0.36 was down 58% from an $0.86 a year ago.
We expect organic sales to be up 6% to 8% for the year.
Adjusted earnings per share is expected to be in the range of $1.65 to $1.90, approximately flat to up 16% from 2020's adjusted earnings of $1.64 per share.