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%.
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.
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.
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.
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%.
Professional segment net sales for the fourth quarter were up 9.5% to $644 million.
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%.
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.
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.
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.
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%.
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.
Accounts receivable totaled $261.1 million, down 2.8% from a year ago.
Inventory was flat with a year ago at $652.4 million.
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%.
Given our strong cash generation in fiscal 2020, we have already paid down $50 million of debt in November.
In addition to the $50 million debt pay down in November, we also recently increased our quarterly cash dividend by 5%.
For fiscal 2021, we expect net sales growth in the range of 6% to 8%.
We expect full year adjusted earnings per share in the range of $3.35 to $3.45 per diluted share.
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.
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.
Our stretch enterprisewide performance goals include net sales of $3.7 billion and adjusted operating earnings of at least $485 million.

Summary:
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.
For fiscal 2021, we expect net sales growth in the range of 6% to 8%.
We expect full year adjusted earnings per share in the range of $3.35 to $3.45 per diluted share.