Net sales totaled $5.3 billion, up 1 percent versus the year-ago period as reported and flat with the year-ago period on an organic basis.
The fifth consecutive quarter of year-over-year growth in Electronics & Imaging led by strength in both semiconductors and smartphone technologies, coupled with further recovery in automotive markets, more than offset continued weakness in oil & gas, aerospace and select industrial markets which led to declines in the Safety & Construction segment.
GAAP EPS from continuing operations totaled $0.37 on GAAP income from continuing operations of $279 million, versus GAAP EPS from continuing operations of $0.24 on GAAP income from continuing operations of $191 million in the year-ago period.
The improvement is mostly attributable to the absence of a prior year net charge associated with a joint venture, a favorable income tax benefit and lower integration and separation costs partially offset by higher depreciation and amortization and lower segment earnings.
Operating EBITDA(1) was $1.3 billion, down 7 percent versus operating EBITDA(1) in the prior year.
Stronger demand in Electronics & Imaging, Nutrition & Biosciences, and Transportation & Industrial as well as approximately $130 million of non-manufacturing cost reductions contributed to operating leverage and operating EBITDA margin expansion in each of our core segments versus the year-ago period.
These improvements were more than offset by the absence of prior year discrete gains of approximately $160 million, primarily associated with customer settlements in the Non-Core segment.
Adjusted EPS(1) was $0.95 in both the current and the year-ago period.
Benefits associated with a lower base tax rate, lower interest expense, and a lower share count were offset by lower segment results.
Operating cash flow of $1.3 billion included improvements in working capital of more than $500 million in the quarter which was driven by improvements across accounts receivable, inventories and accounts payable.
Capital expenditures of $272 million resulted in free cash flow(1) of $1.0 billion.
For the year, operating cash flow of $4.1 billion and free cash flow of $2.9 billion were enabled by an improvement in working capital of approximately $850 million and capital expenditures of $1.0 billion.
Strong cash flow generation throughout the year enabled a greater than $1.8 billion reduction in commercial paper balances to close 2020 with zero commercial paper outstanding. ■