All comparisons are to the prior-year period. The company's insurance references relate to damage at a Residential manufacturing facility in Iowa.
Adjusted revenue and profit for the full-year of 2019 exclude non-core Refrigeration businesses divested in the first half of that year.
For the fourth quarter of 2020, revenue was a fourth-quarter record $914 million, up 3%.
Foreign exchange was neutral to revenue.
GAAP operating income was $139 million compared to $192 million in the prior-year quarter that included a $93 million net gain from insurance recoveries.
Fourth-quarter GAAP earnings per share from continuing operations was $2.91 compared to $2.92 in the prior-year quarter that included the insurance benefit and a $39 million pre-tax pension settlement.
Total segment profit was a fourth-quarter record $139 million, up 5% from the prior-year quarter $133 million that included $25 million in insurance recovery.
Total segment margin was a fourth-quarter record 15.2%, up 10 basis points.
Adjusted earnings per share from continuing operations rose 18% to a fourth-quarter record $2.89.
For the full year, revenue was $3.63 billion, down 5% on a GAAP basis and down 4% on an adjusted basis excluding the impact from divestitures in the prior year.
Foreign exchange was neutral to revenue.
GAAP operating income was $479 million compared to $657 million in the prior year that included a $179 million net gain from insurance recoveries.
GAAP earnings per share from continuing operations was $9.26 compared to $10.38 in the prior year that included the insurance benefit and $99 million pre-tax in pension settlements.
Total adjusted segment profit for the full year was $507 million compared to $610 million in the prior year that included $99 million of insurance recovery.
Total adjusted segment margin was 13.9% for the year compared to 16.2% in the prior year with the insurance benefit.
Adjusted earnings per share from continuing operations was $9.94 compared to $11.19 in the prior year with the insurance benefit and pension settlements. ■