morning, everyone. slide will Thank three. you, on Karen. start Good I
bottom realized lines. XXXX, For over year. and last of year million, a the reported both sales X% We $XXX a record-setting top at increase we
and acquisition Faster in drove of our of million Custom revenue growth, XXXX. contributing acquisitions $XX.X Fluidpower XXXX Our XXXX
currency, by segment the excluding of of grew both Organic a decreased electronics sales X% segment in consolidated while our changes exchange Organic declined basis, excluding hydraulics XX%, rates. our sales on X%, in foreign XXXX. in effects sales
an expected, As unfavorable the had year. impact during currency
macroeconomic challenging of our we consolidated than were expected. quality revenue earnings better and the Despite quarter backdrop, fourth
successfully our operational Tricia will have efficiency and each all on throughput We more performance. at details improving been operations. of provide segment's
bottom Turning to the line.
For XXXX, improvement or year was year. increase or million XX.X% $XXX.X over of On XX% net income, of non-GAAP basis, reported we Adjusted a share, cash $XX.X million over the million, the per for a prior a income X% sales. was EBITDA XXXX. net $XX.X $X.XX
increasing with for As the This contributed cash strong debt XX% year target significantly nearly have you We may XX% know, to been cash level. flow very finished year. this flow XXXX the in fourth goals generation sales, of exceeding and of free cash our reducing for quarter. adjusted us important
XXXX, During with the adjusted closing million, we EBITDA $XX year to reduced net times a ratio. over debt debt by X.X
the less year. are than times our we by of of goal achieving anticipate this We nearing which middle X
with our slide our segment. to highlights hydraulics summarize turn and XXXX. Starting Please business four strategic I'll for
capacity. year improved project. As principles enterprise we our in reorganizing manufacturing our This two the earlier production manufacturing and through our freed we our CVT consolidating and applying lean up Sarasota we reported consolidation lines. into facilities, completed productivity adjacent the year, We as progress involves our additional
our CVT the part in markets. EMEA by components one we APAC to expertise of our the facilities. Faster region initiative, and I accelerated you was capacity the as region, acquisition the of both want identified leverage presented the regional that to remind we the Faster Next, synergies in for machining at and
in of production and efficiency cost drive began we Europe, XXXX of which savings. ultimately middle the CVT In components will
vertical integration at wells six the a near-term for parts that initially We cost critical cartridge synergy. high-volume will representing produce location,
The for cost that the represents capability CVT will of the cartridge well EMEA realization in market. ramp savings phase involve first year. production EMEA. complete project this middle phase of to manufacturing This up expect the We next in of this full will
plans support approved have in growth expansion hydraulic our anticipated site market. that segment to We
We Turning ramped to China, experienced demand our coronavirus on and in the began progress Shanghai, this I'll touch the of in APAC we presentation. of XXXX. shipping and as region. in near opened the middle facility new from products ahead year. schedule through significant volume later We up
a performing region. of range currently sold for is and This projects in factory selected the assembly test
ultimately capability for few Over continue facility complete share next the plan manufacturing make production regional to cartridge region we customers, bringing rollout years, we market Asian expand gains. our to to within this the the value-add where
which This our Korea, we new in facility our center inaugurated third to facility new as complementary is of the Furthermore, capacity planned. progressing excellence South XXXX. Sarasota in in engineering is
to and As research CVT third and a expected reminder, will as this activities, our be certain month. next facility functions completed development global is administrative well and operating house as
our active remain launched initiative named the Our focused that coupling electro-hydraulic R&D in segment. very solutions. hydraulic investments E-Volved of We on is an development
past, we product have offering. done this knowledge leverage across develop in the the our innovative we electronics As will we segments as
continued electrohydraulic development and product portfolio anticipate expansion. We
During XXXX, in we our also series. launched FLeX valves new
electrohydraulic and continued expand was FLeX basis. and on offering As an for to business it door provides XXXX you important end systems the and opening we agricultural our a activity to control commenced us, will path applications for This valves expand at XXXX robust new products opportunities. might recall, strategic as this broaden the the and creating electrohydraulic initiative critical mobile, ongoing releasing an of in industrial
levels R&D new with investments that beginning mid jointly year model continuing projects rollouts progress. as engineering continue we projects elevated the have our OEMs and and to to require in late XXXX through of resources R&D XXXX. initiatives These to investments significant Turning Electronics collaborative additional make with existing upfront and in pursuing actively engagement segment, customers
third to payment controls. whom final innovation XXXX from and the consideration acquired the payout of group marked contingent the we
it truly business, parties the is that a win-win of world. all for performance strong the situation Given in
design realized sophisticated with XXXX expansion in combination margin art of capabilities in pleased execution. simultaneous Finally in gross manufacturing engineering we state segment Electronics meaning is the with are product capabilities, which result of a the very the
of important are Vision industrial sales, exceeding the of components sector in maintaining in strategic profitability global and critical achieve $X All goods leadership billion superior technology our strength. while mass to initiatives with XXXX plan financial these
call With Tricia to fourth that detail. the turn overview, in full more year a bit I'll now review over the financial to for results quarter the and