![]() The last eight quarters have demonstrated that we can excel at playing offense and defense and can deliver for shareholders in a variety of market environments. We expect to capture increasing opportunities in this market and have scenario planned for challenges that could arise. By economic and pandemic uncertainties still exist, we will stay flexible and nimble and manage the business very tightly. We’ve done a lot to re-platform the business to be even more efficient and agile, and we’ll continue to do more in the year ahead. We are well-positioned to take advantage of this expanding housing market. Given supply side constraints, we expect this momentum to play out over several years. Given the low inventory of housing, this momentum impacts both new construction, repair and remodel activity as the aging housing supply requires renovation. Low supply and high demand coupled with favorable demographics and low interest rates have unleashed delayed momentum into our marketplace. And yet new construction starts are far short of their peak, and only now reaching historic averages. housing has been underbuilt is several multiples greater than the overbuilding of the mid 2000’s. And it has been widely noted, the extent to which U.S. Looking forward, we are in the early stages of a long-term expansion of U.S. With the initiatives that we’ve undertaken, the investments that we have made and momentum that we are seeing, we expect even stronger sales and profit growth as we enter 2021. We are positioned to capture growth as the market accelerates and are structured to tightly manage our P&L in times of slower expansion. Over the last eight quarters, we have shown that we can deliver results and create value for our stakeholders in a variety of market conditions. Importantly, this past year, we also made critical long-term investments in our brands, innovation, Fortune Brands core capabilities and supply chain capacity that will enable us to capture future opportunities and accelerate our share gains. ![]() And we drove margin improvement in each segment, by delivering against strong demand for our leading brands and leveraging our efficiency programs. It has truly been an extraordinary year.Īll of our businesses saw impressive double digit growth in the quarter. ![]() And amidst to all of this activity, our teams worked tirelessly to keep consumers and customers supplied, while maintain industry-leading safety performance. During the year, we deployed over $1 billion in capital towards M&A, share buybacks and dividends, generated excellent free cash flow and exited the year with attractive leverage. Facing unprecedented challenges, we drove market beating growth and delivered on our margin expansion strategy ahead of schedule. I could not be prouder of what we’ve achieved in 2020, a strong fourth quarter results cuts a remarkable full year performance by our teams. I hope that you and your loved ones are all staying safe. Thank you, Brian, and thank you to everyone for joining us on the call today. I will now turn the call over to Nick for his remarks. Following our prepared remarks, we have allowed time to address some questions that you may have. With me on the call today are Nick Fink, our Chief Executive Officer and Pat Hallinan, our Chief Financial Officer. Any references to operating profit or margin, earnings per share or cash flow on today’s call will focus on our results on a before charges and gains basis unless otherwise specified. The company does not undertake any obligation to update or revise any forward-looking statements, which speak only to the time at which they are made. These risks are detailed in our various filings with the SEC, such as our annual report and our Form 10-K. I want to remind everyone that the forward-looking statements we make on the call today, either in our prepared remarks or in the associated question-and-answer session, are based on current expectations and the market outlook and are subject to certain risks and uncertainties that may cause actual results to differ materially from those currently anticipated. The news release and the audio replay of the webcast of this call can be found in the Investors section of our website. Hopefully, everyone has had a chance to review the news release issued earlier. Good afternoon, everyone, and welcome to the Fortune Brands Home & Security fourth quarter and full year 2020 investor conference call and webcast. Brian Lantz, Senior Vice President of Communications and Corporate Administration. I would now like to turn the call over to Mr. At this time, I would like to welcome everyone to the Fortune Brands Fourth Quarter 2020 Earnings Conference Call. My name is Jason, and I will be your conference operator today. (FBHS) Q4 2020 Earnings Conference Call Febru4:30 PM ETīrian Lantz – Senior Vice President-Communications and Corporate Administration
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