CSW Industrials, Inc. (NASDAQ:CSWI) Q4 2019 Earnings Conference Call Transcript
May 22, 2019 • 10:00 am ET
Greetings, and welcome to the CSW Industrials Fourth Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the presentation. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the conference over to Tom Cook. Thank you. Please go ahead.
Thank you, Brenda. Good morning, everyone, and welcome to CSW Industrials' fiscal fourth quarter 2019 earnings call. Joining me today are Joseph Armes, Chief Executive Officer of CSW Industrials; and Gregg Branning, Chief Financial Officer. If you have not received the earnings release, it is available on our website at www.cswindustrials.com. This call is being recorded. A replay of today's call will be available and details on how to access the replay are in the earnings release.
During this call, we will be making forward-looking statements. These statements are based on current expectations and assumptions that are subject to various risks and uncertainties. Actual results could materially differ because of factors discussed in today's earnings release and the comments made during this call and then the Risk Factors section of our annual report on Form 10-K and other filings with the SEC. We do not undertake any duty to update any forward-looking statements.
This call will also include an analysis of adjusted operating income, net income and earnings per share, which are non-GAAP financial measures of performance. These non-GAAP measures should be used as a supplement to and not a substitute for operating income, net income and earnings per share computed in accordance with GAAP. For a more complete discussion of adjusted operating income, net income and earnings per share, see our earnings release.
I would now like to turn the call over to our Chairman and Chief Executive Officer, Joe Armes. Joe?
Joseph B. Armes
Thank you, Tom. Good morning, everyone and thank you for joining our fiscal fourth quarter conference call. I will begin with a high level discussion of our results for the quarter, then I will provide some segment level remarks and review of our end markets. I'll then hand the call off to Greg for a closer look at the numbers.
We concluded our fiscal year with a strong finish that followed an excellent performance through the first-nine months of the year. Our consolidated top line grew 9.6% year-over-year, 9% of which was organic, related to the MSD acquisition we completed during the fourth quarter. 0.6% was inorganic, related to the MSD acquisition, we completed during the fourth quarter.
For the full year our consolidated revenue growth was 7.4% to $350.2 million, of which 7.2% was organic. Our fourth quarter adjusted earnings per diluted share was $0.75, which marked an increase of 47.1% compared to the prior year. This growth in earnings was attributable to higher revenue combined with a 400 basis point improvement in adjusted operating margin. Higher profitability was mostly the result of the efficiency initiatives we completed in our Specialty Chemicals segment and a continuation of very strong margin