EnPro Industries – NPO – Reports Results for the Second Quarter of 2012
EnPro Industries (NYSE: NPO) reported consolidated sales of $301.7 million, a 14% increase over the second quarter of 2011. Businesses acquired since the second quarter of 2011 contributed an increase of 13% while the combination of diesel engine revenue and modestly higher activity in the Sealing Products segment produced growth of 6%. These increases were partially offset by the effect of foreign currency translation into U.S. dollars, which reduced consolidated sales by 5%, and lower demand in the company’s Engineered Products segment.
Net income in the second quarter of 2012 was $10.2 million, or $0.47 a share, compared to $12.2 million, or $0.56 a share, in the second quarter of 2011. Before selected items, including interest due to Garlock Sealing Technologies LLC (GST), a deconsolidated subsidiary, restructuring costs and an inventory step-up related to an acquisition, net income was $16.7 million, or $0.76 a share. In the second quarter of 2011, income before selected items was also $16.7 million, or $0.76 a share. The results of GST and its subsidiaries were deconsolidated effective June 5, 2010, when GST entered a process to reach a permanent resolution of all current and future asbestos claims. A table attached to this press release shows the effect of selected items in the second quarter and first six months of 2012 and 2011. All per share amounts in this release are stated on a diluted basis.
Consolidated earnings before interest, income taxes, depreciation and amortization and other selected items (EBITDA) were $43.0 million in the second quarter of 2012, a 7% improvement over the second quarter of 2011, when EBITDA was $40.1 million.
“Our second quarter results reflect changing conditions in our markets, especially in the last weeks of the quarter,” said Steve Macadam, president and chief executive officer. “In our European operations, demand grew weaker as the end of the quarter neared and economic uncertainty increased. Throughout the quarter, conditions in our North American heavy-duty truck market were relatively unchanged from a year ago and softness continued in our natural gas markets. Although near-term economic conditions remain uncertain, we are confident our enterprise excellence programs will enable us to operate successfully in this environment as we complete the integration of our recent acquisitions and pursue other measures to improve profitability.”
About EnPro Industries – NPO
EnPro Industries, Inc. (NPO) is a leader in sealing products, metal polymer and filament wound bearings, components and service for reciprocating compressors, diesel and dual-fuel engines and other engineered products for use in critical applications by industries worldwide.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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