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EnPro Industries(NPO) - 2024 Q3 - Quarterly Results
2024-11-05 12:16
Exhibit 99.1 News Release Enpro Reports Third Quarter 2024 Results Updates Guidance for Full Year 2024 Third Quarter 2024 Highlights (All results reflect comparisons to prior-year period, from continuing operations, unless otherwise noted) (*Non-GAAP measure. See the attached schedules for adjustments and reconciliations of historical measures to GAAP measures) • Sales of $260.9 million up 4.1%; organic sales up 0.9% • GAAP income from continuing operations attributable to Enpro Inc., net of tax of $19.8 mi ...
EnPro Industries(NPO) - 2024 Q2 - Earnings Call Transcript
2024-08-06 17:40
Financial Data and Key Metrics Changes - Sales for Q2 2024 were $271.9 million, a decrease of 1.8% compared to the prior year, with organic sales declining by 5% primarily due to lower results in the Advanced Surface Technologies (AST) segment [8][10] - Adjusted EBITDA for Q2 2024 was $74 million, an increase of 14% year-over-year, with an adjusted EBITDA margin of 27.2%, up 380 basis points [9][10] - Adjusted diluted earnings per share were $2.08, an increase of almost 14% year-over-year [10] Business Line Performance Changes - In the Sealing Technologies segment, sales were $184 million, an increase of over 4%, with adjusted segment EBITDA margin exceeding 35% [10][11] - The Advanced Surface Technologies segment saw sales of $88.1 million, down approximately 12% year-over-year, but adjusted segment EBITDA margins improved to 21.7%, up 160 basis points sequentially [7][13] Market Performance Changes - The semiconductor market remains soft, particularly for semiconductor capital equipment, but there are signs of recovery in certain areas [5][12] - Demand in food and pharma increased during Q2, although it remains choppy, especially in Europe [6] Company Strategy and Industry Competition - The company is focused on executing a multi-year strategy to drive growth in AST's attractive markets through capacity expansions and efficiency improvements [7][18] - The company continues to pursue strategic opportunities in adjacent markets that build upon core competencies [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Sealing Technologies segment's performance and outlook, citing strong profitability despite soft demand in some markets [4][19] - The company narrowed its full-year 2024 earnings guidance, now expecting total sales to be approximately flat compared to 2023, primarily due to the expected recovery in semiconductor capital equipment being delayed [16][18] Other Important Information - The balance sheet remains strong, with a net leverage ratio of approximately two times trailing 12-month adjusted EBITDA [14] - Free cash flow in the first half of 2024 was $35.5 million, down from $66.5 million last year, but the company expects free cash flow to exceed $100 million for the year [15] Q&A Session Summary Question: Sustainability of Sealing Margins - Management indicated that they expect to maintain pricing and have seen supply chain savings, with a shift in mix from OEM to aftermarket sales supporting margins [21][22] Question: Contribution of New Products - New products like Auto-Torq are contributing incrementally but are not yet material [23][24] Question: Trends in AST - Management noted that the cleaning business is performing well, with gradual recovery in coatings and refurbishment solutions [33] Question: Capital Expenditures - The expected capital expenditures of approximately $60 million may see some spending pushed into 2025 due to timing and supply chain issues [42]
Enpro (NPO) Q2 Earnings and Revenues Surpass Estimates
ZACKS· 2024-08-06 12:46
Enpro (NPO) came out with quarterly earnings of $2.08 per share, beating the Zacks Consensus Estimate of $1.85 per share. This compares to earnings of $1.83 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 12.43%. A quarter ago, it was expected that this industrial products maker would post earnings of $1.54 per share when it actually produced earnings of $1.57, delivering a surprise of 1.95%. Over the last four quarters, the c ...
EnPro Industries(NPO) - 2024 Q1 - Quarterly Report
2024-05-08 13:25
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q _________________________________________ (Mark One) ENPRO INC. (Exact name of registrant, as specified in its charter) _____________________________________ North Carolina 01-0573945 (State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.) 5605 Carnegie Boulevard Suite 500 Charlotte North Carolina 28209 (Address of principal executive offices) (Zip Code) (704) 731-1500 (Registrant's telephone number ...
EnPro Industries(NPO) - 2024 Q1 - Earnings Call Transcript
2024-05-07 17:35
Enpro Inc. (NYSE:NPO) Q1 2024 Earnings Conference Call May 7, 2024 8:30 AM ET Company Participants James Gentile ??? Vice President-Investor Relations Eric Vaillancourt ??? President and Chief Executive Officer Milt Childress ??? Executive Vice President Joe Bruderek ??? Executive Vice President and Chief Financial Officer Conference Call Participants Jeff Hammond ??? KeyBanc Capital Markets Steve Ferazani ??? Sidoti & Co. Isaac Sellhausen ??? Oppenheimer Operator Hello, and welcome to the Enpro Q1 2024 Ear ...
EnPro Industries(NPO) - 2024 Q1 - Earnings Call Presentation
2024-05-07 13:59
| --- | --- | --- | |------------------------------------|-------|-------| | | | | | | | | | First Quarter 2024 Earnings Review | | | | May 7, 2024 | | | Forward-Looking Statements Statements in this presentation that express a belief, expectation or intention, including the 2024 guidance and other statements that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number of risks and uncertainties that may cause actual events an ...
Enpro (NPO) Q1 Earnings Surpass Estimates
Zacks Investment Research· 2024-05-07 12:41
Enpro (NPO) came out with quarterly earnings of $1.57 per share, beating the Zacks Consensus Estimate of $1.54 per share. This compares to earnings of $1.95 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.95%. A quarter ago, it was expected that this industrial products maker would post earnings of $1.47 per share when it actually produced earnings of $1.19, delivering a surprise of -19.05%.Over the last four quarters, the c ...
EnPro Industries(NPO) - 2024 Q1 - Quarterly Results
2024-05-07 11:21
Exhibit 99.1 News Release Enpro Reports First Quarter 2024 Results First Quarter 2024 Highlights (All results reflect comparisons to prior-year period, from continuing operations, unless otherwise noted) (*Non-GAAP measure. See the attached schedules for adjustments and reconciliations of historical measures to GAAP measures) CHARLOTTE, NC, May 7, 2024 -- Enpro Inc. (NYSE: NPO) today announced its financial results for the three months ended March 31, 2024. "We began the year with strong profitability in Se ...
EnPro Industries(NPO) - 2023 Q4 - Annual Report
2024-02-27 17:30
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________________ FORM 10-K _____________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-31225 _____________________________________________________ EN ...
EnPro Industries(NPO) - 2023 Q4 - Earnings Call Transcript
2024-02-20 17:36
Financial Data and Key Metrics Changes - Enpro reported adjusted EBITDA of $238 million for 2023, with total margins at 22.5% despite challenges in the semiconductor market [6][8] - Fourth quarter adjusted EBITDA was $46.9 million, a decrease of approximately 12% year-over-year, with an adjusted EBITDA margin of 18.8%, down 80 basis points [8][47] - Adjusted diluted earnings per share for the fourth quarter was $1.19, reflecting an 8.5% decrease compared to the prior year [47] Segment Performance Changes - Sealing Technologies sales were $147 million in the fourth quarter, down 6.3%, impacted by declines in commercial vehicle OEM sales and softness in various markets [9][19] - Advanced Surface Technologies (AST) sales for the fourth quarter were $102.1 million, a decrease of 11.5% year-over-year, primarily due to weakness in semiconductor capital equipment spending [20][42] - Adjusted segment EBITDA for Sealing Technologies decreased approximately 21% compared to the prior year, with a margin of 22.4% [49] Market Data and Key Metrics Changes - The commercial vehicle market is expected to see a 25% decline in trailer builds in 2024, affecting OEM demand [54] - The semiconductor market is anticipated to recover, with expectations of a near doubling by the end of the decade [16][55] - The aftermarket segment is expected to remain strong, benefiting from increased maintenance demand as OEM builds decline [93] Company Strategy and Industry Competition - Enpro's strategy includes technological differentiation, vertical integration, and regional expansion, particularly in the semiconductor sector [16][22] - The acquisition of Advanced Micro Instruments (AMI) is expected to enhance capabilities in compositional analysis and broaden the Sealing Technologies segment [43][108] - The company aims to maintain a disciplined focus on profitability while investing in growth opportunities across various segments [100] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the semiconductor market recovery, indicating that the first quarter of 2024 may represent the bottom of the decline [24][55] - The company expects total sales growth in the low to mid-single digits for 2024, with adjusted EBITDA projected between $260 million and $280 million [23][27] - Management noted that pricing power may not be as strong in 2024 due to moderating inflation compared to previous years [104] Other Important Information - Free cash flow for 2023 was over $174 million, significantly up from about $77 million in the prior year [50] - Capital expenditures for 2024 are expected to be around $60 million, focusing on growth investments in Advanced Surface Technologies [52][86] - The company celebrated a 59% reduction in total recordable incident rate and a 47% reduction in lost time case rate for safety achievements in 2023 [7] Q&A Session Summary Question: Clarification on organic growth guidance and AMI inclusion - Management clarified that AMI's contribution is included in the EBITDA guidance, with expectations of flat organic growth excluding AMI and AST [33][34] Question: Performance expectations for the aftermarket segment - The aftermarket is expected to remain strong, with pricing power holding steady despite OEM declines [93] Question: Insights on the semiconductor market recovery - Management noted early signs of recovery in the semiconductor market, with expectations for a gradual improvement [62][80] Question: Capital expenditures and growth investments - The increase in capital expenditures is attributed to geographic expansion and facility upgrades, particularly in Arizona and Asia [86][87] Question: Long-term margin expectations for Sealing Technologies - Long-term margins are expected to remain around 28%, depending on industry mix and volume [110]