Q1 sales dip 8.9% at Enpro
Enpro Inc. reported first quarter sales of $257.5 million, down 8.9%, with organic sales down 11.6%.
“We began the year with strong profitability in Sealing Technologies, and, as expected, continued softness in Advanced Surface Technologies resulting from semiconductor market conditions,” said President and Chief Executive Officer Eric Vaillancourt. "Our disciplined and focused execution across our business continues to deliver outstanding results in a choppy demand environment, demonstrating the resilience of the Enpro portfolio.”
“We’re excited about the addition of the AMI business, which closed in late January," he added. "Our balance sheet remains healthy, and we have ample flexibility to invest in organic growth opportunities and value-added projects throughout the enterprise, while building our acquisition pipeline of attractive businesses that meet our strategic and financial criteria. We are well-positioned to continue executing on our long-term value creating strategy while delivering critical solutions to our customers.”
The company generated $6.3 million of cash flow from operating activities of continuing operations during the three months ended March 31, 2024 and $(1.9) million of free cash flow, net of $8.2 million in capital expenditures. This compares to $26.4 million of cash flow from operating activities of continuing operations, or $21.4 million of free cash flow, net of $5.0 million in capital expenditures in the prior year. During the first quarter, the company paid a regular quarterly dividend of $0.30 per share, with dividend payments totaling $6.4 million for the three months ended March 31, 2024.
Enpro ended the first quarter with total debt of $680.1 million and cash of $163.9 million.
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