Enpro reports 4.6% Q1 sales bump
Enpro Industries, Inc. reported sales of $282.6 million – up 4.6% – and a 6% increase in organic sales for the three months ended March 31, 2023.
“Enpro started the year with another outstanding quarter of execution as we delivered strong organic sales growth and margin expansion, driven by record performance in the Sealing Technologies segment,” said Eric Vaillancourt, president and CEO. “Despite the current weakness in the semiconductor market, we continue to expect strong growth in the Advanced Surface Technologies segment over a multi-year period. Our focus remains on delivering differentiated and critical products and solutions in a variety of growing industrial technology markets to drive profitable growth.
“Solid cash generation enabled us to further reduce our net leverage to 1.6x in the quarter," Vaillancourt continued. "Our strong balance sheet provides us with flexibility to invest in compelling organic growth and productivity opportunities, while prudently considering acquisitions that meet our strategic and financial criteria. With our resilient business model and high-margin portfolio of innovative, differentiated solutions, Enpro is well positioned to generate significant long-term value for all stakeholders and thrive in a variety of economic environments."
Highlights:
- Sales of $282.6 million up 4.6%; organic sales up 6.3%
- Income from continuing operations attributable to EnPro Industries, Inc. was $26.0 million compared to $11.9 million last year
- Adjusted EBITDA* up 16.3% to $68.6 million; adjusted EBITDA margin* up over 240 bps to 24.3%
- Diluted earnings per share from continuing operations attributable to EnPro Industries, Inc. of $1.24, compared to $0.57 last year
- Adjusted diluted earnings per share* from continuing operations attributable to EnPro Industries, Inc. up 25.0% to $1.95 versus $1.56 last year
- Sealing Technologies segment achieved record profitability
- Maintain full year 2023 guidance for revenue growth of flat to low-single digits, adjusted EBITDA of $248-$260 million and adjusted diluted earnings per share of $6.45 to $7.05 per share
INDUSTRIAL SUPPLY MAGAZINE
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