Enpro Q3 sales climb 4.1% YOY
Enpro Inc. announced its financial results for the third quarter and nine months ended September 30 – the company reports that sales of $260.9 million are up 4.1% from the prior year period; organic sales up 0.9%.
The company said strong performance in Sealing Technologies offset softness in Advanced Surface Technologies ("AST"); there was sequential sales improvement at AST despite continued weakness in semiconductor capital equipment demand.
“Third quarter performance was resilient despite continued soft conditions in several of our larger end-markets,” said Eric Vaillancourt, president and chief executive officer. “In Sealing Technologies, we showed strong profitability, positive mix and the benefits from continuous improvement initiatives, despite steep declines in commercial vehicle OEM sales. In Advanced Surface Technologies (AST), while we showed some sequential improvement in segment revenue, we have not yet seen the level of recovery that we had previously expected for critical in-chamber tools. During this period, shifting demand and, to a lesser extent, accelerated expenses for future growth programs drove flat segment profitability.”
"While we are reducing our guidance to reflect a more protracted recovery in semiconductor capital equipment spending than previously expected, we are positioning the business well for the future," Vaillancourt added. "Enpro’s balanced portfolio, strong liquidity position, consistent free cash flow generation and focus on return on investment enable significant opportunities for us to fund profitable growth and enterprise value creation.”
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