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Enpro Industries, Inc (NPO) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Enpro Industries, Inc

CIK: 1164863 Ticker: NPO


Exhibit 99.1
image0a21.jpg

News Release

Investor Contact:
Chris O'Neal
EnPro Industries
 
Senior Vice President, Strategy, Corporate
5605 Carnegie Boulevard
 
Development and Investor Relations
Charlotte, North Carolina 28209-4674
Phone:
704-731-1527
Phone: 704-731-1500
Email:
investor.relations@enproindustries.com
Fax: 704-731-1511
 
 
www.enproindustries.com

EnPro Industries Reports Results for the Fourth Quarter and Full Year of 2018

Consolidated and Pro Forma Financial Highlights
(Amounts in millions except per share data and percentages)

Results for the Quarter Ended
Consolidated1
December 31
20183
2017
% Δ
Net Sales
$
381.4

$
362.5

5.2%
Segment Profit5
$
28.3

$
38.7

(26.9%)
Segment Margin
7.4%

10.7%

 
Net Income (Loss)
$
(22.1
)
$
34.2

(164.6%)
Diluted Earnings (Loss) Per Share
$
(1.07
)
$
1.57

(168.2%)
Adjusted Net Income6
$
20.5

$
14.8

38.5%
Adjusted Diluted Earnings Per Share6
$
0.98

$
0.67

46.3%
Adjusted EBITDA6
$
54.5

$
48.7

11.9%
Adjusted EBITDA Margin6
14.3%

13.4%

 

Results for the Fiscal Year Ended
Consolidated1
Pro Forma2
December 31
20183
2017
 
2017
% Δ4
Net Sales
$
1,532.0

$
1,309.6

 
$
1,402.5

9.2%
Segment Profit5
$
154.6

$
149.9

 
$
172.5

(10.4%)
Segment Margin
10.1%

11.4%

 
12.3%

 
Net Income
$
24.6

$
539.8

 
$
53.7

(54.2%)
Diluted Earnings Per Share
$
1.16

$
24.76

 
$
2.46

(52.8%)
Adjusted Net Income6
$
82.6

$
50.6

 
$
75.7

9.1%
Adjusted Diluted Earnings Per Share6
$
3.91

$
2.32

 
$
3.48

12.4%
Adjusted EBITDA6
$
217.4

$
188.2

 
$
215.4

0.9%
Adjusted EBITDA Margin6
14.2%

14.4%

 
15.4%

 

1 Consolidated results for the year ended December 31, 2017 reflect (i) the deconsolidation of Garlock Sealing Technologies LLC (“GST”) and its subsidiaries, effective June 5, 2010, when GST filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code to begin a process (the Asbestos Claims Resolution Process, or “ACRP”) in pursuit of an efficient and permanent resolution to all current and future asbestos claims against it and (ii) the deconsolidation of OldCo, LLC (“OldCo”), effective January 30, 2017, when it filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in furtherance of the ACRP, in each case until the reconsolidation of GST, its subsidiaries and OldCo effective as of July 31, 2017 upon the consummation and effectiveness of the joint plan of reorganization confirmed in the ACRP. Consolidated results for each of the three months ended December 31, 2018 and 2017 and the year ended December 31, 2018 include the results of GST and OldCo for the entire period.

1

The following information was filed by Enpro Industries, Inc (NPO) on Thursday, February 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Enpro Industries, Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Schedule Of Accrued Expenses (Detail)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Additional Information (Detail)
Accumulated Other Comprehensive Loss - Summary Of Changes In Accumulated Other Comprehensive Loss By Components (Detail)
Acquisitions
Acquisitions - Additional Information (Detail)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Additional Information (Detail)
Business Segment Information - Schedule Of Assets And Long Lived Assets Segment (Detail)
Business Segment Information - Schedule Of Net Sales By Geographical Area (Detail)
Business Segment Information - Schedule Of Segment Operating Results And Other Financial Data (Detail)
Business Segment Information - Schedule Of Segment Related Capital Expenditure, Depreciation And Amortization On Those Expenditures (Detail)
Business Segment Information - Third Party Sales By Major End Market (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Narrative (Details)
Commitments And Contingencies - Schedule Of Changes In Carrying Amount Of Product Warranty Liability (Detail)
Commitments And Contingencies - Schedule Of Future Minimum Lease Payments (Detail)
Derivatives And Hedging
Derivatives And Hedging Derivatives And Hedging (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (Detail)
Equity Compensation Plan
Equity Compensation Plan (Tables)
Equity Compensation Plan - Additional Information (Detail)
Equity Compensation Plan - Schedule Of Equity Based Compensation (Detail)
Equity Compensation Plan - Schedule Of Intrinsic Value Related To Stock Options (Detail)
Equity Compensation Plan - Summary Of Restricted Share Units Activity, Performance Share Activity And Restricted Stock Activity (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail)
Fair Value Measurements - Schedule Of Carrying Value Of Financial Instruments (Detail)
Garlock Sealing Technologies Llc, Garrison Litigation Management Group, Ltd., And Oldco, Llc
Garlock Sealing Technologies Llc, Garrison Litigation Management Group, Ltd., And Oldco, Llc (Tables)
Garlock Sealing Technologies Llc, Garrison Litigation Management Group, Ltd., And Oldco, Llc Garlock Sealing Technologies Llc And Garrison Litigation Management Group, Ltd., And Oldco, Llc - Reconsolidation (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Schedule Of Changes In Net Carrying Value Of Goodwill By Reportable Segment (Detail)
Goodwill And Other Intangible Assets - Schedule Of Estimated Amortization Expense Of Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Schedule Of Identifiable Intangible Assets (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Net Deferred Tax Assets (Details)
Income Taxes - Reconciliation Of Effective Tax Rate (Detail)
Income Taxes - Schedule Of Deferred Income Tax Assets And Liabilities (Details)
Income Taxes - Schedule Of Income Before Income Tax Domestic And Foreign (Detail)
Income Taxes - Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (Detail)
Income Taxes - Summary Of Income Tax Expense In Consolidated Statements Of Operations From Continuing Operations (Detail)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Detail)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Additional Information (Detail)
Long-Term Debt - Schedule Of Future Principal Payments On Long-Term Debt (Detail)
Long-Term Debt - Schedule Of Long Term Debt (Detail)
Other Expense
Other Expense (Tables)
Other Expense - Additional Information (Detail)
Other Expense - Schedule Of Restructuring Costs By Reportable Segment (Detail)
Other Expense - Schedule Of Restructuring Reserves (Detail)
Overview, Basis Of Presentation, Significant Accounting Policies And Recently Issued Accounting Guidance
Overview, Basis Of Presentation, Significant Accounting Policies And Recently Issued Accounting Guidance (Details)
Overview, Basis Of Presentation, Significant Accounting Policies And Recently Issued Accounting Guidance (Policies)
Overview, Basis Of Presentation, Significant Accounting Policies And Recently Issued Accounting Guidance (Tables)
Pensions And Postretirement Benefits
Pensions And Postretirement Benefits (Tables)
Pensions And Postretirement Benefits - Additional Information (Detail)
Pensions And Postretirement Benefits - Schedule Of Asset Allocation For Pension Plans And Target Allocation By Asset Category (Detail)
Pensions And Postretirement Benefits - Schedule Of Assumed Health Care Cost Trend Rates (Detail)
Pensions And Postretirement Benefits - Schedule Of Benefit Payments Reflecting Expected Future Service As Appropriate Expected To Be Paid (Detail)
Pensions And Postretirement Benefits - Schedule Of Change In Plan Assets And Underfunded Status At End Of Year (Detail)
Pensions And Postretirement Benefits - Schedule Of Change In Projected Benefit Obligations (Detail)
Pensions And Postretirement Benefits - Schedule Of Fair Value Of Plan Assets (Detail)
Pensions And Postretirement Benefits - Schedule Of Net Periodic Benefit Cost (Detail)
Pensions And Postretirement Benefits - Schedule Of Other Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Detail)
Pensions And Postretirement Benefits - Schedule Of Pre-Tax Charges Recognized In Accumulated Other Comprehensive Income Loss (Detail)
Pensions And Postretirement Benefits - Schedule Of Projected Benefit Obligations Amounts Recognized In Consolidated Balance Sheets (Detail)
Pensions And Postretirement Benefits - Schedule Of Weighted-Average Assumptions Used To Determine Benefit Obligations And Net Periodic Benefit Cost (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Schedule Of Property, Plant And Equipment (Detail)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Schedule Of Amounts Included In Financial Statements Arising From Transactions With Gst (Detail)
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Performance Obligations (Details)
Revenue From Contracts With Customers Revenue From Contracts With Customers - Cost And Billings On Uncompleted Contracts - Schedule Of Uncompleted Contracts Reflected In Consolidated Balance Sheets (Details)
Revenue From Contracts With Customers Revenue From Contracts With Customers - Costs And Billings On Uncompleted Contracts - Schedule Of Information Regarding Contracts Accounted For Under Percentage-Of-Completion Method (Detail)
Revenue From Contracts With Customers Revenue From Contracts With Customers - Percentage-Of-Completion Long-Term Contracts (Tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Detail)
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited) (Tables)
Selected Quarterly Financial Data - Schedule Of Selected Quarterly Financial Data (Detail)
Shareholders' Equity
Shareholders' Equity (Details)
Subsidiary Asbestos Bankruptcies
Subsidiary Asbestos Bankruptcies Subsidiary Asbestos Bankruptcies - Additional Information (Details)
Supplemental Guarantor Financial Information
Supplemental Guarantor Financial Information (Tables)
Supplemental Guarantor Financial Information Condensed Consolidating Balance Sheets (Details)
Supplemental Guarantor Financial Information Condensed Consolidating Statement Of Cash Flows (Details)
Supplemental Guarantor Financial Information Condensed Consolidating Statement Of Operations (Details)
Supplemental Guarantor Financial Information Condensed Consolidating Statements Of Comprehensive Income (Details)
Ticker: NPO
CIK: 1164863
Form Type: 10-K Annual Report
Accession Number: 0001164863-19-000007
Submitted to the SEC: Mon Feb 25 2019 6:29:57 AM EST
Accepted by the SEC: Mon Feb 25 2019
Period: Monday, December 31, 2018
Industry: Gaskets Packg And Sealg Devices And Rubber And Plastics Hose

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