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Enpro Industries, Inc (NPO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Enpro Industries, Inc

CIK: 1164863 Ticker: NPO


Exhibit 99.1
image0a42.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 First Quarter 2020 Results

First Quarter 2020 Highlights
(All results reflect comparisons to prior-year period and Fairbanks Morse as a discontinued operation unless otherwise noted)
Sales decreased 6.7% to $282.7 million
Segment profit increased 7.8% to $29.1 million
Income from continuing operations attributable to EnPro Industries, Inc. increased 29.5% to $10.1 million
Adjusted EBITDA increased 19.4% to $40.6 million
Diluted earnings per share attributable to EnPro Industries, Inc. continuing operations increased 32.4% to $0.49
Adjusted diluted earnings per share increased 37.8% to $0.62
The divestiture of Fairbanks Morse closed on January 21, 2020
Withdrawing 2020 guidance due to macroeconomic uncertainty surrounding the COVID-19 pandemic

CHARLOTTE, N.C., May 5, 2020 -- EnPro Industries, Inc. (NYSE: NPO) today announced its financial results for the three-month period ended March 31, 2020.

“At EnPro, our number one priority of protecting the health and safety of our 5,000+ global employees and their families, as well as of our communities, customers, and suppliers, remains unchanged. While I am very pleased with our results for the quarter, I am even more proud of our colleagues who continue to live out our core values of Safety, Excellence, and Respect during these rapidly changing times. Our teams have taken the necessary steps to keep our people and facilities safe while maintaining operations to provide a high level of service to our customers during this challenging time. I am happy to report that, as of today, 100% of our primary manufacturing facilities are currently operating and we have not experienced significant supply chain disruptions thanks to the tireless efforts of our supply chain team,” said Marvin Riley, Chief Executive Officer.

“The closing of the divestiture of Fairbanks Morse on January 21st strengthened our balance sheet. The proceeds from that transaction and availability under our revolving credit facility provide ample liquidity and capital resources to weather the evolving economic crisis. We are confident that we will emerge from this unprecedented period with the financial flexibility to take advantage of opportunities that will likely arise. We are committed to maintaining our strong balance sheet and leveraging the EnPro Operating System for cost savings and continuous improvement,” added Mr. Riley.

“During the quarter, our end markets saw varied demand changes as a result of the economic impacts of the COVID-19 pandemic. Consolidated adjusted EBITDA margin increased approximately 320 basis points to 14.4% compared to a year ago, despite challenging demand conditions within heavy-duty truck, general industrial, automotive, and petrochemical markets,” added Mr. Riley.


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The following information was filed by Enpro Industries, Inc (NPO) on Tuesday, May 5, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Enpro Industries, Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Enpro Industries, Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Operations (Unaudited)
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 - Summary Of Changes In Accumulated Other Comprehensive Loss By Component (Detail)
Accumulated Other Comprehensive Loss - Summary Of Reclassifications Out Of Accumulated Other Comprehensive Loss (Detail)
Acquisitions
Acquisitions (Tables)
Acquisitions - Acquisitions Narrative (Details)
Acquisitions - Schedules (Details)
Business Segment Information
Business Segment Information (Tables)
Business Segment Information - Additional Information (Detail)
Business Segment Information - Revenue By End Market (Details)
Business Segment Information - Schedule Of Assets And Long Lived Assets Segment (Detail)
Business Segment Information - Schedule Of Segment Operating Results And Other Financial Data (Detail)
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)
Derivatives And Hedging
Derivatives And Hedging (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Details)
Discontinued Operations - Classes Of Assets And Liabilities (Details)
Discontinued Operations - Results Of Operations (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Computation Of Basic And Diluted Earnings Per Share (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)
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 Identifiable Intangible Assets (Detail)
Income Taxes
Income Taxes - Additional Information (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Inventories (Detail)
Long-Term Debt
Long-Term Debt - Narrative (Details)
Overview, Basis Of Presentation And Recently Issued Authoritative Accounting Guidance
Overview, Basis Of Presentation And Recently Issued Authoritative Accounting Guidance (Policies)
Overview, Basis Of Presentation And Recently Issued Authoritative Accounting Guidance (Tables)
Overview, Basis Of Presentation And Recently Issued Authoritative Accounting Guidance - Schedule Of Changes In Allowance For Doubtful Account (Details)
Overview, Basis Of Presentation And Recently Issued Authoritative Accounting Guidance Narrative (Details)
Pensions And Postretirement Benefits
Pensions And Postretirement Benefits (Tables)
Pensions And Postretirement Benefits - Schedule Of Net Periodic Benefit Cost (Detail)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Changes In Shareholders' Equity (Details)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Schedule Of Assumptions Used (Details)

Material Contracts, Statements, Certifications & more

Enpro Industries, Inc provided additional information to their SEC Filing as exhibits

Ticker: NPO
CIK: 1164863
Form Type: 10-Q Quarterly Report
Accession Number: 0001164863-20-000021
Submitted to the SEC: Tue May 05 2020 3:52:16 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Gaskets Packg And Sealg Devices And Rubber And Plastics Hose

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