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Enpro Industries, Inc (NPO) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Enpro Industries, Inc

CIK: 1164863 Ticker: NPO

Exhibit 99.1
image0a421a.jpg

News Release
Investor Contact:Jerry L. JohnsonEnPro Industries
Senior Vice President - Strategy, Corporate 5605 Carnegie Boulevard
Development and Investor RelationsCharlotte, North Carolina 28209-4674
Phone:704-731-1527Phone: 704-731-1500
Email:investor.relations@enproindustries.comFax: 704-731-1511
www.enproindustries.com

EnPro Reports Third Quarter 2020 Results

Third Quarter 2020 Highlights
(All results reflect comparisons to prior-year period and Fairbanks Morse as a discontinued operation unless otherwise noted)
Sales decreased 10.3% to $268.3 million
Loss from continuing operations attributable to EnPro Industries, Inc. was $21.6 million, compared to a loss of $8.4 million in the prior-year period; the third quarter 2020 loss included pretax charges of $21.1 million primarily for asset impairments as well as $21.4 million for the settlements of legal claims
Segment profit increased 3.9% to $29.5 million, driven primarily by the benefit of ongoing strategic portfolio actions
Adjusted EBITDA decreased 1.4% to $42.1 million; adjusted EBITDA margin increased 140 bps to 15.7%
Diluted loss per share from continuing operations attributable to EnPro Industries, Inc. was $1.05, compared to a loss of $0.41 in the prior-year period; adjusted diluted earnings per share decreased 8.2% to $0.67
Acquisition of Alluxa, Inc. closed on October 26 and the sale of all assets related to STEMCO’s Motor Wheel® and Crewson® businesses was completed on September 2

CHARLOTTE, N.C., November 3, 2020 -- EnPro Industries, Inc. (NYSE: NPO) today announced its financial results for the three-month period ended September 30, 2020.

“During the third quarter, EnPro reached several strategic milestones in transforming our business to support our profitable growth strategy, including announcing the acquisition of Alluxa, Inc., which later closed on October 26, completing the sale of STEMCO’s Motor Wheel® and Crewson® businesses, and signing an agreement to sell STEMCO’s Air Springs business,” said Marvin Riley, Chief Executive Officer. “Our third quarter adjusted EBITDA remained relatively flat and adjusted EBITDA margin increased 140 basis points versus the prior-year period to 15.7%. We continue to successfully manage the business while navigating the impacts of the COVID-19 pandemic, which resulted in weaker demand across many of our core markets. This resilience reflects our diligent focus on cost management and the benefits of the portfolio reshaping actions completed over the last year.”

“We remain committed to leveraging the EnPro Operating System to drive additional cost savings and operational improvements. Additionally, our balance sheet remains strong, providing us the financial flexibility to take advantage of opportunities that arise as markets continue to stabilize,” added Mr. Riley.

“Our top priority remains the health and safety of our approximately 5,000 global employees, their families, our communities, our customers, and our suppliers. I am proud of the EnPro team for keeping our core values of Safety, Excellence, and Respect for all people at the heart of our actions and for our continued drive to deliver quality products and solutions to our customers, while integrating enhanced safety practices and new ways of working throughout the organization. Consistent with our core values, I am also proud of the efforts of our team to promote diversity and inclusion throughout our company as we seek to be part of creating sustainable change in our society,” added Mr. Riley.


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The following information was filed by Enpro Industries, Inc (NPO) on Tuesday, November 3, 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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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 And Divestitures
Acquisitions And Divestitures (Tables)
Acquisitions And Divestitures - Asset And Liabilities Held For Sale (Details)
Acquisitions And Divestitures - Divestitures (Details)
Acquisitions And Divestitures - Narrative (Details)
Acquisitions And Divestitures - Proforma Results (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)
Fair Value Measures And Disclosures - Narratives (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 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 - Narrative (Details)
Overview, Basis Of Presentation And Recently Issued Authoritative Accounting Guidance - Schedule Of Changes In Allowance For Doubtful Account (Details)
Pensions And Postretirement Benefits
Pensions And Postretirement Benefits (Tables)
Pensions And Postretirement Benefits - Schedule Of Net Periodic Benefit Cost (Detail)
Restructuring And Impairment
Restructuring And Impairment (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Changes In Shareholders' Equity (Details)
Shareholders' Equity - Narrative (Details)
Shareholders' Equity - Schedule Of Assumptions Used (Details)
Subsequent Event
Subsequent Event (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: 0001164863-20-000049
Submitted to the SEC: Tue Nov 03 2020 5:02:49 PM EST
Accepted by the SEC: Tue Nov 03 2020
Period: Wednesday, September 30, 2020
Industry: Gaskets Packg And Sealg Devices And Rubber And Plastics Hose

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