EnPro Industries (NPO) Tops Q3 EPS by 24c, Revenues Beat

EnPro Industries (NYSE: NPO) reported Q3 EPS of $1.36, $0.24 better than the analyst estimate of $1.12. Revenue for the quarter came in at $388.2 million versus the consensus estimate of $377.13 million.

“I am pleased to announce that we had a very good quarter across all of our segments,” said Steve Macadam, President and CEO. “We generated year-over-year sales and segment profit growth, driven by continued favorable demand in many of the markets that we serve. Sales to the semiconductor, aerospace, food & pharma, heavy-duty tractor and trailer builds, general industrial, metals & mining, and oil & gas markets grew year-over-year. We also successfully addressed several discrete issues that negatively impacted our profitability in the first half of the year, including winding-down our industrial gas turbine facility and addressing two warranty issues in our heavy-duty truck brake products group. As we have discussed throughout the year, we have expected Power Systems’ performance to be heavily weighted towards the second half of the year. We experienced the anticipated improvement in the third quarter, and with a record level backlog, Power Systems is poised to deliver strong results in the fourth quarter. Favorable demand conditions in Sealing Products and Engineered Products give us further confidence that we will have a positive finish to the year.”

“Given current macroeconomic forecasts, a robust backlog in Power Systems, and positive demand patterns in many of our markets, we believe that our sales momentum will continue through the end of the year, resulting in full-year sales growth of between 8% and 9% over 2017 pro forma sales, and we’ve tightened our full-year adjusted EBITDA outlook to between $217 million and $220 million. This narrower range reflects our confidence in Power Systems’ ability to execute on its backlog and in current order trends in our other businesses,” said Mr. Macadam.

For earnings history and earnings-related data on EnPro Industries (NPO) click here.

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