EnPro Industries sees drop in Q3 net income

Resource from: Charlotte Business Journal Likes:160

Nov 04,2013

EnPro Industries Inc. (NYSE:NPO) reports net income of $5.6 million, or 23 cents per share, in the third quarter, down from $11.3 million, or 53 cents per share, a year earlier. Sales totaled $276 million for the latest quarter, a 5 percent drop from the previous year’s quarter. The Charlotte-based company attributes most of the decline to a reduction in sales in its engine products and services segment, primarily the result of decreased demand for parts and service from U.S. government markets. Sales for the first nine months of 2013 were $868.7 million, a 4 percent decrease from the first nine months of 2012. Net income through Sept. 30 was $22.2 million, or 96 cents per share, down from $35.3 million, or $1.64 per share, in the first nine months of 2012. “In comparison to the fourth quarter of 2012, activity in certain of our European markets appears to be increasing modestly and demand at our businesses that serve certain original equipment markets in North America also appears to be slightly better than a year ago,” says Steve Macadam, president and chief executive. “In our U.S. government markets, we expect demand for aftermarket parts and services to remain low. In this environment, we expect our total fourth quarter sales to be about the same as in the fourth quarter of 2012, but operating profits are likely to reflect a higher portion of our sales into original equipment markets, where margins tend to be lower. As a result of these factors, our segment profits may decline in comparison to the fourth quarter of last year.”

(Charlotte Business Journal)

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