(Exact name of Registrant, as specified in its charter) |
(State or other jurisdiction | (Commission file number) | (I.R.S. Employer | ||||||||||||
of incorporation) | Identification No.) |
(Address of principal executive offices, including zip code) |
Not Applicable | ||
(Former name or address, if changed since last report) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
(d) | Exhibits |
Press Release of EnPro Industries, Inc. dated August 2, 2022 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
ENPRO INDUSTRIES, INC. | |||||||||||
By: | /s/ Robert S. McLean | ||||||||||
Robert S. McLean | |||||||||||
Executive Vice President, General Counsel and Secretary |
Investor Contacts: | Milt Childress | ||||
Executive Vice President and Chief Financial Officer | |||||
James Gentile | |||||
Vice President, Investor Relations | |||||
Phone: | 704-731-1527 | ||||
Email: | investor.relations@enproindustries.com |
EnPro Industries, Inc. 5605 Carnegie Boulevard Charlotte, North Carolina, 28209 www.enproindustries.com | ||
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | ||||||||||||||||||
Net Sales | $ | 333.3 | $ | 298.6 | 11.6 | % | $ | 662.0 | $ | 577.9 | 14.6 | % | |||||||||||
Net Income Attributable to EnPro Industries, Inc. | $ | 33.1 | $ | 29.3 | 13.0 | % | $ | 49.3 | $ | 47.3 | 4.2 | % | |||||||||||
Diluted Earnings Per Share Attributable to EnPro Industries, Inc. | $ | 1.59 | $ | 1.41 | 12.8 | % | $ | 2.36 | $ | 2.28 | 3.5 | % | |||||||||||
Adjusted Net Income Attributable to EnPro Industries, Inc.* | $ | 48.2 | $ | 32.4 | 48.8 | % | $ | 86.5 | $ | 60.7 | 42.5 | % | |||||||||||
Adjusted Diluted Earnings Per Share* | $ | 2.32 | $ | 1.56 | 48.7 | % | $ | 4.15 | $ | 2.92 | 42.1 | % | |||||||||||
Adjusted EBITDA* | $ | 82.0 | $ | 57.2 | 43.4 | % | $ | 150.0 | $ | 109.3 | 37.2 | % | |||||||||||
Adjusted EBITDA Margin* | 24.6 | % | 19.2 | % | 22.7 | % | 18.9 | % |
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||
Sales | $155.9 | $162.5 | (4.1)% | $309.5 | $309.0 | 0.2% | |||||||||||||||||
Adjusted Segment EBITDA | $42.5 | $42.4 | 0.2% | $76.0 | $76.4 | (0.5)% | |||||||||||||||||
Adjusted Segment EBITDA Margin | 27.3% | 26.1% | 24.6% | 24.7% |
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||
Sales | $121.5 | $59.2 | 105.2% | $238.2 | $113.9 | 109.1% | |||||||||||||||||
Adjusted Segment EBITDA | $37.8 | $15.6 | 142.3% | $72.7 | $32.9 | 121.0% | |||||||||||||||||
Adjusted Segment EBITDA Margin | 31.1% | 26.4% | 30.5% | 28.9% |
Quarters Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(Dollars in millions) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||
Sales | $56.5 | $80.0 | (29.4)% | $115.5 | $160.4 | (28.0)% | |||||||||||||||||
Adjusted Segment EBITDA | $9.5 | $13.0 | (26.9)% | $18.7 | $25.6 | (27.0)% | |||||||||||||||||
Adjusted Segment EBITDA Margin | 16.8% | 16.3% | 16.2% | 16.0% |
Prior Guidance (as of 5/2/22) | Current Guidance (as of 8/2/22) | |||||||
Sales Growth | Low Double-Digits | Low-to-Mid Double-Digits | ||||||
Adjusted EBITDA | $263 – $275 million | $270 – $280 million | ||||||
Adjusted Diluted EPS | $6.60 – $7.15 | $6.80 – $7.30 | ||||||
Assumptions | Assumptions | |||||||
Amortization of Acquisition-Related Intangible Assets* | $77 – $79 million | $77 – $79 million | ||||||
Depreciation and Other Amortization | $37 – $39 million | $36 – $38 million | ||||||
Net Interest Expense | $33 – $36 million | $33 – $36 million | ||||||
Normalized Tax Rate | 27% | 27% |
EnPro Industries, Inc. | |||||||||||||||||
Consolidated Statements of Operations (Unaudited) | |||||||||||||||||
For the Quarters and Six Months Ended June 30, 2022 and 2021 | |||||||||||||||||
(In Millions, Except Per Share Data) | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Net sales | $ | 333.3 | $ | 298.6 | $ | 662.0 | $ | 577.9 | |||||||||
Cost of sales | 202.8 | 181.6 | 416.9 | 351.5 | |||||||||||||
Gross profit | 130.5 | 117.0 | 245.1 | 226.4 | |||||||||||||
Operating expenses: | |||||||||||||||||
Selling, general and administrative | 79.9 | 82.7 | 165.6 | 163.0 | |||||||||||||
Other | 0.9 | 2.4 | 2.4 | 4.3 | |||||||||||||
Total operating expenses | 80.8 | 85.1 | 168.0 | 167.3 | |||||||||||||
Operating income | 49.7 | 31.9 | 77.1 | 59.1 | |||||||||||||
Interest expense | (7.7) | (4.0) | (14.8) | (8.0) | |||||||||||||
Interest income | — | 0.2 | 0.2 | 0.4 | |||||||||||||
Other income (expense) | (2.7) | 1.9 | (2.0) | 1.8 | |||||||||||||
Income before income taxes | 39.3 | 30.0 | 60.5 | 53.3 | |||||||||||||
Income tax expense | (6.3) | (0.8) | (11.0) | (6.0) | |||||||||||||
Net income | 33.0 | 29.2 | 49.5 | 47.3 | |||||||||||||
Less: net income (loss) attributable to redeemable non-controlling interests | (0.1) | (0.1) | 0.2 | — | |||||||||||||
Net income attributable to EnPro Industries, Inc. | $ | 33.1 | $ | 29.3 | $ | 49.3 | $ | 47.3 | |||||||||
Basic earnings per share attributable to EnPro Industries, Inc. | $ | 1.59 | $ | 1.42 | $ | 2.37 | $ | 2.30 | |||||||||
Average common shares outstanding (millions) | 20.8 | 20.6 | 20.8 | 20.6 | |||||||||||||
Diluted earnings per share attributable to EnPro Industries, Inc. | $ | 1.59 | $ | 1.41 | $ | 2.36 | $ | 2.28 | |||||||||
Average common shares outstanding (millions) | 20.8 | 20.8 | 20.8 | 20.8 |
EnPro Industries, Inc. | ||||||||
Consolidated Statements of Cash Flows (Unaudited) | ||||||||
For the Six Months Ended June 30, 2022 and 2021 | ||||||||
(In Millions) | ||||||||
2022 | 2021 | |||||||
Operating activities | ||||||||
Net income | $ | 49.5 | $ | 47.3 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 16.1 | 13.8 | ||||||
Amortization | 39.9 | 23.7 | ||||||
Deferred income taxes | (1.4) | (2.2) | ||||||
Stock-based compensation | 3.1 | 3.3 | ||||||
Other non-cash adjustments | 6.9 | 4.0 | ||||||
Change in assets and liabilities, net of effects of divestitures of businesses: | ||||||||
Accounts receivable, net | (17.2) | (24.3) | ||||||
Inventories | (11.0) | (10.6) | ||||||
Accounts payable | 11.1 | 16.7 | ||||||
Income taxes, net | (12.1) | (10.6) | ||||||
Other current assets and liabilities | (22.8) | (0.9) | ||||||
Other non-current assets and liabilities | 5.0 | (1.7) | ||||||
Net cash provided by operating activities | 67.1 | 58.5 | ||||||
Investing activities | ||||||||
Purchases of property, plant and equipment | (8.5) | (10.2) | ||||||
Proceeds from (payments for) sale of businesses | 0.4 | (2.3) | ||||||
Acquisitions, net of cash acquired | 2.9 | — | ||||||
Other | (0.3) | 0.5 | ||||||
Net cash used in investing activities | (5.5) | (12.0) | ||||||
Financing activities | ||||||||
Proceeds from debt | 26.6 | — | ||||||
Repayments of debt | (162.5) | (2.0) | ||||||
Dividends paid | (11.7) | (11.3) | ||||||
Other | (6.8) | (1.5) | ||||||
Net cash used in financing activities | (154.4) | (14.8) | ||||||
Effect of exchange rate changes on cash and cash equivalents | (23.2) | 0.7 | ||||||
Net increase (decrease) in cash and cash equivalents | (116.0) | 32.4 | ||||||
Cash and cash equivalents at beginning of period | 338.1 | 229.5 | ||||||
Cash and cash equivalents at end of period | $ | 222.1 | $ | 261.9 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Interest, net | $ | 13.4 | $ | 7.5 | ||||
Income taxes, net | $ | 26.1 | $ | 18.1 |
EnPro Industries, Inc. | ||||||||
Consolidated Balance Sheets (Unaudited) | ||||||||
As of June 30, 2022 and December 31, 2021 | ||||||||
(In Millions) | ||||||||
June 30, | December 31, | |||||||
2022 | 2021 | |||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 222.1 | $ | 338.1 | ||||
Accounts receivable, net | 185.7 | 177.0 | ||||||
Inventories | 168.0 | 160.0 | ||||||
Prepaid expenses and other current assets | 53.2 | 37.9 | ||||||
Total current assets | 629.0 | 713.0 | ||||||
Property, plant and equipment, net | 224.1 | 236.7 | ||||||
Goodwill | 943.5 | 953.2 | ||||||
Other intangible assets | 861.2 | 913.4 | ||||||
Other assets | 156.9 | 153.5 | ||||||
Total assets | $ | 2,814.7 | $ | 2,969.8 | ||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | 14.5 | $ | 12.7 | ||||
Short-term debt | 99.7 | 149.3 | ||||||
Accounts payable | 91.6 | 81.9 | ||||||
Accrued expenses | 124.3 | 135.2 | ||||||
Total current liabilities | 330.1 | 379.1 | ||||||
Long-term debt | 876.7 | 963.9 | ||||||
Deferred taxes and non-current income taxes payable | 158.5 | 167.3 | ||||||
Other liabilities | 126.3 | 142.8 | ||||||
Total liabilities | 1,491.6 | 1,653.1 | ||||||
Redeemable non-controlling interests | 48.1 | 50.1 | ||||||
Shareholders’ equity | ||||||||
Common stock | 0.2 | 0.2 | ||||||
Additional paid-in capital | 301.0 | 303.6 | ||||||
Retained earnings | 987.0 | 949.4 | ||||||
Accumulated other comprehensive income | (12.0) | 14.6 | ||||||
Common stock held in treasury, at cost | (1.2) | (1.2) | ||||||
Total shareholders’ equity | 1,275.0 | 1,266.6 | ||||||
Total liabilities and equity | $ | 2,814.7 | $ | 2,969.8 |
EnPro Industries, Inc. | |||||||||||||||||
Segment Information (Unaudited) | |||||||||||||||||
For the Quarters and Six Months Ended June 30, 2022 and 2021 | |||||||||||||||||
(In Millions) | |||||||||||||||||
Sales | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Sealing Technologies | $ | 155.9 | $ | 162.5 | $ | 309.5 | $ | 309.0 | |||||||||
Advanced Surface Technologies | 121.5 | 59.2 | 238.2 | 113.9 | |||||||||||||
Engineered Materials | 56.5 | 80.0 | 115.5 | 160.4 | |||||||||||||
333.9 | 301.7 | 663.2 | 583.3 | ||||||||||||||
Less: intersegment sales | (0.6) | (3.1) | (1.2) | (5.4) | |||||||||||||
$ | 333.3 | $ | 298.6 | $ | 662.0 | $ | 577.9 | ||||||||||
Net income attributable to EnPro Industries, Inc. | $ | 33.1 | $ | 29.3 | $ | 49.3 | $ | 47.3 | |||||||||
Earnings before interest, income taxes, depreciation, | |||||||||||||||||
amortization and other selected items (Adjusted Segment EBITDA) | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Sealing Technologies | $ | 42.5 | $ | 42.4 | $ | 76.0 | $ | 76.4 | |||||||||
Advanced Surface Technologies | 37.8 | 15.6 | 72.7 | 32.9 | |||||||||||||
Engineered Materials | 9.5 | 13.0 | 18.7 | 25.6 | |||||||||||||
$ | 89.8 | $ | 71.0 | $ | 167.4 | $ | 134.9 | ||||||||||
Adjusted Segment EBITDA Margin | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Sealing Technologies | 27.3 | % | 26.1 | % | 24.6 | % | 24.7 | % | |||||||||
Advanced Surface Technologies | 31.1 | % | 26.4 | % | 30.5 | % | 28.9 | % | |||||||||
Engineered Materials | 16.8 | % | 16.3 | % | 16.2 | % | 16.0 | % | |||||||||
26.9 | % | 23.8 | % | 25.3 | % | 23.3 | % | ||||||||||
Reconciliation of Adjusted Segment EBITDA to Net Income Attributable to EnPro Industries, Inc. | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Adjusted Segment EBITDA | $ | 89.8 | $ | 71.0 | $ | 167.4 | $ | 134.9 | |||||||||
Acquisition and divestiture expenses | (0.3) | — | (0.4) | (0.1) | |||||||||||||
Non-controlling interest compensation allocation1 | (1.4) | (1.3) | (0.5) | (2.9) | |||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | (1.0) | (2.3) | (11.3) | (4.8) | |||||||||||||
Restructuring and impairment expense | (0.9) | (2.7) | (1.3) | (4.5) | |||||||||||||
Depreciation and amortization expense | (27.9) | (18.5) | (55.9) | (37.4) | |||||||||||||
Corporate expenses | (9.5) | (12.8) | (22.9) | (24.3) | |||||||||||||
Interest expense, net | (7.7) | (3.8) | (14.6) | (7.6) | |||||||||||||
Other income (expense), net | (1.8) | 0.4 | — | — | |||||||||||||
Income before income taxes | 39.3 | 30.0 | 60.5 | 53.3 | |||||||||||||
Income tax expense | (6.3) | (0.8) | (11.0) | (6.0) |
Net income | 33.0 | 29.2 | 49.5 | 47.3 | |||||||||||||
Less: net income (loss) attributable to redeemable non-controlling interests | (0.1) | (0.1) | 0.2 | — | |||||||||||||
Net income attributable to EnPro Industries, Inc. | $ | 33.1 | $ | 29.3 | $ | 49.3 | $ | 47.3 |
EnPro Industries, Inc. | ||||||||||||||
Adjusted Segment EBITDA Reconciling Items by Segment (Unaudited) | ||||||||||||||
For the Quarters and Six Months Ended June 30, 2022 and 2021 | ||||||||||||||
(In Millions) | ||||||||||||||
Quarter Ended June 30, 2022 | ||||||||||||||
Sealing Technologies | Advanced Surface Technologies | Engineered Materials | Total Segments | |||||||||||
Acquisition and divestiture expenses | $ | 0.1 | $ | 0.2 | $ | — | $ | 0.3 | ||||||
Non-controlling interest compensation allocation1 | $ | — | $ | 1.4 | $ | — | $ | 1.4 | ||||||
Amortization of the fair value adjustment to acquisition date inventory | $ | — | $ | 1.0 | $ | — | $ | 1.0 | ||||||
Restructuring and impairment expense | $ | 0.2 | $ | 0.6 | $ | 0.1 | $ | 0.9 | ||||||
Depreciation and amortization expense | $ | 6.7 | $ | 19.4 | $ | 1.8 | $ | 27.9 |
Quarter Ended June 30, 2021 | ||||||||||||||
Sealing Technologies | Advanced Surface Technologies | Engineered Materials | Total Segments | |||||||||||
Non-controlling interest compensation allocation1 | $ | — | $ | 1.3 | $ | — | $ | 1.3 | ||||||
Amortization of the fair value adjustment to acquisition date inventory | $ | — | $ | 2.3 | $ | — | $ | 2.3 | ||||||
Restructuring and impairment expense | $ | 0.6 | $ | — | $ | 2.1 | $ | 2.7 | ||||||
Depreciation and amortization expense | $ | 7.7 | $ | 7.7 | $ | 3.1 | $ | 18.5 |
Six Months Ended June 30, 2022 | ||||||||||||||
Sealing Technologies | Advanced Surface Technologies | Engineered Materials | Total Segments | |||||||||||
Acquisition and divestiture expenses | $ | 0.1 | $ | 0.3 | $ | — | $ | 0.4 | ||||||
Non-controlling interest compensation allocation1 | $ | — | $ | 0.5 | $ | — | $ | 0.5 | ||||||
Amortization of the fair value adjustment to acquisition date inventory | $ | — | $ | 11.3 | $ | — | $ | 11.3 | ||||||
Restructuring and impairment expense | $ | 0.5 | $ | 0.6 | $ | 0.2 | $ | 1.3 | ||||||
Depreciation and amortization expense | $ | 13.5 | $ | 38.6 | $ | 3.8 | $ | 55.9 |
Six Months Ended June 30, 2021 | ||||||||||||||
Sealing Technologies | Advanced Surface Technologies | Engineered Materials | Total Segments | |||||||||||
Acquisition and divestiture expenses | $ | 0.1 | $ | — | $ | — | $ | 0.1 | ||||||
Non-controlling interest compensation allocation1 | $ | — | $ | 2.9 | $ | — | $ | 2.9 | ||||||
Amortization of the fair value adjustment to acquisition date inventory | $ | — | $ | 4.8 | $ | — | $ | 4.8 | ||||||
Restructuring and impairment expense | $ | 2.0 | $ | — | $ | 2.5 | $ | 4.5 | ||||||
Depreciation and amortization expense | $ | 15.7 | $ | 15.4 | $ | 6.3 | $ | 37.4 |
EnPro Industries, Inc. | ||||||||||||||||||||||||||
Reconciliation of Net Income Attributable to EnPro Industries, Inc. to Adjusted Net Income Attributable to EnPro Industries, Inc. and Adjusted Diluted Earnings Per Share (Unaudited) | ||||||||||||||||||||||||||
For the Quarters and Six Months Ended June 30, 2022 and 2021 | ||||||||||||||||||||||||||
(In Millions, Except Per Share Data) | ||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
$ | Average common shares outstanding, diluted | Per Share | $ | Average common shares outstanding, diluted | Per Share | |||||||||||||||||||||
Net income attributable to EnPro Industries, Inc. | $ | 33.1 | 20.8 | $ | 1.59 | $ | 29.3 | 20.8 | $ | 1.41 | ||||||||||||||||
Net loss from redeemable non-controlling interests | (0.1) | (0.1) | ||||||||||||||||||||||||
Income tax expense | 6.3 | 0.8 | ||||||||||||||||||||||||
Income before income taxes | 39.3 | 30.0 | ||||||||||||||||||||||||
Adjustments from selling, general, and administrative: | ||||||||||||||||||||||||||
Acquisition and divestiture expenses | 1.2 | 0.7 | ||||||||||||||||||||||||
Non-controlling interest compensation allocations1 | 1.4 | 1.3 | ||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 19.6 | 11.3 | ||||||||||||||||||||||||
Adjustments from other operating expense and cost of sales: | ||||||||||||||||||||||||||
Restructuring and impairment expense | 0.8 | 2.7 | ||||||||||||||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | 1.0 | 2.3 | ||||||||||||||||||||||||
Adjustments from other non-operating expense: | ||||||||||||||||||||||||||
Asbestos receivable adjustment | 2.8 | — | ||||||||||||||||||||||||
Costs associated with previously disposed businesses | 0.5 | 0.1 | ||||||||||||||||||||||||
Net loss on sale of businesses | — | 0.1 | ||||||||||||||||||||||||
Pension income (non-service cost) | (0.6) | (2.1) | ||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||
Other | (0.1) | (0.3) | ||||||||||||||||||||||||
Adjusted income before income taxes | 65.9 | 46.1 | ||||||||||||||||||||||||
Adjusted income tax expense | (17.8) | (13.8) | ||||||||||||||||||||||||
Net loss from redeemable non-controlling interests | 0.1 | 0.1 | ||||||||||||||||||||||||
Adjusted net income attributable to EnPro Industries, Inc. | $ | 48.2 | 20.8 | $ | 2.32 | 2 | $ | 32.4 | 20.8 | $1.56 | 2 |
Six Months Ended June 30, | ||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||
$ | Average common shares outstanding, diluted | Per Share | $ | Average common shares outstanding, diluted | Per Share | |||||||||||||||||||||
Net income attributable to EnPro Industries, Inc. | $ | 49.3 | 20.8 | $ | 2.36 | $ | 47.3 | 20.8 | $ | 2.28 | ||||||||||||||||
Net income from redeemable non-controlling interests | 0.2 | — | ||||||||||||||||||||||||
Income tax expense | 11.0 | 6.0 | ||||||||||||||||||||||||
Income before income taxes | 60.5 | 53.3 | ||||||||||||||||||||||||
Adjustments from selling, general, and administrative: | ||||||||||||||||||||||||||
Acquisition and divestiture expenses | 2.8 | 0.7 | ||||||||||||||||||||||||
Non-controlling interest compensation allocations1 | 0.5 | 2.9 | ||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 39.4 | 22.5 | ||||||||||||||||||||||||
Adjustments from other operating expense and cost of sales: | ||||||||||||||||||||||||||
Restructuring and impairment expense | 2.3 | 4.5 | ||||||||||||||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | 11.3 | 4.8 | ||||||||||||||||||||||||
Adjustments from other non-operating expense: | ||||||||||||||||||||||||||
Environmental reserve adjustment | (0.3) | — | ||||||||||||||||||||||||
Asbestos receivable adjustment | 2.8 | — | ||||||||||||||||||||||||
Costs associated with previously disposed businesses | 0.7 | 0.4 | ||||||||||||||||||||||||
Net loss on sale of businesses | 0.1 | 2.0 | ||||||||||||||||||||||||
Pension income (non-service cost) | (1.3) | (4.2) | ||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||
Other | — | (0.2) | ||||||||||||||||||||||||
Adjusted income before income taxes | 118.8 | 86.7 | ||||||||||||||||||||||||
Adjusted income tax expense | (32.1) | (26.0) | ||||||||||||||||||||||||
Net income from redeemable non-controlling interests | (0.2) | — | ||||||||||||||||||||||||
Adjusted net income attributable to EnPro Industries, Inc. | $ | 86.5 | 20.8 | $ | 4.15 | 2 | $ | 60.7 | 20.8 | $ | 2.92 | 2 |
EnPro Industries, Inc. | |||||||||||||||||
Reconciliation of Net Income Attributable to EnPro Industries, Inc. to Adjusted EBITDA (Unaudited) | |||||||||||||||||
For the Quarters and Six Months Ended June 30, 2022 and 2021 | |||||||||||||||||
(In Millions) | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Net income attributable to EnPro Industries, Inc. | $ | 33.1 | $ | 29.3 | $ | 49.3 | $ | 47.3 | |||||||||
Net income (loss) attributable to redeemable non-controlling interests | (0.1) | (0.1) | 0.2 | — | |||||||||||||
Net income | 33.0 | 29.2 | 49.5 | 47.3 | |||||||||||||
Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization, and other selected items (Adjusted EBITDA): | |||||||||||||||||
Interest expense, net | 7.7 | 3.8 | 14.6 | 7.6 | |||||||||||||
Income tax expense | 6.3 | 0.8 | 11.0 | 6.0 | |||||||||||||
Depreciation and amortization expense | 28.0 | 18.6 | 56.0 | 37.5 | |||||||||||||
Restructuring and impairment expense | 0.8 | 2.7 | 2.3 | 4.5 | |||||||||||||
Environmental reserve adjustment | — | — | (0.3) | — | |||||||||||||
Asbestos receivable adjustment | 2.8 | — | 2.8 | — | |||||||||||||
Costs associated with previously disposed businesses | 0.5 | 0.1 | 0.7 | 0.4 | |||||||||||||
Net loss on sale of businesses | — | 0.1 | 0.1 | 2.0 | |||||||||||||
Acquisition and divestiture expenses | 1.2 | 0.7 | 2.8 | 0.7 | |||||||||||||
Pension income (non-service cost) | (0.6) | (2.1) | (1.3) | (4.2) | |||||||||||||
Non-controlling interest compensation allocation1 | 1.4 | 1.3 | 0.5 | 2.9 | |||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | 1.0 | 2.3 | 11.3 | 4.8 | |||||||||||||
Other | (0.1) | (0.3) | — | (0.2) | |||||||||||||
Adjusted EBITDA | $ | 82.0 | $ | 57.2 | $ | 150.0 | $ | 109.3 |
EnPro Industries, Inc. | |||||
Reconciliation of Free Cash Flow (Unaudited) | |||||
(In Millions) | |||||
Free Cash Flow - Six Months Ended June 30, 2022 | |||||
Net cash provided by operating activities1 | $ | 67.1 | |||
Purchases of property, plant, and equipment | (8.5) | ||||
Free cash flow | $ | 58.6 | |||
Free Cash Flow - Six Months Ended June 30, 2021 | |||||
Net cash provided by operating activities | $ | 58.5 | |||
Purchases of property, plant, and equipment | (10.2) | ||||
Free cash flow | $ | 48.3 |
Document and Entity Information |
Aug. 02, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 02, 2022 |
Entity Registrant Name | ENPRO INDUSTRIES, INC. |
Entity Central Index Key | 0001164863 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | NC |
Entity File Number | 001-31225 |
Entity Tax Identification Number | 01-0573945 |
Entity Address, Address Line One | 5605 Carnegie Boulevard, Suite 500 |
Entity Address, City or Town | Charlotte |
Entity Address, State or Province | NC |
Entity Address, Postal Zip Code | 28209 |
City Area Code | 704 |
Local Phone Number | 731-1500 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, $0.01 par value |
Trading Symbol | NPO |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
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