(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 8, 2023 | |||||
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 |
Quarters Ended June 30, | |||||||||||
2023 | 2022 | Change | |||||||||
Net Sales | $ | 276.9 | $ | 277.1 | (0.1) | % | |||||
Income (Loss) from Continuing Operations Attributable to EnPro Industries, Inc. | $ | (18.6) | $ | 26.1 | nm | ||||||
Diluted Earnings (Loss) Per Share from Continuing Operations Attributable to EnPro Industries, Inc. | $ | (0.89) | $ | 1.25 | nm | ||||||
Adjusted Net Income from Continuing Operations Attributable to EnPro Industries, Inc.* | $ | 38.2 | $ | 42.7 | (10.5) | % | |||||
Adjusted Diluted Earnings Per Share from Continuing Operations* | $ | 1.83 | $ | 2.05 | (10.7) | % | |||||
Adjusted EBITDA* | $ | 64.9 | $ | 73.7 | (11.9) | % | |||||
Adjusted EBITDA Margin* | 23.4 | % | 26.6 | % |
Quarters Ended June 30, | |||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||
Sales | $176.7 | $155.9 | 13.3% | ||||||||
Adjusted Segment EBITDA | $56.2 | $44.1 | 27.4% | ||||||||
Adjusted Segment EBITDA Margin | 31.8% | 28.3% |
Quarters Ended June 30, | |||||||||||
(Dollars in millions) | 2023 | 2022 | Change | ||||||||
Sales | $100.3 | $121.5 | (17.4)% | ||||||||
Adjusted Segment EBITDA | $24.1 | $37.8 | (36.2)% | ||||||||
Adjusted Segment EBITDA Margin | 24.0% | 31.1% |
Investor Contacts: | Milt Childress | |||||||
Executive Vice President and Chief Financial Officer | ||||||||
James Gentile | EnPro Industries, Inc. | |||||||
Vice President, Investor Relations | 5605 Carnegie Boulevard | |||||||
Phone: | 704-731-1527 | Charlotte, North Carolina, 28209 | ||||||
Email: | investor.relations@enproindustries.com | www.enproindustries.com |
EnPro Industries, Inc. | |||||||||||||||||
Consolidated Statements of Operations (Unaudited) | |||||||||||||||||
For the Quarters and Six Months Ended June 30, 2023 and 2022 | |||||||||||||||||
(In Millions, Except Per Share Data) | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | June 30, | June 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Net sales | $ | 276.9 | $ | 277.1 | $ | 559.5 | $ | 547.2 | |||||||||
Cost of sales | 162.1 | 164.8 | 328.6 | 340.2 | |||||||||||||
Gross profit | 114.8 | 112.3 | 230.9 | 207.0 | |||||||||||||
Operating expenses: | |||||||||||||||||
Selling, general and administrative | 73.2 | 67.6 | 144.7 | 139.3 | |||||||||||||
Goodwill impairment | 60.8 | — | 60.8 | — | |||||||||||||
Other | 0.2 | 0.9 | 1.0 | 2.2 | |||||||||||||
Total operating expenses | 134.2 | 68.5 | 206.5 | 141.5 | |||||||||||||
Operating income (loss) | (19.4) | 43.8 | 24.4 | 65.5 | |||||||||||||
Interest expense | (12.4) | (7.7) | (24.1) | (14.8) | |||||||||||||
Interest income | 3.8 | — | 7.6 | 0.2 | |||||||||||||
Other expense | (0.6) | (2.6) | (2.4) | (2.0) | |||||||||||||
Income (loss) from continuing operations before income taxes | (28.6) | 33.5 | 5.5 | 48.9 | |||||||||||||
Income tax benefit (expense) | 5.8 | (7.5) | (2.3) | (10.7) | |||||||||||||
Income (loss) from continuing operations | (22.8) | 26.0 | 3.2 | 38.2 | |||||||||||||
Income from discontinued operations, including gain on sale, net of tax | — | 8.3 | 11.4 | 13.2 | |||||||||||||
Net income (loss) | (22.8) | 34.3 | 14.6 | 51.4 | |||||||||||||
Less: net income (loss) attributable to redeemable non-controlling interest | (4.2) | (0.1) | (4.2) | 0.2 | |||||||||||||
Net income (loss) attributable to EnPro Industries, Inc. | $ | (18.6) | $ | 34.4 | $ | 18.8 | $ | 51.2 | |||||||||
Income (loss) attributable to EnPro Industries, Inc. common shareholders: | |||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (18.6) | $ | 26.1 | $ | 7.4 | $ | 38.0 | |||||||||
Income from discontinued operations, including gain on sale, net of tax | — | 8.3 | 11.4 | 13.2 | |||||||||||||
Net income (loss) attributable to EnPro Industries, Inc. | $ | (18.6) | $ | 34.4 | $ | 18.8 | $ | 51.2 | |||||||||
Basic earnings (loss) per share attributable to EnPro Industries, Inc.: | |||||||||||||||||
Continuing operations | $ | (0.89) | $ | 1.27 | $ | 0.35 | $ | 1.83 | |||||||||
Discontinued operations | — | 0.40 | 0.55 | 0.63 | |||||||||||||
Basic earnings (loss) per share | $ | (0.89) | $ | 1.67 | $ | 0.90 | $ | 2.46 | |||||||||
Average common shares outstanding | 20.9 | 20.8 | 20.9 | 20.8 | |||||||||||||
Diluted earnings (loss) per share attributable to EnPro Industries, Inc.: | |||||||||||||||||
Continuing Operations | $ | (0.89) | $ | 1.25 | $ | 0.35 | $ | 1.82 | |||||||||
Discontinued operations | — | 0.40 | 0.55 | 0.63 | |||||||||||||
Diluted earnings (loss) per share | $ | (0.89) | $ | 1.65 | $ | 0.90 | $ | 2.45 | |||||||||
Average common shares outstanding | 20.9 | 20.8 | 20.9 | 20.9 |
EnPro Industries, Inc. | ||||||||
Consolidated Statements of Cash Flows (Unaudited) | ||||||||
For the Six Months Ended June 30, 2023 and 2022 | ||||||||
(In Millions) | ||||||||
2023 | 2022 | |||||||
Operating activities of continuing operations | ||||||||
Net income | $ | 14.6 | $ | 51.4 | ||||
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||||||||
Income from discontinued operations, net of taxes | (11.4) | (13.2) | ||||||
Taxes related to sale of discontinued operations | (3.3) | — | ||||||
Depreciation | 12.3 | 13.1 | ||||||
Amortization | 35.1 | 39.1 | ||||||
Goodwill impairment | 60.8 | — | ||||||
Deferred income taxes | (0.9) | (0.8) | ||||||
Stock-based compensation | 5.4 | 3.1 | ||||||
Other non-cash adjustments | 2.2 | 6.9 | ||||||
Change in assets and liabilities, net of effects of divestitures of businesses: | ||||||||
Accounts receivable, net | 0.9 | (8.4) | ||||||
Inventories | (0.1) | (11.2) | ||||||
Accounts payable | (10.9) | 8.0 | ||||||
Other current assets and liabilities | (24.8) | (30.2) | ||||||
Other non-current assets and liabilities | (1.4) | 5.2 | ||||||
Net cash provided by operating activities of continuing operations | 78.5 | 63.0 | ||||||
Investing activities of continuing operations | ||||||||
Purchases of property, plant and equipment | (11.9) | (6.9) | ||||||
Proceeds from sale of businesses | 25.7 | 0.4 | ||||||
Acquisitions | — | 2.9 | ||||||
Purchase of short-term investments | (35.8) | — | ||||||
Other | 0.4 | — | ||||||
Net cash used in investing activities of continuing operations | (21.6) | (3.6) | ||||||
Financing activities of continuing operations | ||||||||
Proceeds from debt | — | 26.6 | ||||||
Repayments of debt | (7.9) | (162.5) | ||||||
Dividends paid | (12.2) | (11.7) | ||||||
Other | (1.8) | (6.8) | ||||||
Net cash used in financing activities of continuing operations | (21.9) | (154.4) | ||||||
Cash flows of discontinued operations | ||||||||
Operating cash flows | (0.6) | 4.0 | ||||||
Investing cash flows | — | (1.8) | ||||||
Net cash provided by (used in) discontinued operations | (0.6) | 2.2 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 6.1 | (23.2) | ||||||
Net increase (decrease) in cash and cash equivalents | 40.5 | (116.0) | ||||||
Cash and cash equivalents at beginning of period | 334.4 | 338.1 | ||||||
Cash and cash equivalents at end of period | $ | 374.9 | $ | 222.1 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid during the period for: | ||||||||
Interest, net | $ | 23.3 | $ | 13.4 | ||||
Income taxes, net | $ | 13.6 | $ | 26.1 |
EnPro Industries, Inc. | ||||||||
Consolidated Balance Sheets (Unaudited) | ||||||||
As of June 30, 2023 and December 31, 2022 | ||||||||
(In Millions) | ||||||||
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 374.9 | $ | 334.4 | ||||
Short-term investments | 35.8 | — | ||||||
Accounts receivable, net | 136.9 | 137.1 | ||||||
Inventories | 152.7 | 151.9 | ||||||
Prepaid expenses and other current assets | 54.4 | 44.9 | ||||||
Current assets held for sale | — | 15.9 | ||||||
Total current assets | 754.7 | 684.2 | ||||||
Property, plant and equipment, net | 185.6 | 185.2 | ||||||
Goodwill | 807.9 | 863.8 | ||||||
Other intangible assets | 767.9 | 799.8 | ||||||
Other assets | 117.0 | 114.8 | ||||||
Total assets | $ | 2,633.1 | $ | 2,647.8 | ||||
Current liabilities | ||||||||
Current maturities of long-term debt | $ | 15.6 | $ | 15.6 | ||||
Accounts payable | 63.3 | 73.4 | ||||||
Accrued expenses | 108.2 | 120.2 | ||||||
Current liabilities held for sale | — | 2.3 | ||||||
Total current liabilities | 187.1 | 211.5 | ||||||
Long-term debt | 767.6 | 775.1 | ||||||
Deferred taxes and non-current income taxes payable | 135.8 | 136.5 | ||||||
Other liabilities | 110.3 | 111.7 | ||||||
Total liabilities | 1,200.8 | 1,234.8 | ||||||
Redeemable non-controlling interests | 17.9 | 17.9 | ||||||
Shareholders’ equity | ||||||||
Common stock | 0.2 | 0.2 | ||||||
Additional paid-in capital | 299.7 | 299.2 | ||||||
Retained earnings | 1,136.8 | 1,130.2 | ||||||
Accumulated other comprehensive loss | (21.1) | (33.3) | ||||||
Common stock held in treasury, at cost | (1.2) | (1.2) | ||||||
Total shareholders’ equity | 1,414.4 | 1,395.1 | ||||||
Total liabilities and equity | $ | 2,633.1 | $ | 2,647.8 |
EnPro Industries, Inc. | |||||||||||||||||
Segment Information (Unaudited) | |||||||||||||||||
For the Quarters and Six Months Ended June 30, 2023 and 2022 | |||||||||||||||||
(Dollars in Millions) | |||||||||||||||||
Sales | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Sealing Technologies | $ | 176.7 | $ | 155.9 | $ | 350.0 | $ | 309.5 | |||||||||
Advanced Surface Technologies | 100.3 | 121.5 | 209.7 | 238.2 | |||||||||||||
277.0 | 277.4 | 559.7 | 547.7 | ||||||||||||||
Less: intersegment sales | (0.1) | (0.3) | (0.2) | (0.5) | |||||||||||||
$ | 276.9 | $ | 277.1 | $ | 559.5 | $ | 547.2 | ||||||||||
Income (loss) from continuing operations attributable to EnPro Industries, Inc. | $ | (18.6) | $ | 26.1 | $ | 7.4 | $ | 38.0 | |||||||||
Earnings before interest, income taxes, depreciation, | |||||||||||||||||
amortization and other selected items (Adjusted Segment EBITDA) | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Sealing Technologies | $ | 56.2 | $ | 44.1 | $ | 105.9 | $ | 78.4 | |||||||||
Advanced Surface Technologies | 24.1 | 37.8 | 53.6 | 72.7 | |||||||||||||
$ | 80.3 | $ | 81.9 | $ | 159.5 | $ | 151.1 | ||||||||||
Adjusted Segment EBITDA Margin | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Sealing Technologies | 31.8 | % | 28.3 | % | 30.3 | % | 25.3 | % | |||||||||
Advanced Surface Technologies | 24.0 | % | 31.1 | % | 25.6 | % | 30.5 | % | |||||||||
29.0 | % | 29.6 | % | 28.5 | % | 27.6 | % | ||||||||||
Reconciliation of Adjusted Segment EBITDA to Income (Loss) from Continuing Operations Attributable to EnPro Industries, Inc. | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Income (loss) from continuing operations attributable to EnPro Industries, Inc. | $ | (18.6) | $ | 26.1 | $ | 7.4 | $ | 38.0 | |||||||||
Plus: net income (loss) attributable to redeemable non-controlling interests | (4.2) | (0.1) | (4.2) | 0.2 | |||||||||||||
Income (loss) from continuing operations | (22.8) | 26.0 | 3.2 | 38.2 | |||||||||||||
Income tax benefit (expense) | 5.8 | (7.5) | (2.3) | (10.7) | |||||||||||||
Income (loss) from continuing operations before income taxes | (28.6) | 33.5 | 5.5 | 48.9 | |||||||||||||
Acquisition and divestiture expenses | — | 0.3 | — | 0.4 | |||||||||||||
Non-controlling interest compensation allocation1 | (0.7) | 1.4 | (0.3) | 0.5 | |||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | — | 1.0 | — | 11.3 | |||||||||||||
Restructuring and impairment expense | 0.3 | 0.8 | 0.7 | 1.1 | |||||||||||||
Depreciation and amortization expense | 23.8 | 26.1 | 47.3 | 52.1 |
Corporate expenses | 15.0 | 9.4 | 25.7 | 22.3 | |||||||||||||
Interest expense, net | 8.6 | 7.7 | 16.5 | 14.6 | |||||||||||||
Goodwill impairment | 60.8 | — | 60.8 | — | |||||||||||||
Other expense (income), net | 1.1 | 1.7 | 3.3 | (0.1) | |||||||||||||
Adjusted Segment EBITDA | $ | 80.3 | $ | 81.9 | $ | 159.5 | $ | 151.1 |
EnPro Industries, Inc. | |||||||||||||||||
Adjusted Segment EBITDA Reconciling Items by Segment (Unaudited) | |||||||||||||||||
For the Quarters and Six Months Ended June 30, 2023 and 2022 | |||||||||||||||||
(In Millions) | |||||||||||||||||
Quarter Ended June 30, 2023 | |||||||||||||||||
Sealing Technologies | Advanced Surface Technologies | Total Segments | |||||||||||||||
Non-controlling interest compensation allocation1 | $ | — | $ | (0.7) | $ | (0.7) | |||||||||||
Restructuring and impairment expense | $ | 0.1 | $ | 0.2 | $ | 0.3 | |||||||||||
Depreciation and amortization expense | $ | 6.3 | $ | 17.5 | $ | 23.8 |
Quarter Ended June 30, 2022 | |||||||||||
Sealing Technologies | Advanced Surface Technologies | 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 | $ | 0.8 | |||||
Depreciation and amortization expense | $ | 6.7 | $ | 19.4 | $ | 26.1 |
Six Months Ended June 30, 2023 | |||||||||||
Sealing Technologies | Advanced Surface Technologies | Total Segments | |||||||||
Non-controlling interest compensation allocation1 | $ | — | $ | (0.3) | $ | (0.3) | |||||
Restructuring and impairment expense | $ | 0.2 | $ | 0.5 | $ | 0.7 | |||||
Depreciation and amortization expense | $ | 12.6 | $ | 34.7 | $ | 47.3 |
Six Months Ended June 30, 2022 | |||||||||||
Sealing Technologies | Advanced Surface Technologies | Total Segments | |||||||||
Acquisition and divestiture expenses | $ | — | $ | 0.4 | $ | 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 | $ | 1.1 | |||||
Depreciation and amortization expense | $ | 13.6 | $ | 38.5 | $ | 52.1 |
EnPro Industries, Inc. | ||||||||||||||||||||||||||
Reconciliation of Income (Loss) from Continuing Operations Before Income Taxes to Adjusted Income from Continuing Operations Attributable to EnPro Industries, Inc. and Adjusted Diluted Earnings Per Share (Unaudited) | ||||||||||||||||||||||||||
For the Quarters and Six Months Ended June 30, 2023 and 2022 | ||||||||||||||||||||||||||
(In Millions, Except Per Share Data) | ||||||||||||||||||||||||||
Quarters Ended June 30, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
$ | Average common shares outstanding, diluted | Per Share | $ | Average common shares outstanding, diluted | Per Share | |||||||||||||||||||||
Income (loss) from continuing operations attributable to EnPro Industries, Inc. | $ | (18.6) | 20.9 | $ | (0.89) | $ | 26.1 | 20.8 | $ | 1.25 | ||||||||||||||||
Net loss attributable to redeemable non-controlling interests | (4.2) | (0.1) | ||||||||||||||||||||||||
Income tax expense (benefit) | (5.8) | 7.5 | ||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | (28.6) | 33.5 | ||||||||||||||||||||||||
Adjustments from selling, general, and administrative: | ||||||||||||||||||||||||||
Acquisition and divestiture expenses | — | 0.5 | ||||||||||||||||||||||||
Non-controlling interest compensation allocations1 | (0.7) | 1.3 | ||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 17.2 | 18.7 | ||||||||||||||||||||||||
Adjustments from other operating expense and cost of sales: | ||||||||||||||||||||||||||
Restructuring and impairment expense | 0.2 | 0.7 | ||||||||||||||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | — | 0.9 | ||||||||||||||||||||||||
Adjustments from other non-operating expense: | ||||||||||||||||||||||||||
Asbestos receivable adjustment | — | 2.8 | ||||||||||||||||||||||||
Costs associated with previously disposed businesses | 0.2 | 0.5 | ||||||||||||||||||||||||
Pension expense (income) (non-service cost) | 0.4 | (0.6) | ||||||||||||||||||||||||
Goodwill impairment | 56.6 | — | ||||||||||||||||||||||||
Foreign exchange losses related to the divestiture of a discontinued operation2 | 0.3 | — | ||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||
Other | (0.2) | — | ||||||||||||||||||||||||
Adjusted income from continuing operations before income taxes | 45.4 | 58.3 | ||||||||||||||||||||||||
Adjusted income tax expense | (11.4) | (15.7) | ||||||||||||||||||||||||
Net loss attributable to redeemable non-controlling interests | 4.2 | 0.1 | ||||||||||||||||||||||||
Adjusted income from continuing operations attributable to EnPro Industries, Inc. | $ | 38.2 | 20.9 | $ | 1.83 | 3 | $ | 42.7 | 20.8 | $2.05 | 3 |
Six Months Ended June 30, | ||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||
$ | Average common shares outstanding, diluted | Per Share | $ | Average common shares outstanding, diluted | Per Share | |||||||||||||||||||||
Income from continuing operations attributable to EnPro Industries, Inc. | $ | 7.4 | 20.9 | $ | 0.35 | $ | 38.0 | 20.9 | $ | 1.82 | ||||||||||||||||
Net income (loss) attributable to redeemable non-controlling interests | (4.2) | 0.2 | ||||||||||||||||||||||||
Income tax expense | 2.3 | 10.7 | ||||||||||||||||||||||||
Income from continuing operations before income taxes | 5.5 | 48.9 | ||||||||||||||||||||||||
Adjustments from selling, general, and administrative: | ||||||||||||||||||||||||||
Acquisition and divestiture expenses | — | 1.1 | ||||||||||||||||||||||||
Non-controlling interest compensation allocations1 | (0.3) | 0.4 | ||||||||||||||||||||||||
Amortization of acquisition-related intangible assets | 34.4 | 37.6 | ||||||||||||||||||||||||
Adjustments from other operating expense and cost of sales: | ||||||||||||||||||||||||||
Restructuring and impairment expense | 1.0 | 2.0 | ||||||||||||||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | — | 11.1 | ||||||||||||||||||||||||
Adjustments from other non-operating expense: | ||||||||||||||||||||||||||
Asbestos receivable adjustment | — | 2.8 | ||||||||||||||||||||||||
Environmental reserve adjustments | 0.1 | (0.3) | ||||||||||||||||||||||||
Costs associated with previously disposed businesses | 0.5 | 0.7 | ||||||||||||||||||||||||
Pension expense (income) (non-service cost) | 0.7 | (1.4) | ||||||||||||||||||||||||
Goodwill impairment | 56.6 | — | ||||||||||||||||||||||||
Foreign exchange losses related to the divestiture of a discontinued operation2 | 0.9 | — | ||||||||||||||||||||||||
Other adjustments: | ||||||||||||||||||||||||||
Other | 0.3 | 0.2 | ||||||||||||||||||||||||
Adjusted income from continuing operations before income taxes | 99.7 | 103.1 | ||||||||||||||||||||||||
Adjusted income tax expense | (24.9) | (27.8) | ||||||||||||||||||||||||
Net loss (income) attributable to redeemable non-controlling interests | 4.2 | (0.2) | ||||||||||||||||||||||||
Adjusted income from continuing operations attributable to EnPro Industries, Inc. | $ | 79.0 | 20.9 | $ | 3.77 | 3 | $ | 75.1 | 20.9 | $ | 3.60 | 3 |
EnPro Industries, Inc. | |||||||||||||||||
Reconciliation of Income (Loss) from Continuing Operations Attributable to EnPro Industries, Inc. to Adjusted EBITDA (Unaudited) | |||||||||||||||||
For the Quarters and Six Months Ended June 30, 2023 and 2022 | |||||||||||||||||
(In Millions) | |||||||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Income (loss) from continuing operations attributable to EnPro Industries, Inc. | $ | (18.6) | $ | 26.1 | $ | 7.4 | $ | 38.0 | |||||||||
Net income (loss) attributable to redeemable non-controlling interests | (4.2) | (0.1) | (4.2) | 0.2 | |||||||||||||
Income (loss) from continuing operations | (22.8) | 26.0 | 3.2 | 38.2 | |||||||||||||
Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization, and other selected items (Adjusted EBITDA): | |||||||||||||||||
Interest expense, net | 8.6 | 7.7 | 16.5 | 14.6 | |||||||||||||
Income tax expense (benefit) | (5.8) | 7.5 | 2.3 | 10.7 | |||||||||||||
Depreciation and amortization expense | 23.9 | 26.2 | 47.4 | 52.2 | |||||||||||||
Restructuring and impairment expense | 0.2 | 0.7 | 1.0 | 2.0 | |||||||||||||
Environmental reserve adjustments | — | — | 0.1 | (0.3) | |||||||||||||
Costs associated with previously disposed businesses | 0.2 | 0.5 | 0.5 | 0.7 | |||||||||||||
Acquisition and divestiture expenses | — | 0.5 | — | 1.1 | |||||||||||||
Pension expense (income) (non-service cost) | 0.4 | (0.6) | 0.7 | (1.4) | |||||||||||||
Non-controlling interest compensation allocation1 | (0.7) | 1.4 | (0.3) | 0.5 | |||||||||||||
Asbestos receivable adjustment | — | 2.8 | — | 2.8 | |||||||||||||
Amortization of the fair value adjustment to acquisition date inventory | — | 1.0 | — | 11.3 | |||||||||||||
Foreign exchange losses related to the divestiture of a discontinued operation2 | 0.3 | — | 0.9 | — | |||||||||||||
Goodwill impairment | 60.8 | — | 60.8 | — | |||||||||||||
Other | (0.2) | — | 0.3 | 0.2 | |||||||||||||
Adjusted EBITDA | $ | 64.9 | $ | 73.7 | $ | 133.4 | $ | 132.6 |
EnPro Industries, Inc. | |||||
Reconciliation of Free Cash Flow (Unaudited) | |||||
(In Millions) | |||||
Free Cash Flow - Six Months Ended June 30, 2023 | |||||
Net cash provided by operating activities of continuing operations | $ | 78.5 | |||
Purchases of property, plant, and equipment | (11.9) | ||||
Free cash flow | $ | 66.6 | |||
Free Cash Flow - Six Months Ended June 30, 2022 | |||||
Net cash provided by operating activities of continuing operations | $ | 63.0 | |||
Purchases of property, plant, and equipment | (6.9) | ||||
Free cash flow | $ | 56.1 |
Document and Entity Information |
Aug. 08, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 08, 2023 |
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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