EnPro Earnings Up for Quarter, Year

Resource from: CBCC Likes:2928

Feb 18,2009

EnPro Industries Inc. reports increased net income for the fourth quarter and 2008. The Charlotte-based company earned $6.1 million, or 30 cents per diluted share, up from $1.8 million, or 8 cents per diluted share, in the fourth quarter of 2007. Revenue grew to $289.3 million from $275.6 million. Excluding asbestos-related expenses and other items, fourth-quarter net income dropped to $16.3 million, or 80 cents per share, compared with $20.4 million, or 93 cents per share, a year ago. For the year, EnPro earned $53.5 million, or $2.54 per diluted share, up from $40.2 million, or $1.80 per diluted share. Sales rose to $1.17 billion from $1.03 billion. Excluding asbestos-related expenses and other items, 2008 earnings rose to $90.3 million, or $4.29 per share, from $83.8 million, or $3.75 per share, in 2007. “The past year was one of both accomplishment and challenge,” says Steve Macadam, chief executive. “The productivity improvements we have achieved over the past several years combined with our continuing efforts to reduce and control costs will help us deal with the current environment. However, we are clearly in challenging times that call for us to remain vigilant to ensure we are positioned for growth and success in the future.” Charlotte-based EnPro (NYSE:NPO) makes sealing products, metal polymer bearings, compressor systems and other engineered products.

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