EnPro Shares Rise After Company Boosts Earnings Guidance

7/31/17

By Chris Roush, NC BIZ News

EnPro Industries Inc. saw its shares rise nearly 4 percent after the Charlotte-based diesel engine maker and industrial manufacturer raised its earnings guidance for 2017, according to a filing Monday with the Securities and Exchange Commission.

The company said it now expects to report EBITDA earnings between $200 million and $205 million for the year. It had previously provided EBITDA earnings guidance between $193 million and $198 million.

“We are encouraged by the positive financial performance in our Sealing Products and Engineered Products segments in the second quarter, driven by improved volumes, year-over-year reduction in SG&A costs and improved manufacturing efficiencies,” said Chief Executive Officer Steve Macadam in a statement.

EnPro’s shares rose $2.89, or $3.95 percent, to $76 in Monday afternoon trading.

The company also reported second-quarter net income of $9 million, or 41 cents per share, up from net income of $3.6 million, or 17 cents per share, in the same quarter a year ago.

Revenue for the quarter fell slightly to $307.6 million from $313.2 million in the second quarter of 2016. Both the earnings and revenue were below Wall Street expectations.

The company also announced Monday that it has resolved asbestos cleanup issues that have affected the company since it was founded in 2002.

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