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Garlock Sealing Technologies LLC reported an increase in first-quarter profit Tuesday, but a drop in sales due, in part, to a reduction in activity in certain foreign markets.
Based in Palmyra, Wayne County, Garlock is a deconsolidated subsidiary of North Carolina-based EnPro Industries Inc. with nearly 600 local employees.
Garlock’s adjusted net income, which excludes intercompany interest payments and asbestos-related expense, was $8.6 million in the quarter, compared with $7.3 million in the first quarter 2012.
In 2010, Garlock filed a voluntary petition to establish a trust to resolve all current and future asbestos claims under the U.S. Bankruptcy Code.
The business reported third-party sales of $56.5 million, down 2 percent from $57.6 million a year ago. Third-party sales eliminate intercompany sales between Garlock Sealing Technologies and other parts of EnPro, officials have said.
Garlock finished the quarter with cash and investments totaling $150.6 million dollars, compared with $153.6 million at the end of 2012, EnPro said.
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