Garlock parent stock climbs on Q3 earnings results

Garlock parent stock climbs on Q3 earnings results

EnPro Industries Inc., the parent company of Palmyra’s Garlock Family of Companies, on Friday reported strong third-quarter results, beating Wall Street expectations.

For the quarter ended Sept. 30, the Charlotte, N.C., based manufacturer reported revenue of $283.1 million, up from $268.3 million in the year-ago quarter. Net income for the quarter was $27.5 million, compared with a $21.6 million loss in the third quarter last year. Diluted earnings per share were $1.33, up from a loss of $1.05 per share a year ago.

Adjusted earnings were $1.40 on income of $29.1 million.

“Enpro delivered strong third-quarter results driven primarily by continued momentum in our Sealing Technologies and Advanced Surface Technologies segments,” said interim President and CEO Eric Vaillancourt in a statement. “Our commercial and supply chain teams have done an excellent job mitigating the impact of the supply chain headwinds facing our businesses and remaining agile in the face of raw material shortages and inflationary pressures. In addition, our results for the quarter reflect our team’s continued focus on cost management and our ability to capitalize on increased demand in general industrial, semiconductor, petrochemical, heavy-duty truck and food & pharma markets.”

Separately, EnPro said that it has entered into a definitive agreement to acquire NxEdge, an advanced manufacturing, cleaning, coating and refurbishment business focused on the semiconductor value chain, from Trive Capital. The transaction marks a significant next step in Enpro’s multi-faceted strategy to accelerate growth in unique, high-margin industrial technology-related businesses, officials said.

Under the terms of the agreement, Enpro will acquire NxEdge for $850 million in cash. The transaction is expected to close by the end of 2021.

EnPro on Thursday declared a regular quarterly dividend of 27 cents per share. The dividend is payable Dec. 15, 2021, to shareholders of record as of the close of business on Dec. 1, 2021.

Shares of company stock (NYSE: NPO) were up nearly 9 percent Friday afternoon to $100.30.

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