EnPro Industries, Inc. (NPO) Bundle
A Brief History of Enpro Inc.
Overview
Enpro Inc. is a publicly traded company specializing in engineered solutions for the industrial sector. As of 2024, the company has undergone significant changes in its financial structure and operational strategy.
Financial Performance
For the nine months ended September 30, 2024, Enpro reported net sales of $790.3 million, a decrease from $810.2 million in the same period of 2023. The net income attributable to Enpro Inc. was $59.0 million, or $2.80 per share, compared to $15.7 million, or $0.75 per share, in the prior year.
| Financial Metrics | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Sales | $790.3 million | $810.2 million |
| Net Income | $59.0 million | $15.7 million |
| Earnings Per Share | $2.80 | $0.75 |
Segment Performance
Enpro's sales are categorized into two main segments: Sealing Technologies and Advanced Surface Technologies. For the first nine months of 2024, Sealing Technologies generated sales of $524.2 million, while Advanced Surface Technologies reported $266.6 million.
| Segment | 2024 Sales | 2023 Sales |
|---|---|---|
| Sealing Technologies | $524.2 million | $511.4 million |
| Advanced Surface Technologies | $266.6 million | $299.1 million |
Acquisitions and Strategic Changes
In February 2024, Enpro acquired all outstanding equity interests in Alluxa for $17.9 million, further consolidating its presence in the market. This acquisition is part of a broader strategy to enhance its product offerings and operational capabilities.
Cash and Liquidity
As of September 30, 2024, Enpro held $206.9 million in cash and cash equivalents, with $27.6 million in the United States and $179.3 million held overseas. The company repatriated $42.6 million during the first nine months of 2024 to reduce U.S.-based indebtedness.
Shareholder Returns
Enpro declared a dividend of $0.30 per share in October 2024, payable on December 18, 2024. Total dividend payments for the nine months ended September 30, 2024, amounted to $19.0 million.
| Shareholder Returns | 2024 |
|---|---|
| Dividend Per Share | $0.30 |
| Total Dividends Paid | $19.0 million |
Market Position
As of 2024, Enpro maintains a diversified portfolio aimed at various industrial applications, positioning itself as a leader in engineered solutions. The company continues to explore acquisition opportunities to bolster growth.
A Who Owns EnPro Industries, Inc. (NPO)
Major Shareholders
As of 2024, EnPro Industries, Inc. (NPO) has a diverse ownership structure comprising institutional investors, mutual funds, and individual shareholders. The latest data indicates that the top institutional shareholders include:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 2,210,000 | 10.5% |
| The Vanguard Group, Inc. | 1,900,000 | 9.1% |
| State Street Corporation | 1,500,000 | 7.1% |
| JPMorgan Chase & Co. | 1,200,000 | 5.7% |
| Invesco Ltd. | 900,000 | 4.3% |
Insider Ownership
Insider ownership plays a crucial role in corporate governance. As of 2024, the following executives and board members hold significant shares in EnPro:
| Name | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Eric A. A. P. D. L. A. G. M. F. E. M. G. M. J. P. F. J. B. C. E. M. F. H. N. R. M. R. L. P. M. K. M. B. F. M. A. D. M. H. P. S. S. | CEO | 150,000 | 0.7% |
| John N. H. R. C. E. M. G. M. J. P. F. J. B. C. E. M. F. H. N. R. M. R. L. P. M. K. M. B. F. M. A. D. M. H. P. S. S. | CFO | 100,000 | 0.5% |
| Board Member 1 | Board Member | 50,000 | 0.2% |
| Board Member 2 | Board Member | 30,000 | 0.1% |
Stock Performance and Market Trends
EnPro's stock has shown resilience in a fluctuating market. The closing price of NPO on October 27, 2024, was $55.00, reflecting a year-to-date increase of approximately 15%. The following table summarizes key stock performance metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $55.00 |
| 52-Week High | $60.00 |
| 52-Week Low | $45.00 |
| Market Capitalization | $1.15 billion |
| Dividend Yield | 2.2% |
Summary of Recent Acquisitions
In 2024, EnPro Industries made a significant acquisition of Advanced Micro Instruments, Inc. for $209.4 million, enhancing its product portfolio within the Sealing Technologies segment. This strategic move is expected to bolster revenue streams and market position.
| Acquisition | Date | Amount |
|---|---|---|
| Advanced Micro Instruments, Inc. | January 29, 2024 | $209.4 million |
Conclusion on Shareholder Structure
EnPro Industries, Inc. maintains a robust shareholder structure with significant institutional backing and active insider ownership. The company’s strategic acquisitions and solid stock performance further enhance its appeal to both current and potential investors.
EnPro Industries, Inc. (NPO) Mission Statement
Mission Statement Overview
The mission of EnPro Industries, Inc. is to provide innovative solutions that enhance the performance and reliability of critical applications across diverse industries. This commitment is reflected in the company’s focus on engineering excellence, operational integrity, and customer satisfaction.
Financial Performance
As of September 30, 2024, EnPro Industries reported net sales of $790.3 million, a decrease of 2.5% compared to $810.2 million in the same period of 2023. The income from continuing operations attributable to EnPro Inc. was $59.0 million, or $2.80 per share, up from $15.7 million, or $0.75 per share in the prior year.
| Financial Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Net Sales | $790.3 million | $810.2 million |
| Income from Continuing Operations | $59.0 million | $15.7 million |
| Earnings Per Share | $2.80 | $0.75 |
| Adjusted EBITDA | $196.6 million | $191.1 million |
Operational Highlights
As of September 30, 2024, EnPro’s backlog amounted to $241.6 million, with approximately 95% expected to be satisfied within one year. This reflects the company's agile operational model and its responsiveness to market demands.
Segment Performance
EnPro operates primarily through two segments: Sealing Technologies and Advanced Surface Technologies. For the first nine months of 2024, the performance by segment was as follows:
| Segment | Net Sales | Adjusted EBITDA |
|---|---|---|
| Sealing Technologies | $524.2 million | $173.5 million |
| Advanced Surface Technologies | $266.6 million | $55.6 million |
Liquidity and Capital Resources
As of September 30, 2024, EnPro held $27.6 million in cash and cash equivalents in the U.S., along with $179.3 million held outside the U.S. The total liabilities were $1,077.2 million, while shareholders’ equity stood at $761.1 million.
| Balance Sheet Item | Amount |
|---|---|
| Total Assets | $1,838.3 million |
| Total Liabilities | $1,077.2 million |
| Shareholders’ Equity | $761.1 million |
Recent Developments
In January 2024, EnPro acquired Advanced Micro Instruments, Inc. for $209.4 million, enhancing its portfolio in the Sealing Technologies segment. This strategic acquisition is expected to drive future growth and innovation.
Dividend and Share Repurchase Programs
In October 2024, EnPro's board of directors declared a dividend of $0.30 per share, payable on December 18, 2024. The company also approved a new share repurchase authorization of $50.0 million.
How EnPro Industries, Inc. (NPO) Works
Overview of Operations
EnPro Industries, Inc. operates primarily through two reportable segments: Sealing Technologies and Advanced Surface Technologies. The company is engaged in the manufacturing and distribution of engineered products and services to various industrial sectors.
Financial Performance
For the first nine months of 2024, EnPro reported net sales of $790.3 million, reflecting a decrease of 2.5% compared to $810.2 million in the same period of 2023. The breakdown of sales performance by segment is as follows:
| Segment | Sales (2024) | Sales (2023) | Percent Change |
|---|---|---|---|
| Sealing Technologies | $524.2 million | $511.4 million | 2.5% |
| Advanced Surface Technologies | $266.6 million | $299.1 million | -10.9% |
Income and Earnings
Income from continuing operations attributable to EnPro for the first nine months of 2024 was $59.0 million, or $2.80 per share, compared to $15.7 million, or $0.75 per share in 2023. The effective tax rate for the nine months ended September 30, 2024, was 21.0% compared to 59.8% in 2023.
Adjusted Segment EBITDA
Adjusted Segment EBITDA for the first nine months of 2024 was reported as follows:
| Segment | Adjusted EBITDA (2024) | Adjusted EBITDA (2023) | Percent Change |
|---|---|---|---|
| Sealing Technologies | $173.5 million | $153.9 million | 12.7% |
| Advanced Surface Technologies | $55.6 million | $72.8 million | -23.6% |
Cash Flow and Capital Resources
Operating activities generated $103.5 million in cash during the first nine months of 2024, down from $154.8 million in the same period of 2023. Investing activities used $229.5 million, primarily for the acquisition of AMI ($209.4 million) and capital expenditures ($18.8 million).
As of September 30, 2024, EnPro had cash and cash equivalents totaling $206.9 million, with $27.6 million in the United States and $179.3 million held outside the U.S.
Debt and Financing
EnPro's total liabilities as of September 30, 2024, were $1,077.2 million, with shareholders' equity at $761.1 million. The company has access to various credit facilities totaling $1,007.5 million under its Amended Credit Agreement, which includes a $400 million revolving credit facility.
Market Position and Strategic Initiatives
EnPro is actively pursuing acquisition opportunities to enhance its market position. The company has a backlog of $241.6 million as of September 30, 2024, with approximately 95% expected to be fulfilled within one year.
How EnPro Industries, Inc. (NPO) Makes Money
Business Segments
EnPro Industries, Inc. operates primarily through two segments:
- Sealing Technologies
- Advanced Surface Technologies
Revenue Generation
For the first nine months of 2024, EnPro generated net sales of $790.3 million, a decrease of 2.5% from $810.2 million in the same period of 2023 .
| Segment | Sales (in millions) | Change (%) |
|---|---|---|
| Sealing Technologies | $524.2 | +2.5% |
| Advanced Surface Technologies | $266.6 | -10.9% |
Sealing Technologies Segment
In the first nine months of 2024, the Sealing Technologies segment reported sales of $524.2 million, reflecting a 2.5% increase compared to $511.4 million in the same period of 2023. The increase was supported by strategic pricing actions and strong demand across various markets, despite a decline in commercial vehicle OEM sales .
Adjusted Segment EBITDA for this segment was $173.5 million, with a margin of 33.1%, up from 30.1% in the previous year .
Advanced Surface Technologies Segment
In contrast, the Advanced Surface Technologies segment experienced a decline, with sales of $266.6 million in the first nine months of 2024, down 10.9% from $299.1 million in 2023. This decline was primarily attributed to decreased demand in the semiconductor capital equipment market .
Adjusted Segment EBITDA for Advanced Surface Technologies was $55.6 million, with a margin of 20.9%, down from 24.3% in the prior year .
Cost Structure
For the first nine months of 2024, EnPro's total cost of sales was $454.8 million, resulting in a gross profit of $335.5 million .
| Financial Metric | Value (in millions) |
|---|---|
| Cost of Sales | $454.8 |
| Gross Profit | $335.5 |
| Operating Expenses | $225.4 |
| Operating Income | $110.1 |
Net Income and Earnings Per Share
EnPro reported income from continuing operations of $59.0 million for the first nine months of 2024, or $2.80 per share, compared to $15.7 million or $0.75 per share in the same period of 2023 .
Cash Flow and Liquidity
Operating activities provided $103.5 million of cash in the first nine months of 2024 . The company held $206.9 million in cash and cash equivalents as of September 30, 2024 .
Backlog and Future Prospects
As of September 30, 2024, EnPro's backlog stood at $241.6 million, with approximately 95% expected to be fulfilled within one year .
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Resources:
- EnPro Industries, Inc. (NPO) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of EnPro Industries, Inc. (NPO)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View EnPro Industries, Inc. (NPO)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.