EnPro Industries Turns To Profit In Q3, Lifts FY21 Adj. Earnings View - Quick Facts

(RTTNews) - EnPro Industries, Inc. (NPO), an industrial technology company, Friday reported that its third-quarter net income attributable to the company was $27.5 million or $1.33 per share, compared to a loss of $19.7 million or $0.96 per share last year.

Prior year's loss from continuing operations was $21.6 million or $1.05 per share.

Adjusted income from continuing operations was $29.1 million, compared to $20.8 million last year. Adjusted earnings per share were $1.40, compared to $1.01 in the prior-year period.

Net sales grew 5.5 percent to $283.1 million from last year's $268.3 million.

On average, analysts polled by Thomson Reuters expected earnings of $1.26 per share for the quarter on revenues of $267.83 million. Analysts' estimates typically exclude special items.

Further, EnPro said it declared a regular quarterly dividend of $0.27 per share on Thursday. The dividend is payable December 15 to shareholders of record as of the close of business on December 1.

Looking ahead for fiscal 2021, the company now expects adjusted earnings per share from continuing operations to be in the range of $5.35 to $5.55, adjusted EBITDA to be in the range of $202 million to $208 million, and sales to be in the range of $1.085 billion to $1.120 billion.

Enpro previously expected adjusted earnings per share from continuing operations in the range of $5.16 to $5.50, adjusted EBITDA in the range of $200 million to $210 million, and sales in the range of $1.075 billion to $1.125 billion.

Analysts expect earnings of $5.41 per share on revenues of $1.11 billion for the full year.

The adjusted guidance reflects the effect of the sale of the polymer components business completed during the third quarter.

Enpro separately announced that it has entered into a definitive agreement to acquire NxEdge for $850 million in cash. NxEdge is an advanced manufacturing, cleaning, coating, and refurbishment business focused on the semiconductor value chain.