ENPRO INDUSTRIES, INC. |
(Exact name of Registrant, as specified in its charter) |
North Carolina | 001-31225 | 01-0573945 | ||
(State or other jurisdiction | (Commission file number) | (I.R.S. Employer | ||
of incorporation | Identification No.) |
5605 Carnegie Boulevard, Suite 500 |
Charlotte, North Carolina 28209 |
(Address of principal executive offices, including zip code) |
(704) 731-1500 |
(Registrant’s telephone number, including area code) |
Not Applicable |
(Former name or address, if changed since last report) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 |
CFR 240.14d-2(b)) | |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 |
CFR 240.13e-4(c)) |
(d) | Exhibit 99.1 – Press Release of EnPro Industries, Inc. dated May 2, 2018 |
Exhibit Number | Exhibit | |
99.1 |
ENPRO INDUSTRIES, INC. | ||
By: | /s/ Robert S. McLean | |
Robert S. McLean | ||
Executive Vice President, General Counsel and Secretary |
Investor Contact: | Chris O'Neal | EnPro Industries |
Senior Vice President, Strategy, Corporate | 5605 Carnegie Boulevard | |
Development and Investor Relations | Charlotte, North Carolina 28209-4674 | |
Phone: | 704-731-1527 | Phone: 704-731-1500 |
Email: | investor.relations@enproindustries.com | Fax: 704-731-1511 |
www.enproindustries.com |
Results for the Quarter Ended | Consolidated1 | Pro Forma2 | ||||||||||
March 31 | 20183 | 2017 | 2017 | % Δ4 | ||||||||
Net Sales | $ | 368.8 | $ | 295.8 | $ | 337.9 | 9.1% | |||||
Segment Profit5 | $ | 42.1 | $ | 36.2 | $ | 43.6 | (3.4 | )% | ||||
Segment Margin | 11.4% | 12.2% | 12.9% | |||||||||
Net Income | $ | 12.6 | $ | 6.4 | $ | 15.8 | (20.3 | )% | ||||
Diluted Earnings Per Share | $ | 0.58 | $ | 0.30 | $ | 0.72 | (19.4 | )% | ||||
Adjusted Net Income6 | $ | 18.4 | $ | 10.0 | $ | 20.9 | (12.0 | )% | ||||
Adjusted Diluted Earnings Per Share6 | $ | 0.85 | $ | 0.46 | $ | 0.96 | (11.5 | )% | ||||
Adjusted EBITDA6 | $ | 52.0 | $ | 42.7 | $ | 53.9 | (3.5 | )% | ||||
Adjusted EBITDA Margin6 | 14.1% | 14.4% | 16.0% |
• | All of our segments experienced strong sales growth in the first quarter; profitability was adversely affected by results in the heavy-duty trucking portion of Sealing Products and in Power Systems. |
• | Subject to normal IRS review, we expect to receive tax refunds of approximately $127.5 million in 2018 related to the 2017 loss resulting from asbestos-related expenses and trust payments. |
• | Capital allocation highlights: |
◦ | We repurchased 223,574 shares for approximately $17.0 million in the first quarter under the current $50.0 million share repurchase program. |
◦ | We also paid a $0.24 per share quarterly dividend with a total value of $5.3 million. |
• | We are increasing our guidance for 2018 Adjusted EBITDA to a range of $224 million to $230 million. |
Consolidated | Pro Forma1 | ||||||||||
($ in Millions) | 2018 | 2017 | 2017 | % Δ 2 | |||||||
For the Quarter Ended March 31 | |||||||||||
Sales | $ | 231.9 | $ | 179.3 | $ | 219.4 | 5.7% | ||||
Segment Profit | $ | 23.7 | $ | 20.4 | $ | 26.9 | (11.9 | )% | |||
Segment Margin | 10.2% | 11.4% | 12.3% | ||||||||
Adjusted EBIDA3 | $ | 36.7 | $ | 29.4 | $ | 40.0 | (8.2 | )% | |||
Adjusted EBITDA Margin3 | 15.8% | 16.4% | 18.2% |
• | Consolidated sales increased in the first quarter versus pro forma sales in the prior-year period due to continued strength in semiconductor, aerospace, food & pharma, heavy-duty tractor and trailer builds, metals & mining, and general industrial. This positive momentum was partially offset by declines in nuclear demand and continued softness in industrial gas turbines. Excluding the impact of acquisitions, divestitures, and foreign exchange translation, consolidated Sealing Products sales increased 2.3% compared to pro forma sales in the prior-year period. |
• | Consolidated segment profit for total Sealing Products decreased in the first quarter versus pro forma segment profit in the prior-year period, primarily driven by performance in heavy-duty trucking. Consolidated segment profit for the balance of the segment increased in the first quarter versus pro forma segment profit in the prior-year period due to strong year-over-year sales growth. Consolidated segment profit in heavy-duty trucking decreased in the first quarter versus pro forma segment profit in the prior-year period due to year-over-year sales growth being more than offset by commodity cost increases, unfavorable mix, and unusual charges, including legal expenses, warranty expenses, and facility relocation expenses. Excluding the impact of acquisitions, divestitures, foreign exchange translation, and restructuring charges, consolidated segment profit for Sealing Products decreased 15.9% compared to pro forma segment profit in the prior-year period. On the same basis, excluding results in heavy-duty trucking, consolidated segment profit increased 15.8% compared to pro forma segment profit in the prior-year period. |
Consolidated | Pro Forma1 | |||||||||
($ in Millions) | 2018 | 2017 | 2017 | % Δ 2 | ||||||
For the Quarter Ended March 31 | ||||||||||
Sales | $ | 85.9 | $ | 75.1 | $ | 75.2 | 14.2% | |||
Segment Profit | $ | 14.4 | $ | 9.5 | $ | 9.5 | 51.6% | |||
Segment Margin | 16.8% | 12.6% | 12.6% | |||||||
Adjusted EBIDA3 | $ | 18.7 | $ | 14.1 | $ | 14.1 | 32.6% | |||
Adjusted EBITDA Margin3 | 21.8% | 18.8% | 18.8% |
• | Consolidated sales increased in the first quarter versus pro forma sales in the prior-year period due to volume gains in the general industrial and European oil & gas markets, while sales in automotive and aerospace were relatively flat versus the prior year. Excluding the impact of foreign exchange translation, consolidated sales increased 4.8% compared to pro forma sales in the prior-year period. |
• | Consolidated segment profit increased in the first quarter versus pro forma segment profit in the prior-year period due primarily to increased sales volumes. Excluding the impact of restructuring costs and favorable foreign exchange translation, consolidated segment profit increased 29.6% compared to pro forma segment profit in the prior-year period. |
Consolidated | Pro Forma1 | ||||||||||
($ in Millions) | 2018 | 2017 | 2017 | % Δ 2 | |||||||
For the Quarter Ended March 31 | |||||||||||
Sales | $ | 52.1 | $ | 42.4 | $ | 44.3 | 17.6% | ||||
Segment Profit | $ | 4.0 | $ | 6.3 | $ | 7.2 | (44.4 | )% | |||
Segment Margin | 7.7% | 14.9% | 16.3% | ||||||||
Adjusted EBIDA3 | $ | 5.3 | $ | 7.4 | $ | 8.3 | (36.1 | )% | |||
Adjusted EBITDA Margin3 | 10.2% | 17.5% | 18.7% |
• | Consolidated sales increased in the first quarter versus pro forma sales in the prior-year period due to higher engine revenue, partially offset by lower aftermarket parts and service revenue. The increase in engine sales was largely driven by higher EDF revenue, engines sales in Puerto Rico, and increased activity on several naval programs. |
• | Excluding the impact of foreign exchange on the EDF contract, which had a positive impact of $1.7 million in the first quarter of 2018 and positive impact of $1.6 million in the first quarter of 2017, segment profit decreased 58.9%. Consolidated segment profit margins were negatively affected by lower aftermarket parts and service revenue and higher revenue related to low-margin engine programs. |
• | Consolidated segment SG&A costs in the first quarter were $2.2 million higher compared to pro forma segment SG&A in the prior-year period due to higher expenses primarily related to sales and marketing and professional services. |
2018 | 2017(1) | ||||||
Net sales | $ | 368.8 | $ | 295.8 | |||
Cost of sales | 243.7 | 194.1 | |||||
Gross profit | 125.1 | 101.7 | |||||
Operating expenses: | |||||||
Selling, general and administrative | 92.1 | 72.7 | |||||
Other | 1.0 | 1.3 | |||||
Total operating expenses | 93.1 | 74.0 | |||||
Operating income | 32.0 | 27.7 | |||||
Interest expense | (8.2 | ) | (14.9 | ) | |||
Interest income | 0.4 | 0.1 | |||||
Other income (expense) | 0.6 | (3.5 | ) | ||||
Income before income taxes | 24.8 | 9.4 | |||||
Income tax expense | (12.2 | ) | (3.0 | ) | |||
Net income | $ | 12.6 | $ | 6.4 | |||
Basic earnings per share | $ | 0.59 | $ | 0.30 | |||
Average common shares outstanding (millions) | 21.3 | 21.4 | |||||
Diluted earnings per share | $ | 0.58 | $ | 0.30 | |||
Average common shares outstanding (millions) | 21.6 | 21.8 |
2018 | 2017 | |||||||
Operating activities | ||||||||
Net income | $ | 12.6 | $ | 6.4 | ||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||
Depreciation | 9.3 | 7.3 | ||||||
Amortization | 9.0 | 6.5 | ||||||
Deferred income taxes | (0.9 | ) | (0.1 | ) | ||||
Stock-based compensation | 1.8 | 1.9 | ||||||
Other non-cash adjustments | 1.1 | 1.2 | ||||||
Change in assets and liabilities, net of effects of deconsolidation of business: | ||||||||
Accounts receivable, net | (20.1 | ) | (12.6 | ) | ||||
Inventories | (9.8 | ) | (7.8 | ) | ||||
Accounts payable | (6.8 | ) | (0.5 | ) | ||||
Other current assets and liabilities | (11.5 | ) | (19.0 | ) | ||||
Other non-current assets and liabilities | (4.7 | ) | (2.9 | ) | ||||
Net cash used in operating activities | (20.0 | ) | (19.6 | ) | ||||
Investing activities | ||||||||
Purchases of property, plant and equipment | (14.9 | ) | (11.1 | ) | ||||
Payments for capitalized internal-use software | (0.7 | ) | (0.9 | ) | ||||
Deconsolidation of OldCo | — | (4.8 | ) | |||||
Other | 0.4 | 0.2 | ||||||
Net cash used in investing activities | (15.2 | ) | (16.6 | ) | ||||
Financing activities | ||||||||
Proceeds from debt | 256.1 | 254.8 | ||||||
Repayments of debt | (268.1 | ) | (205.6 | ) | ||||
Repurchase of common stock | (15.4 | ) | (3.6 | ) | ||||
Dividends paid | (5.3 | ) | (4.7 | ) | ||||
Other | (4.2 | ) | (3.4 | ) | ||||
Net cash provided by (used in) financing activities | (36.9 | ) | 37.5 | |||||
Effect of exchange rate changes on cash and cash equivalents | 0.9 | 0.9 | ||||||
Net increase (decrease) in cash and cash equivalents | (71.2 | ) | 2.2 | |||||
Cash and cash equivalents at beginning of period | 189.3 | 111.5 | ||||||
Cash and cash equivalents at end of period | $ | 118.1 | $ | 113.7 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid (refunded) during the period for: | ||||||||
Interest | $ | 14.5 | $ | 29.6 | ||||
Income taxes | $ | (1.4 | ) | $ | 4.4 |
March 31, | December 31, | ||||||
2018 | 2017 | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 118.1 | $ | 189.3 | |||
Accounts receivable | 283.2 | 261.7 | |||||
Inventories | 215.0 | 204.1 | |||||
Income tax receivable | 133.6 | 113.2 | |||||
Other current assets | 46.1 | 51.3 | |||||
Total current assets | 796.0 | 819.6 | |||||
Property, plant and equipment | 300.2 | 296.9 | |||||
Goodwill | 338.2 | 336.1 | |||||
Other intangible assets | 341.6 | 347.0 | |||||
Other assets | 78.8 | 86.5 | |||||
Total assets | $ | 1,854.8 | $ | 1,886.1 | |||
Current liabilities: | |||||||
Current maturities of long-term debt | $ | 0.2 | $ | 0.2 | |||
Accounts payable | 120.4 | 130.7 | |||||
Accrued expenses | 109.8 | 137.2 | |||||
Total current liabilities | 230.4 | 268.1 | |||||
Long-term debt | 606.6 | 618.3 | |||||
Other liabilities | 116.7 | 96.9 | |||||
Total liabilities | 953.7 | 983.3 | |||||
Shareholders' equity: | |||||||
Common stock | 0.2 | 0.2 | |||||
Additional paid-in capital | 329.3 | 347.9 | |||||
Retained earnings | 611.5 | 604.4 | |||||
Accumulated other comprehensive loss | (38.6 | ) | (48.4 | ) | |||
Common stock held in treasury, at cost | (1.3 | ) | (1.3 | ) | |||
Total shareholders' equity | 901.1 | 902.8 | |||||
Total liabilities and equity | $ | 1,854.8 | $ | 1,886.1 |
Sales | |||||||
2018 | 2017 | ||||||
Sealing Products | $ | 231.9 | $ | 179.3 | |||
Engineered Products | 85.9 | 75.1 | |||||
Power Systems | 52.1 | 42.4 | |||||
369.9 | 296.8 | ||||||
Less intersegment sales | (1.1 | ) | (1.0 | ) | |||
$ | 368.8 | $ | 295.8 |
Segment Profit | |||||||
2018 | 2017(1) | ||||||
Sealing Products | $ | 23.7 | $ | 20.4 | |||
Engineered Products | 14.4 | 9.5 | |||||
Power Systems | 4.0 | 6.3 | |||||
$ | 42.1 | $ | 36.2 |
Segment Margin | |||
2018 | 2017 | ||
Sealing Products | 10.2% | 11.4% | |
Engineered Products | 16.8% | 12.6% | |
Power Systems | 7.7% | 14.9% | |
11.4% | 12.2% |
Reconciliation of Segment Profit to Net Income | |||||||
2018 | 2017 | ||||||
Segment profit | $ | 42.1 | $ | 36.2 | |||
Corporate expenses | (8.7 | ) | (7.5 | ) | |||
Interest expense, net | (7.8 | ) | (14.8 | ) | |||
Other expense, net | (0.8 | ) | (4.5 | ) | |||
Income before income taxes | 24.8 | 9.4 | |||||
Income tax expense | (12.2 | ) | (3.0 | ) | |||
Net income | $ | 12.6 | $ | 6.4 |
Three Months Ended March 31, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
$ | Average common shares outstanding, diluted (millions) | Per share | $ | Average common shares outstanding diluted (millions) | Per share | |||||||||||
Net income | $ | 12.6 | 21.6 | $ | 0.58 | $ | 6.4 | 21.8 | $ | 0.30 | ||||||
Income tax expense | 12.2 | 3.0 | ||||||||||||||
Income before income taxes | 24.8 | 9.4 | ||||||||||||||
Adjustments: | ||||||||||||||||
Restructuring costs | 0.3 | 0.8 | ||||||||||||||
Environmental reserve adjustment | — | 3.3 | ||||||||||||||
Other | 0.8 | 0.6 | ||||||||||||||
Adjusted income before income taxes | 25.9 | 14.1 | ||||||||||||||
Adjusted income tax expense | (7.5 | ) | (4.1 | ) | ||||||||||||
Adjusted net income | $ | 18.4 | 21.6 | $ | 0.85 | $ | 10.0 | 21.8 | $ | 0.46 |
Three Months Ended March 31, 2018 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment profit | $ | 23.7 | $ | 14.4 | $ | 4.0 | $ | 42.1 | |||||
Restructuring costs | — | 0.3 | — | 0.3 | |||||||||
Depreciation and amortization expense | 13.0 | 4.0 | 1.3 | 18.3 | |||||||||
Adjusted segment EBITDA | $ | 36.7 | $ | 18.7 | $ | 5.3 | $ | 60.7 | |||||
Adjusted segment EBITDA margin | 15.8 | % | 21.8 | % | 10.2 | % | 16.5 | % |
Three Months Ended March 31, 2017 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment profit | $ | 20.4 | $ | 9.5 | $ | 6.3 | $ | 36.2 | |||||
Acquisition expenses* | 0.1 | — | — | 0.1 | |||||||||
Restructuring costs | 0.3 | 0.5 | — | 0.8 | |||||||||
Depreciation and amortization expense | 8.6 | 4.1 | 1.1 | 13.8 | |||||||||
Adjusted segment EBITDA | $ | 29.4 | $ | 14.1 | $ | 7.4 | $ | 50.9 | |||||
Adjusted segment EBITDA margin | 16.4 | % | 18.8 | % | 17.5 | % | 17.2 | % |
Three Months Ended | ||||||
March 31, | ||||||
2018 | 2017 | |||||
Net income | $ | 12.6 | $ | 6.4 | ||
Adjustments to arrive at earnings before interest, income | ||||||
taxes, depreciation and amortization (EBITDA): | ||||||
Interest expense, net | 7.8 | 14.8 | ||||
Income tax expense | 12.2 | 3.0 | ||||
Depreciation and amortization expense | 18.3 | 13.8 | ||||
EBITDA | 50.9 | 38.0 | ||||
Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization and other selected items (Consolidated Adjusted EBITDA): | ||||||
Restructuring costs | 0.3 | 0.8 | ||||
Environmental reserve adjustment | — | 3.3 | ||||
Other | 0.8 | 0.6 | ||||
Consolidated adjusted EBITDA | $ | 52.0 | $ | 42.7 |
* | Consolidated adjusted EBITDA as presented also represents the amount defined as "EBITDA" under the indenture governing the Company's 5.875% senior notes due 2022. |
Eliminate | Effect of | Pro Forma | ||||||||||||||
Consolidated | GST and | Intercompany | Reconsolidation | Adjustments | ||||||||||||
EnPro | OldCo | Transactions | of GST | Pro Forma | Reference | |||||||||||
Net sales | $ | 295.8 | $ | 56.6 | $ | (14.5 | ) | $ | — | $ | 337.9 | (1) | ||||
Cost of sales | 194.1 | 36.1 | (14.5 | ) | 0.3 | 216.0 | (1), (2) | |||||||||
Gross profit | 101.7 | 20.5 | — | (0.3 | ) | 121.9 | ||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 72.7 | 10.8 | — | 2.2 | 85.7 | (2), (3) | ||||||||||
Other | 1.3 | 0.2 | — | (0.5 | ) | 1.0 | (4) | |||||||||
Total operating expenses | 74.0 | 11.0 | — | 1.7 | 86.7 | |||||||||||
Operating income | 27.7 | 9.5 | — | (2.0 | ) | 35.2 | ||||||||||
Interest expense | (14.9 | ) | — | 8.7 | (0.7 | ) | (6.9 | ) | (5) | |||||||
Interest income | 0.1 | 9.0 | (8.7 | ) | — | 0.4 | (5) | |||||||||
Other expense | (3.5 | ) | (2.1 | ) | — | 2.1 | (3.5 | ) | (4) | |||||||
Income before income taxes | 9.4 | 16.4 | — | (0.6 | ) | 25.2 | ||||||||||
Income tax expense | (3.0 | ) | (5.8 | ) | — | (0.6 | ) | (9.4 | ) | (6) | ||||||
Net income | $ | 6.4 | $ | 10.6 | $ | — | $ | (1.2 | ) | $ | 15.8 | |||||
Basic earnings per share | $ | 0.30 | N/A | N/A | N/A | $ | 0.74 | |||||||||
Average common shares outstanding (millions) | 21.4 | 21.4 | ||||||||||||||
Diluted earnings per share | $ | 0.30 | N/A | N/A | N/A | $ | 0.72 | |||||||||
Average common shares outstanding (millions) | 21.8 | 21.8 |
(1 | ) | Eliminate intercompany sales of $14.5 million. |
(2 | ) | Reflects the increase in depreciation expense of $0.3 million due to adjusting property, plant and equipment to fair value. The total fair value adjustment to property, plant and equipment was $23.3 million of which $16.0 million related to depreciable buildings and improvements and machinery and equipment that have a net remaining economic life of 14.5 years. |
(3 | ) | Reflects the increase in amortization expense as a result of the estimated fair value adjustment due to the creation of the finite-lived intangible assets. The estimated useful life of the finite-lived intangible assets is 15 years. |
(4 | ) | Eliminate asbestos-related expenses which cease upon confirmation and consummation of the joint plan of reorganization. |
(5 | ) | Eliminate intercompany interest and add interest expense on incremental borrowings made in order to make payment upon confirmation and consummation of the proposed joint plan of reorganization. We used an estimated interest rate of 3% for all periods. |
(6 | ) | For purposes of the consolidated pro forma financial information, an estimated 2017 statutory tax rate of 37.5% has been used for all periods presented. |
2018 | 2017 | |||||
Pro forma net income | $ | 12.6 | $ | 15.8 | ||
Adjustments to arrive at pro forma earnings before interest, | ||||||
taxes, depreciation and amortization (pro forma EBITDA): | ||||||
Interest expense, net | 7.8 | 6.5 | ||||
Income tax expense | 12.2 | 9.4 | ||||
Depreciation and amortization expense | 18.3 | 17.9 | ||||
Pro forma EBITDA | 50.9 | 49.6 | ||||
Adjustments to arrive at pro forma earnings before interest, income taxes, depreciation, amortization and other selected items (pro forma adjusted EBITDA): | ||||||
Restructuring costs | 0.3 | 0.8 | ||||
Environmental reserve adjustment | — | 3.3 | ||||
Other | 0.8 | 0.2 | ||||
Pro forma adjusted EBITDA | $ | 52.0 | $ | 53.9 |
Three Months Ended March 31, 2018 | |||||||||||||||
Sealing | Engineered | Power | Intersegment | ||||||||||||
Products | Products | Systems | Sales | Consolidated | |||||||||||
Net sales | $ | 231.9 | $ | 85.9 | $ | 52.1 | $ | (1.1 | ) | $ | 368.8 |
Three Months Ended March 31, 2017 | |||||||||||||||
Sealing | Engineered | Power | Intersegment | ||||||||||||
Products | Products | Systems | Sales | Consolidated | |||||||||||
Net sales | $ | 179.3 | $ | 75.1 | $ | 42.4 | $ | (1.0 | ) | $ | 295.8 | ||||
Adjustments: | |||||||||||||||
Sales of deconsolidated entities | 52.7 | 0.5 | 3.4 | — | 56.6 | ||||||||||
Intercompany sales | (12.6 | ) | (0.4 | ) | (1.5 | ) | — | (14.5 | ) | ||||||
Pro forma net sales | $ | 219.4 | $ | 75.2 | $ | 44.3 | $ | (1.0 | ) | $ | 337.9 |
Three Months Ended March 31, 2018 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment profit | $ | 23.7 | $ | 14.4 | $ | 4.0 | 42.1 | ||||||
Adjustments: | |||||||||||||
Restructuring costs | — | 0.3 | — | 0.3 | |||||||||
Depreciation and amortization expense | 13.0 | 4.0 | 1.3 | 18.3 | |||||||||
Pro forma adjusted segment EBITDA | $ | 36.7 | $ | 18.7 | $ | 5.3 | $ | 60.7 |
Three Months Ended March 31, 2017 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment profit | $ | 20.4 | $ | 9.5 | $ | 6.3 | 36.2 | ||||||
Segment profit of deconsolidated entities | 9.0 | — | 0.9 | 9.9 | |||||||||
Pro forma depreciation and amortization adjustments (1) | (2.5 | ) | — | — | (2.5 | ) | |||||||
Pro forma segment profit | 26.9 | 9.5 | 7.2 | 43.6 | |||||||||
Adjustments: | |||||||||||||
Acquisition expenses | 0.1 | — | — | 0.1 | |||||||||
Restructuring costs | 0.3 | 0.5 | — | 0.8 | |||||||||
Depreciation and amortization expense | 12.7 | 4.1 | 1.1 | 17.9 | |||||||||
Pro forma adjusted segment EBITDA | $ | 40.0 | $ | 14.1 | $ | 8.3 | $ | 62.4 |
(1 | ) | See notes (2) and (3) to the accompanying Pro Forma Condensed Consolidated Statements of Operations (Unaudited) for further information about these adjustments. |
2018 | 2017 | |||||||||||||||
$ | Average common shares outstanding, diluted (millions) | Per share | $ | Average common shares outstanding, diluted (millions) | Per share | |||||||||||
Pro forma net income | $ | 12.6 | 21.6 | $ | 0.58 | $ | 15.8 | 21.8 | $ | 0.72 | ||||||
Income tax expense | 12.2 | 9.4 | ||||||||||||||
Income before taxes | 24.8 | 25.2 | ||||||||||||||
Adjustments: | ||||||||||||||||
Environmental reserve adjustment | — | 3.3 | ||||||||||||||
Restructuring costs | 0.3 | 0.8 | ||||||||||||||
Other | 0.8 | 0.2 | ||||||||||||||
Adjusted income before taxes | 25.9 | 29.5 | ||||||||||||||
Adjusted income tax expense | (7.5 | ) | (8.6 | ) | ||||||||||||
Pro forma adjusted net income | $ | 18.4 | 21.6 | $ | 0.85 | $ | 20.9 | 21.8 | $ | 0.96 |
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