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) | Press Release of EnPro Industries, Inc. dated August 1, 2018 |
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 | ||||||||||
June 30 | 20183 | 2017 | 2017 | % Δ4 | ||||||||
Net Sales | $ | 393.6 | $ | 307.6 | $ | 347.0 | 13.4 | % | ||||
Segment Profit5 | $ | 31.2 | $ | 35.8 | $ | 45.5 | (31.4 | )% | ||||
Segment Margin | 7.9% | 11.6% | 13.1% | |||||||||
Net Income | $ | 9.9 | $ | 9.0 | $ | 18.5 | (46.5 | )% | ||||
Diluted Earnings Per Share | $ | 0.47 | $ | 0.41 | $ | 0.85 | (44.7 | )% | ||||
Adjusted Net Income6 | $ | 15.8 | $ | 10.1 | $ | 22.0 | (28.2 | )% | ||||
Adjusted Diluted Earnings Per Share6 | $ | 0.75 | $ | 0.46 | $ | 1.01 | (25.7 | )% | ||||
Adjusted EBITDA6 | $ | 47.7 | $ | 45.2 | $ | 58.5 | (18.5 | )% | ||||
Adjusted EBITDA Margin6 | 12.1% | 14.7% | 16.9% |
Results for the Six Months Ended | Consolidated1 | Pro Forma2 | ||||||||||
June 30 | 20183 | 2017 | 2017 | % Δ4 | ||||||||
Net Sales | $ | 762.4 | $ | 603.4 | $ | 684.9 | 11.3 | % | ||||
Segment Profit5 | $ | 73.3 | $ | 72.0 | $ | 89.3 | (17.9 | )% | ||||
Segment Margin | 9.6% | 11.9% | 13.0% | |||||||||
Net Income | $ | 22.5 | $ | 15.4 | $ | 34.3 | (34.4 | )% | ||||
Diluted Earnings Per Share | $ | 1.05 | $ | 0.71 | $ | 1.57 | (33.1 | )% | ||||
Adjusted Net Income6 | $ | 34.2 | $ | 19.6 | $ | 42.1 | (18.8 | )% | ||||
Adjusted Diluted Earnings Per Share6 | $ | 1.60 | $ | 0.90 | $ | 1.93 | (17.1 | )% | ||||
Adjusted EBITDA6 | $ | 99.7 | $ | 87.9 | $ | 112.3 | (11.2 | )% | ||||
Adjusted EBITDA Margin6 | 13.1% | 14.6% | 16.4% |
• | All segments experienced strong sales growth in the second quarter, with total company sales growth of 13% compared to pro forma sales in the second quarter of last year. |
• | Profitability declined due to results in Sealing Products and Power Systems, partially offset by an increase in Engineered Products. |
▪ | Profitability in Sealing Products declined due to continued softness in the industrial gas turbine business and profitability challenges in heavy-duty trucking. |
▪ | Profitability in Engineered Products increased due to strong sales growth and the positive impact of foreign exchange translation. |
▪ | Profitability in Power Systems declined due to the negative impact of currency adjustments applicable to the EDF loss reserve resulting from the strengthening dollar, partially offset by an increase in profit on aftermarket parts and services. |
• | Received a tax refund of $96 million during the second quarter related to the 2017 loss resulting from asbestos-related expenses and trust payments, and, subject to normal IRS review, the company expects to receive the remaining $32 million of tax refunds in the second half of 2018. |
• | Collected $11 million of asbestos-related insurance recoveries in the second quarter. |
• | Second quarter capital allocation highlights: |
▪ | Repurchased 441,285 shares for approximately $32.9 million under the $50.0 million share repurchase program authorized by the Board of Directors in October 2017. |
▪ | Paid a $0.24 per share quarterly dividend with a total value of $5.0 million. |
▪ | Repatriated $30.6 million and $114.0 million of previously taxed earnings from foreign subsidiaries during the second quarter and first six months of the year, respectively. |
• | Lowered guidance for 2018 Adjusted EBITDA from a range of $224 million to $230 million to a range of $214 million to $220 million, stemming from the impact of the stronger dollar in the second quarter and from second-quarter profitability challenges in heavy-duty trucking. |
Consolidated | Pro Forma1 | ||||||||||
($ in Millions) | 2018 | 2017 | 2017 | % Δ 2 | |||||||
Results for the Quarter Ended June 30 | |||||||||||
Sales | $ | 255.7 | $ | 191.3 | $ | 229.7 | 11.3 | % | |||
Segment Profit | $ | 19.3 | $ | 21.2 | $ | 30.4 | (36.5 | )% | |||
Segment Margin | 7.5% | 11.1% | 13.2% | ||||||||
Adjusted EBIDA3 | $ | 38.6 | $ | 32.5 | $ | 45.7 | (15.5 | )% | |||
Adjusted EBITDA Margin3 | 15.1% | 17.0% | 19.9% |
Results for the Six Months Ended June 30 | |||||||||||
Sales | $ | 487.6 | $ | 370.6 | $ | 449.1 | 8.6 | % | |||
Segment Profit | $ | 43.0 | $ | 41.6 | $ | 57.5 | (25.2 | )% | |||
Segment Margin | 8.8% | 11.2% | 12.8% | ||||||||
Adjusted EBIDA3 | $ | 75.3 | $ | 61.9 | $ | 85.8 | (12.2 | )% | |||
Adjusted EBITDA Margin3 | 15.4% | 16.7% | 19.1% |
• | Consolidated sales increased in the second quarter versus pro forma sales in the prior-year period due to strength in semiconductor, aerospace, food & pharma, heavy-duty tractor and trailer builds, metals & mining, and nuclear. This positive momentum was partially offset by continued softness in industrial gas turbines. Excluding the impact of acquisitions, divestitures, and foreign exchange translation, consolidated sales increased 9.3% compared to pro forma sales in the prior-year period. |
• | Consolidated segment profit decreased in the second quarter versus pro forma segment profit in the prior-year period, primarily driven by unusual warranty charges of $4.4 million in the heavy-duty trucking business, commodity cost increases in heavy-duty trucking that were primarily tariff-related and productivity issues in heavy-duty trucking. |
Consolidated | Pro Forma1 | |||||||||
($ in Millions) | 2018 | 2017 | 2017 | % Δ 2 | ||||||
Results for the Quarter Ended June 30 | ||||||||||
Sales | $ | 85.4 | $ | 75.7 | $ | 75.8 | 12.7% | |||
Segment Profit | $ | 12.1 | $ | 8.3 | $ | 8.5 | 42.4% | |||
Segment Margin | 14.2% | 11.0% | 11.2% | |||||||
Adjusted EBIDA3 | $ | 16.2 | $ | 13.2 | $ | 13.4 | 20.9% | |||
Adjusted EBITDA Margin3 | 19.0% | 17.4% | 17.7% |
Results for the Six Months Ended June 30 | ||||||||||
Sales | $ | 171.3 | $ | 150.8 | $ | 151.0 | 13.4% | |||
Segment Profit | $ | 26.5 | $ | 17.8 | $ | 17.9 | 48.0% | |||
Segment Margin | 15.5% | 11.8% | 11.9% | |||||||
Adjusted EBIDA3 | $ | 34.9 | $ | 27.4 | $ | 27.5 | 26.9% | |||
Adjusted EBITDA Margin3 | 20.4% | 18.2% | 18.2% |
• | Consolidated sales increased in the second quarter versus pro forma sales in the prior-year period due to volume gains in the general industrial, oil & gas, and European automotive markets. Excluding the impact of foreign exchange translation, consolidated sales increased 7.2% compared to pro forma sales in the prior-year period. |
• | Consolidated segment profit increased in the second quarter versus pro forma segment profit in the prior-year period due primarily to strong sales growth and positive impacts from foreign exchange translation. Excluding the impact of restructuring costs and favorable foreign exchange translation, consolidated segment profit increased 23.3% compared to pro forma segment profit in the prior-year period. |
Consolidated | Pro Forma1 | |||||||||
($ in Millions) | 2018 | 2017 | 2017 | % Δ 2 | ||||||
Results for the Quarter Ended June 30 | ||||||||||
Sales | $ | 53.7 | $ | 41.6 | $ | 42.5 | 26.4% | |||
Segment Profit | $ | (0.2 | ) | $ | 6.3 | $ | 6.6 | N/A | ||
Segment Margin | N/A | 15.1% | 15.5% | |||||||
Adjusted EBIDA3 | $ | 1.3 | $ | 7.4 | $ | 7.8 | (83.3)% | |||
Adjusted EBITDA Margin3 | 2.4% | 17.8% | 18.4% |
Results for the Six Months Ended June 30 | ||||||||||
Sales | $ | 105.8 | $ | 84.0 | $ | 86.8 | 21.9% | |||
Segment Profit | $ | 3.8 | $ | 12.6 | $ | 13.9 | (72.7)% | |||
Segment Margin | 3.6% | 15.0% | 16.0% | |||||||
Adjusted EBIDA3 | $ | 6.6 | $ | 14.8 | $ | 16.1 | (59.0)% | |||
Adjusted EBITDA Margin3 | 6.2% | 17.6% | 18.5% |
• | Consolidated sales increased in the second quarter versus pro forma sales in the prior-year period due to higher engine, aftermarket parts and service revenue. The increase in engine sales was largely driven by increased activity in the marine segment. |
• | Consolidated segment profit decreased in the second quarter versus pro forma segment profit in the prior-year period primarily due to the impact of currency adjustments on the Euro-denominated EDF program partially offset by an increase in profit on aftermarket parts and services. Excluding a small restructuring charge and the impact of foreign exchange on the EDF contract, which had a negative impact of $3.5 million in the second quarter of 2018 and positive impact of $3.8 million in the second quarter of 2017, segment profit increased 25.0%. |
Quarters Ended | Six Months Ended | |||||||||||
June 30, 2018 | June 30, 2017(1) | June 30, 2018 | June 30, 2017(1) | |||||||||
Net sales | $ | 393.6 | $ | 307.6 | $ | 762.4 | $ | 603.4 | ||||
Cost of sales | 277.8 | 203.0 | 521.5 | 397.1 | ||||||||
Gross profit | 115.8 | 104.6 | 240.9 | 206.3 | ||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative | 89.4 | 74.0 | 181.5 | 146.7 | ||||||||
Other | 4.3 | 3.1 | 5.3 | 4.4 | ||||||||
Total operating expenses | 93.7 | 77.1 | 186.8 | 151.1 | ||||||||
Operating income | 22.1 | 27.5 | 54.1 | 55.2 | ||||||||
Interest expense | (7.3 | ) | (16.1 | ) | (15.5 | ) | (31.0 | ) | ||||
Interest income | 0.2 | — | 0.6 | 0.1 | ||||||||
Other expense | (1.2 | ) | (0.2 | ) | (0.6 | ) | (3.7 | ) | ||||
Income before income taxes | 13.8 | 11.2 | 38.6 | 20.6 | ||||||||
Income tax expense | (3.9 | ) | (2.2 | ) | (16.1 | ) | (5.2 | ) | ||||
Net income | $ | 9.9 | $ | 9.0 | 22.5 | $ | 15.4 | |||||
Basic earnings per share | $ | 0.47 | $ | 0.42 | $ | 1.06 | $ | 0.72 | ||||
Average common shares outstanding (millions) | 20.9 | 21.3 | 21.1 | 21.4 | ||||||||
Diluted earnings per share | $ | 0.47 | $ | 0.41 | $ | 1.05 | $ | 0.71 | ||||
Average common shares outstanding (millions) | 21.1 | 21.8 | 21.3 | 21.8 |
2018 | 2017 | |||||||
Operating activities | ||||||||
Net income | $ | 22.5 | $ | 15.4 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation | 19.0 | 14.8 | ||||||
Amortization | 17.7 | 13.2 | ||||||
Deferred income taxes | (7.5 | ) | (0.4 | ) | ||||
Stock-based compensation | 3.5 | 3.5 | ||||||
Other non-cash adjustments | 3.4 | 2.9 | ||||||
Change in assets and liabilities, net of effects of acquisitions and deconsolidation of businesses: | ||||||||
Asbestos insurance receivables | 12.3 | — | ||||||
Accounts receivable, net | (31.4 | ) | (20.8 | ) | ||||
Inventories | (21.4 | ) | (7.5 | ) | ||||
Accounts payable | 7.1 | 6.2 | ||||||
Other current assets and liabilities | 100.6 | 12.0 | ||||||
Other non-current assets and liabilities | (16.2 | ) | (11.3 | ) | ||||
Net cash provided by operating activities | 109.6 | 28.0 | ||||||
Investing activities | ||||||||
Purchases of property, plant and equipment | (28.1 | ) | (15.2 | ) | ||||
Payments for capitalized internal-use software | (2.0 | ) | (1.9 | ) | ||||
Acquisitions, net of cash acquired | — | (39.7 | ) | |||||
Deconsolidation of OldCo | — | (4.8 | ) | |||||
Proceeds from sale of property, plant and equipment | 26.3 | 0.3 | ||||||
Net cash used in investing activities | (3.8 | ) | (61.3 | ) | ||||
Financing activities | ||||||||
Proceeds from debt | 358.6 | 351.6 | ||||||
Repayments of debt | (489.7 | ) | (279.6 | ) | ||||
Repurchase of common stock | (49.5 | ) | (9.8 | ) | ||||
Dividends paid | (10.3 | ) | (9.6 | ) | ||||
Other | (6.6 | ) | (3.3 | ) | ||||
Net cash provided by (used in) financing activities | (197.5 | ) | 49.3 | |||||
Effect of exchange rate changes on cash and cash equivalents | (4.2 | ) | 4.6 | |||||
Net increase (decrease) in cash and cash equivalents | (95.9 | ) | 20.6 | |||||
Cash and cash equivalents at beginning of period | 189.3 | 111.5 | ||||||
Cash and cash equivalents at end of period | $ | 93.4 | $ | 132.1 | ||||
Supplemental disclosures of cash flow information: | ||||||||
Cash paid (refunded) during the period for: | ||||||||
Interest | $ | 17.0 | $ | 30.4 | ||||
Income taxes | $ | (86.1 | ) | $ | 5.5 |
June 30, | December 31, | ||||||
2018 | 2017 | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 93.4 | $ | 189.3 | |||
Accounts receivable | 290.4 | 261.7 | |||||
Inventories | 221.1 | 204.1 | |||||
Income tax receivable | 36.7 | 113.2 | |||||
Other current assets | 36.8 | 51.3 | |||||
Total current assets | 678.4 | 819.6 | |||||
Property, plant and equipment | 293.5 | 296.9 | |||||
Goodwill | 334.2 | 336.1 | |||||
Other intangible assets | 311.6 | 347.0 | |||||
Other assets | 101.5 | 86.5 | |||||
Total assets | $ | 1,719.2 | $ | 1,886.1 | |||
Current liabilities: | |||||||
Current maturities of long-term debt | $ | 0.2 | $ | 0.2 | |||
Accounts payable | 134.5 | 130.7 | |||||
Accrued expenses | 122.1 | 137.2 | |||||
Total current liabilities | 256.8 | 268.1 | |||||
Long-term debt | 487.8 | 618.3 | |||||
Other liabilities | 109.9 | 96.9 | |||||
Total liabilities | 854.5 | 983.3 | |||||
Shareholders' equity: | |||||||
Common stock | 0.2 | 0.2 | |||||
Additional paid-in capital | 297.9 | 347.9 | |||||
Retained earnings | 616.4 | 604.4 | |||||
Accumulated other comprehensive loss | (48.5 | ) | (48.4 | ) | |||
Common stock held in treasury, at cost | (1.3 | ) | (1.3 | ) | |||
Total shareholders' equity | 864.7 | 902.8 | |||||
Total liabilities and equity | $ | 1,719.2 | $ | 1,886.1 |
Sales | |||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
Sealing Products | $ | 255.7 | $ | 191.3 | $ | 487.6 | $ | 370.6 | |||||
Engineered Products | 85.4 | 75.7 | 171.3 | 150.8 | |||||||||
Power Systems | 53.7 | 41.6 | 105.8 | 84.0 | |||||||||
394.8 | 308.6 | 764.7 | 605.4 | ||||||||||
Less intersegment sales | (1.2 | ) | (1.0 | ) | (2.3 | ) | (2.0 | ) | |||||
$ | 393.6 | $ | 307.6 | $ | 762.4 | $ | 603.4 |
Segment Profit (Loss) | |||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
Sealing Products | $ | 19.3 | $ | 21.2 | $ | 43.0 | $ | 41.6 | |||||
Engineered Products | 12.1 | 8.3 | 26.5 | 17.8 | |||||||||
Power Systems | (0.2 | ) | 6.3 | 3.8 | 12.6 | ||||||||
$ | 31.2 | $ | 35.8 | $ | 73.3 | $ | 72.0 |
Segment Margin | |||||||
Quarters Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2018 | 2017 | 2018 | 2017 | ||||
Sealing Products | 7.5% | 11.1% | 8.8 | % | 11.2 | % | |
Engineered Products | 14.2% | 11.0% | 15.5 | % | 11.8 | % | |
Power Systems | N/A | 15.1% | 3.6 | % | 15.0 | % | |
7.9% | 11.6% | 9.6 | % | 11.9 | % |
Reconciliation of Segment Profit to Net Income | |||||||||||||
Quarters Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2018 | 2017(1) | 2018 | 2017(1) | ||||||||||
Segment profit | $ | 31.2 | $ | 35.8 | $ | 73.3 | $ | 72.0 | |||||
Corporate expenses | (8.5 | ) | (7.1 | ) | (17.2 | ) | (14.6 | ) | |||||
Interest expense, net | (7.1 | ) | (16.1 | ) | (14.9 | ) | (30.9 | ) | |||||
Other expense, net | (1.8 | ) | (1.4 | ) | (2.6 | ) | (5.9 | ) | |||||
Income before income taxes | 13.8 | 11.2 | 38.6 | 20.6 | |||||||||
Income tax expense | (3.9 | ) | (2.2 | ) | (16.1 | ) | (5.2 | ) | |||||
Net income | $ | 9.9 | $ | 9.0 | $ | 22.5 | $ | 15.4 |
Quarters Ended June 30, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
$ | Average common shares outstanding, diluted (millions) | Per share | $ | Average common shares outstanding diluted (millions) | Per share | |||||||||||
Net income | $ | 9.9 | 21.1 | $ | 0.47 | $ | 9.0 | 21.8 | $ | 0.41 | ||||||
Income tax expense | 3.9 | 2.2 | ||||||||||||||
Income before income taxes | 13.8 | 11.2 | ||||||||||||||
Adjustments: | ||||||||||||||||
Environmental reserve adjustments and other costs associated with previously disposed businesses | 1.7 | — | ||||||||||||||
Restructuring costs | 6.5 | 2.5 | ||||||||||||||
Acquisition expenses | 0.1 | 0.5 | ||||||||||||||
Other | 0.1 | 0.7 | ||||||||||||||
Adjusted income before income taxes | 22.2 | 14.9 | ||||||||||||||
Adjusted income tax expense | (6.4 | ) | (4.8 | ) | ||||||||||||
Adjusted net income | $ | 15.8 | 21.1 | $ | 0.75 | $ | 10.1 | 21.8 | $ | 0.46 |
Six Months Ended June 30, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
$ | Average common shares outstanding, diluted (millions) | Per share | $ | Average common shares outstanding diluted (millions) | Per share | |||||||||||
Net income | $ | 22.5 | 21.3 | $ | 1.05 | $ | 15.4 | 21.8 | $ | 0.71 | ||||||
Income tax expense | 16.1 | 5.2 | ||||||||||||||
Income before income taxes | 38.6 | 20.6 | ||||||||||||||
Adjustments: | ||||||||||||||||
Restructuring costs | 6.8 | 3.4 | ||||||||||||||
Environmental reserve adjustments and other costs associated with previously disposed businesses | 1.7 | 3.3 | ||||||||||||||
Acquisition expenses | 0.1 | 0.6 | ||||||||||||||
Other | 0.9 | 1.1 | ||||||||||||||
Adjusted income before income taxes | 48.1 | 29.0 | ||||||||||||||
Adjusted income tax expense | (13.9 | ) | (9.4 | ) | ||||||||||||
Adjusted net income | $ | 34.2 | 21.3 | $ | 1.60 | $ | 19.6 | 21.8 | $ | 0.90 |
Quarter Ended June 30, 2018 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment profit (loss) | $ | 19.3 | $ | 12.1 | $ | (0.2 | ) | $ | 31.2 | ||||
Restructuring costs | 6.2 | 0.1 | 0.2 | 6.5 | |||||||||
Depreciation and amortization expense | 13.1 | 4.0 | 1.3 | 18.4 | |||||||||
Earnings before interest, income taxes, depreciation, amortization, and other selected items (adjusted segment EBITDA) | $ | 38.6 | $ | 16.2 | $ | 1.3 | $ | 56.1 | |||||
Adjusted segment EBITDA margin | 15.1 | % | 19.0 | % | 2.4 | % | 14.3 | % |
Quarter Ended June 30, 2017 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment profit | $ | 21.2 | $ | 8.3 | $ | 6.3 | $ | 35.8 | |||||
Acquisition expenses* | 0.5 | 0.1 | — | 0.6 | |||||||||
Restructuring costs | 1.9 | 0.6 | — | 2.5 | |||||||||
Depreciation and amortization expense | 8.9 | 4.2 | 1.1 | 14.2 | |||||||||
Adjusted segment EBITDA | $ | 32.5 | $ | 13.2 | $ | 7.4 | $ | 53.1 | |||||
Adjusted segment EBITDA margin | 17.0 | % | 17.4 | % | 17.8 | % | 17.3 | % |
Six Months Ended June 30, 2018 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment profit | $ | 43.0 | $ | 26.5 | $ | 3.8 | $ | 73.3 | |||||
Restructuring costs | 6.2 | 0.4 | 0.2 | 6.8 | |||||||||
Depreciation and amortization expense | 26.1 | 8.0 | 2.6 | 36.7 | |||||||||
Adjusted segment EBITDA | $ | 75.3 | $ | 34.9 | $ | 6.6 | $ | 116.8 | |||||
Adjusted segment EBITDA margin | 15.4 | % | 20.4 | % | 6.2 | % | 15.3 | % |
Six Months Ended June 30, 2017 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment profit | $ | 41.6 | $ | 17.8 | $ | 12.6 | $ | 72.0 | |||||
Acquisition expenses* | 0.6 | 0.1 | — | 0.7 | |||||||||
Restructuring costs | 2.2 | 1.2 | — | 3.4 | |||||||||
Depreciation and amortization expense | 17.5 | 8.3 | 2.2 | 28.0 | |||||||||
Adjusted segment EBITDA | $ | 61.9 | $ | 27.4 | $ | 14.8 | $ | 104.1 | |||||
Adjusted segment EBITDA margin | 16.7 | % | 18.2 | % | 17.6 | % | 17.3 | % |
Quarters Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||
Net income | $ | 9.9 | $ | 9.0 | $ | 22.5 | $ | 15.4 | ||||
Adjustments to arrive at earnings before interest, income | ||||||||||||
taxes, depreciation and amortization (EBITDA): | ||||||||||||
Interest expense, net | 7.1 | 16.1 | 14.9 | 30.9 | ||||||||
Income tax expense | 3.9 | 2.2 | 16.1 | 5.2 | ||||||||
Depreciation and amortization expense | 18.4 | 14.2 | 36.7 | 28.0 | ||||||||
EBITDA | 39.3 | 41.5 | 90.2 | 79.5 | ||||||||
Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization and other selected items (Consolidated Adjusted EBITDA): | ||||||||||||
Restructuring costs | 6.5 | 2.5 | 6.8 | 3.4 | ||||||||
Acquisition expenses | 0.1 | 0.5 | 0.1 | 0.6 | ||||||||
Environmental reserve adjustment and other costs associated with previously disposed businesses | 1.7 | — | 1.7 | 3.3 | ||||||||
Other | 0.1 | 0.7 | 0.9 | 1.1 | ||||||||
Consolidated adjusted EBITDA | $ | 47.7 | $ | 45.2 | $ | 99.7 | $ | 87.9 |
* | 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 | ||||||||||||||
GST and | Intercompany | Reconsolidation | Adjustments | |||||||||||||
EnPro | OldCo | Transactions | of GST | Pro Forma | Reference | |||||||||||
Net sales | $ | 307.6 | $ | 54.0 | $ | (14.6 | ) | $ | — | $ | 347.0 | (1) | ||||
Cost of sales | 203.0 | 32.2 | (14.6 | ) | 0.3 | 220.9 | (1), (2) | |||||||||
Gross profit | 104.6 | 21.8 | — | (0.3 | ) | 126.1 | ||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 74.0 | 10.0 | — | 2.2 | 86.2 | (2), (3) | ||||||||||
Other | 3.1 | (23.7 | ) | — | 23.2 | 2.6 | (4) | |||||||||
Total operating expenses | 77.1 | (13.7 | ) | — | 25.4 | 88.8 | ||||||||||
Operating income | 27.5 | 35.5 | — | (25.7 | ) | 37.3 | ||||||||||
Interest expense | (16.1 | ) | — | 8.9 | (0.7 | ) | (7.9 | ) | (5) | |||||||
Interest income | — | 9.4 | (8.9 | ) | — | 0.5 | (5) | |||||||||
Other expense | (0.2 | ) | (2.4 | ) | — | 2.4 | (0.2 | ) | (4) | |||||||
Income before income taxes | 11.2 | 42.5 | — | (24.0 | ) | 29.7 | ||||||||||
Income tax expense | (2.2 | ) | (15.5 | ) | — | 6.5 | (11.2 | ) | (6) | |||||||
Net income | $ | 9.0 | $ | 27.0 | $ | — | $ | (17.5 | ) | $ | 18.5 | |||||
Basic earnings per share | $ | 0.42 | N/A | N/A | N/A | $ | 0.87 | |||||||||
Average common shares outstanding (millions) | 21.3 | 21.3 | ||||||||||||||
Diluted earnings per share | $ | 0.41 | N/A | N/A | N/A | $ | 0.85 | |||||||||
Average common shares outstanding (millions) | 21.8 | 21.8 |
(1 | ) | Eliminate intercompany sales of $14.6 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 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 statutory tax rate of 37.5% has been used for all periods presented. |
Eliminate | Effect of | Pro Forma | ||||||||||||||
Consolidated | GST and | Intercompany | Reconsolidation | Adjustments | ||||||||||||
EnPro | OldCo | Transactions | of GST | Pro Forma | Reference | |||||||||||
Net sales | $ | 603.4 | $ | 110.6 | $ | (29.1 | ) | $ | — | $ | 684.9 | (1) | ||||
Cost of sales | 397.1 | 68.3 | (29.1 | ) | 0.6 | 436.9 | (1), (2) | |||||||||
Gross profit | 206.3 | 42.3 | — | (0.6 | ) | 248.0 | ||||||||||
Operating expenses: | ||||||||||||||||
Selling, general and administrative | 146.7 | 20.8 | — | 4.4 | 171.9 | (2), (3) | ||||||||||
Other | 4.4 | (23.5 | ) | — | 22.7 | 3.6 | (4) | |||||||||
Total operating expenses | 151.1 | (2.7 | ) | — | 27.1 | 175.5 | ||||||||||
Operating income | 55.2 | 45.0 | — | (27.7 | ) | 72.5 | ||||||||||
Interest expense | (31.0 | ) | — | 17.6 | (1.4 | ) | (14.8 | ) | (5) | |||||||
Interest income | 0.1 | 18.4 | (17.6 | ) | — | 0.9 | (5) | |||||||||
Other expense | (3.7 | ) | (4.5 | ) | — | 4.5 | (3.7 | ) | (4) | |||||||
Income before income taxes | 20.6 | 58.9 | — | (24.6 | ) | 54.9 | ||||||||||
Income tax expense | (5.2 | ) | (21.3 | ) | — | 5.9 | (20.6 | ) | (6) | |||||||
Net income | $ | 15.4 | $ | 37.6 | $ | — | $ | (18.7 | ) | $ | 34.3 | |||||
Basic earnings per share | $ | 0.72 | N/A | N/A | N/A | $ | 1.60 | |||||||||
Average common shares outstanding (millions) | 21.4 | 21.4 | ||||||||||||||
Diluted earnings per share | $ | 0.71 | N/A | N/A | N/A | $ | 1.57 | |||||||||
Average common shares outstanding (millions) | 21.8 | 21.8 |
(1 | ) | Eliminate intercompany sales of $29.1 million. |
(2 | ) | Reflects the increase in depreciation expense of $0.6 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 estimated 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 ceased 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. |
Quarters Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||
Pro forma net income | $ | 9.9 | $ | 18.5 | $ | 22.5 | $ | 34.3 | ||||
Adjustments to arrive at pro forma earnings before interest, | ||||||||||||
taxes, depreciation and amortization (pro forma EBITDA): | ||||||||||||
Interest expense, net | 7.1 | 7.4 | 14.9 | 13.9 | ||||||||
Income tax expense | 3.9 | 11.2 | 16.1 | 20.6 | ||||||||
Depreciation and amortization expense | 18.4 | 18.3 | 36.7 | 36.1 | ||||||||
Pro forma EBITDA | 39.3 | 55.4 | 90.2 | 104.9 | ||||||||
Adjustments to arrive at pro forma earnings before interest, income taxes, depreciation, amortization and other selected items (pro forma adjusted EBITDA): | ||||||||||||
Restructuring costs | 6.5 | 2.5 | 6.8 | 3.4 | ||||||||
Acquisition expenses | 0.1 | 0.5 | 0.1 | 0.6 | ||||||||
Environmental reserve adjustments and other costs associated with previously disposed businesses | 1.7 | — | 1.7 | 3.3 | ||||||||
Other | 0.1 | 0.1 | 0.9 | 0.1 | ||||||||
Pro forma adjusted EBITDA | $ | 47.7 | $ | 58.5 | $ | 99.7 | $ | 112.3 |
Quarter Ended June 30, 2018 | |||||||||||||||
Sealing | Engineered | Power | Intersegment | ||||||||||||
Products | Products | Systems | Sales | Consolidated | |||||||||||
Net sales | $ | 255.7 | $ | 85.4 | $ | 53.7 | $ | (1.2 | ) | $ | 393.6 |
Quarter Ended June 30, 2017 | |||||||||||||||
Sealing | Engineered | Power | Intersegment | ||||||||||||
Products | Products | Systems | Sales | Consolidated | |||||||||||
Net sales | $ | 191.3 | $ | 75.7 | $ | 41.6 | $ | (1.0 | ) | $ | 307.6 | ||||
Adjustments: | |||||||||||||||
Sales of deconsolidated entities | 51.7 | 0.8 | 1.5 | — | 54.0 | ||||||||||
Intercompany sales | (13.3 | ) | (0.7 | ) | (0.6 | ) | — | (14.6 | ) | ||||||
Pro forma net sales | $ | 229.7 | $ | 75.8 | $ | 42.5 | $ | (1.0 | ) | $ | 347.0 |
Six Months Ended June 30, 2018 | |||||||||||||||
Sealing | Engineered | Power | Intersegment | ||||||||||||
Products | Products | Systems | Sales | Consolidated | |||||||||||
Net sales | $ | 487.6 | $ | 171.3 | $ | 105.8 | $ | (2.3 | ) | $ | 762.4 |
Six Months Ended June 30, 2017 | |||||||||||||||
Sealing | Engineered | Power | Intersegment | ||||||||||||
Products | Products | Systems | Sales | Consolidated | |||||||||||
Net sales | $ | 370.6 | $ | 150.8 | $ | 84.0 | $ | (2.0 | ) | $ | 603.4 | ||||
Adjustments: | |||||||||||||||
Sales of deconsolidated entities | 104.5 | 1.3 | 4.8 | — | 110.6 | ||||||||||
Intercompany sales | (26.0 | ) | (1.1 | ) | (2.0 | ) | — | (29.1 | ) | ||||||
Pro forma net sales | $ | 449.1 | $ | 151.0 | $ | 86.8 | $ | (2.0 | ) | $ | 684.9 |
Quarter Ended June 30, 2018 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment Profit (Loss) | $ | 19.3 | $ | 12.1 | $ | (0.2 | ) | $ | 31.2 | ||||
Adjustments: | |||||||||||||
Restructuring costs | 6.2 | 0.1 | 0.2 | 6.5 | |||||||||
Depreciation and amortization expense | 13.1 | 4.0 | 1.3 | 18.4 | |||||||||
Pro forma segment earnings before interest, income taxes, depreciation, amortization, and other selected items (pro forma adjusted segment EBITDA) | $ | 38.6 | $ | 16.2 | $ | 1.3 | $ | 56.1 |
Quarter Ended June 30, 2017 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment Profit | $ | 21.2 | $ | 8.3 | $ | 6.3 | $ | 35.8 | |||||
Segment profit of deconsolidated entities | 11.7 | 0.2 | 0.3 | 12.2 | |||||||||
Pro forma depreciation and amortization adjustments (1) | (2.5 | ) | — | — | (2.5 | ) | |||||||
Pro forma segment profit | 30.4 | 8.5 | 6.6 | 45.5 | |||||||||
Adjustments: | |||||||||||||
Acquisition expenses | 0.5 | 0.1 | — | 0.6 | |||||||||
Restructuring costs | 1.9 | 0.6 | — | 2.5 | |||||||||
Depreciation and amortization expense | 12.9 | 4.2 | 1.2 | 18.3 | |||||||||
Pro forma adjusted segment EBITDA | $ | 45.7 | $ | 13.4 | $ | 7.8 | $ | 66.9 |
Six Months Ended June 30, 2018 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment Profit | $ | 43.0 | $ | 26.5 | $ | 3.8 | $ | 73.3 | |||||
Adjustments: | |||||||||||||
Restructuring costs | 6.2 | 0.4 | 0.2 | 6.8 | |||||||||
Depreciation and amortization expense | 26.1 | 8.0 | 2.6 | 36.7 | |||||||||
Pro forma adjusted segment EBITDA | $ | 75.3 | $ | 34.9 | $ | 6.6 | $ | 116.8 |
Six Months Ended June 30, 2017 | |||||||||||||
Sealing | Engineered | Power | Total | ||||||||||
Products | Products | Systems | Segments | ||||||||||
Segment Profit | $ | 41.6 | $ | 17.8 | $ | 12.6 | $ | 72.0 | |||||
Segment profit of deconsolidated entities | 20.9 | 0.1 | 1.3 | 22.3 | |||||||||
Pro forma depreciation and amortization adjustments (1) | (5.0 | ) | — | — | (5.0 | ) | |||||||
Pro forma segment profit | 57.5 | 17.9 | 13.9 | 89.3 | |||||||||
Adjustments: | |||||||||||||
Acquisition expenses | 0.5 | 0.1 | — | 0.6 | |||||||||
Restructuring costs | 2.2 | 1.2 | — | 3.4 | |||||||||
Depreciation and amortization expense | 25.6 | 8.3 | 2.2 | 36.1 | |||||||||
Pro forma adjusted segment EBITDA | $ | 85.8 | $ | 27.5 | $ | 16.1 | $ | 129.4 |
(1 | ) | See notes (2) and (3) to the accompanying Pro Forma Condensed Consolidated Statements of Operations (Unaudited) for further information about these adjustments. |
Quarters Ended June 30, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
$ | Average common shares outstanding, diluted (millions) | Per share | $ | Average common shares outstanding, diluted (millions) | Per share | |||||||||||
Pro forma net income | $ | 9.9 | 21.1 | $ | 0.47 | $ | 18.5 | 21.8 | $ | 0.85 | ||||||
Income tax expense | 3.9 | 11.2 | ||||||||||||||
Income before taxes | 13.8 | 29.7 | ||||||||||||||
Adjustments: | ||||||||||||||||
Environmental reserve adjustments and other costs associated with previously disposed businesses | 1.7 | — | ||||||||||||||
Restructuring costs | 6.5 | 2.5 | ||||||||||||||
Acquisition expenses | 0.1 | 0.5 | ||||||||||||||
Other | 0.1 | 0.1 | ||||||||||||||
Adjusted income before taxes | 22.2 | 32.8 | ||||||||||||||
Adjusted income tax expense | (6.4 | ) | (10.8 | ) | ||||||||||||
Pro forma adjusted net income | $ | 15.8 | 21.1 | $ | 0.75 | $ | 22.0 | 21.8 | $ | 1.01 |
Six Months Ended June 30, | ||||||||||||||||
2018 | 2017 | |||||||||||||||
$ | Average common shares outstanding, diluted (millions) | Per share | $ | Average common shares outstanding, diluted (millions) | Per share | |||||||||||
Pro forma net income | $ | 22.5 | 21.3 | $ | 1.05 | $ | 34.3 | 21.8 | $ | 1.57 | ||||||
Income tax expense | 16.1 | 20.6 | ||||||||||||||
Income before taxes | 38.6 | 54.9 | ||||||||||||||
Adjustments: | ||||||||||||||||
Environmental reserve adjustments and other costs associated with previously disposed businesses | 1.7 | 3.3 | ||||||||||||||
Restructuring costs | 6.8 | 3.4 | ||||||||||||||
Acquisition expenses | 0.1 | 0.6 | ||||||||||||||
Other | 0.9 | 0.1 | ||||||||||||||
Adjusted income before taxes | 48.1 | 62.3 | ||||||||||||||
Adjusted income tax expense | (13.9 | ) | (20.2 | ) | ||||||||||||
Pro forma adjusted net income | $ | 34.2 | 21.3 | $ | 1.60 | $ | 42.1 | 21.8 | $ | 1.93 |
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