Enpro Adj. Profit Misses Estimates; Trims FY24 Outlook

(RTTNews) - Enpro Inc. (NPO) Tuesday announced a swing to profit in the second quarter earnings compared to the prior year, that recorded a heavy goodwill impairment. The company has reduced the upper range of the adjusted earnings outlook for the full year, while revenue is now projected to be flat with 2023.

The quarterly profit attributable to the company was $26.7 million or $1.27 per share compared to loss of $18.6 million or $0.89 per share a year ago. On an adjusted basis, earnings were $2.08 per share. In the prior year, the company had a goodwill impairment of $60.8 million.

On average, 3 analysts polled by Thomson Reuters expected the company to earn $1.85 per share. Analysts estimates usually exclude speial items.

Net sales for the quarter declined 1.8 percent to $271.9 million from $276.9 million in the previous year. Organic sales were down 5 percent. Analysts expected revenue of $270.9 million.

Looking ahead, the company now expects adjusted earnings per share for the full year to be in a range of $7.00 to $7.60 per share, while the previous outlook was in a range of $7.00 to $7.80 per share.

Adjusted EBITDA is narrowed to the range of $260 to $270 million from prior view of $260 million to $280 million.

Revenue is now expected to be approximately flat with 2023, while the prior guidance was low to mid single digit growth.