EnPro Industries Q1 Net Profit Plunges - Quick Facts

(RTTNews) - EnPro Industries' (NPO) first-quarter 2014 net income plummeted to $1.3 million, or $0.05 a share, from $8.6 million, or $0.39 a share, in the first quarter of 2013. Latest quarter's net income reflects an effective tax rate of 45.7%. The rate in the quarter mainly reflects a write down related to a state deferred tax asset that had been set up under a higher rate.

Before selected items, including interest due to Garlock Sealing Technologies LLC, a deconsolidated unit, and a non-cash loss of $2.3 million after tax on exchange of debt, the company's net income totaled $9.8 million, or $0.39 a share, in the first quarter of 2014, versus $12.5 million or $0.56 a share, in the 2013 period.

On average, 2 analysts polled by Thomson Reuters expected earnings per share of $0.32 for the quarter. Analysts' estimates typically exclude one-time items.

Sales reached $287.2 million in the first quarter, compared with $286.9 million last year. Analysts estimated revenues of $288.67 million for the quarter. After adjusting for foreign exchange and two small acquisitions completed in March 2014, sales declined about 1% year-on-year. An $8.4 million increase in Sealing Products segment sales was offset by a decline of $8.3 million in the Power Systems unit, the firm added.

For the full year of 2014, the company expects the tax rate to be in a range between 31% and 35%.