Enpro Inc. Files 10-Q for Q1 2024

TL;DR

<b>Enpro Inc. has submitted its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Enpro Inc. (NPO) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Enpro Inc. filed its 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is in Charlotte, NC. Enpro Inc. was formerly known as ENPRO INDUSTRIES, INC. The SIC code for Enpro Inc. is 3050 (GASKETS, PACKAGING AND SEALING DEVICES & RUBBER & PLASTIC HOSE).

Why It Matters

For investors and stakeholders tracking Enpro Inc., this filing contains several important signals. This 10-Q filing provides a detailed look into Enpro Inc.'s financial performance and operational status for the first quarter of 2024, offering insights into its business segments and any material changes since the last filing. Investors and analysts can use this report to assess the company's financial health, evaluate its strategic direction, and make informed investment decisions based on the latest disclosed information.

Risk Assessment

Risk Level: — Enpro Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, indicating routine financial reporting without immediate red flags.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand Enpro Inc.'s operational trends and identify any emerging risks or opportunities.

Key Players & Entities

• Enpro Inc. (company) — Filer
• ENPRO INDUSTRIES, INC (company) — Former company name
• Charlotte, NC (location) — Business address

FAQ

Industry Context

Enpro Inc. operates within the GASKETS, PACKAGING AND SEALING DEVICES & RUBBER & PLASTIC HOSE industry, as indicated by its SIC code 3050.

Regulatory Implications

The filing is a standard 10-Q, adhering to SEC regulations for quarterly financial reporting under the 1934 Act.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability in Q1 2024.
2. Examine any disclosures regarding business operations, risks, or legal proceedings.
3. Compare Q1 2024 performance against historical data and industry benchmarks.

Year-Over-Year Comparison

This filing is the 10-Q for the first quarter of 2024, following previous filings which would include annual reports (10-K) and potentially other quarterly reports.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value NPO New York Stock Exchange

Filing Documents

• npo-20240331.htm (10-Q) — 1068KB
• npo-2024331xex311q1.htm (EX-31.1) — 8KB
• npo-2024331xex312q1.htm (EX-31.2) — 8KB
• npo-2024331xex32q1.htm (EX-32) — 6KB
• 0001164863-24-000024.txt (&nbsp;) — 7275KB
• npo-20240331.xsd (EX-101.SCH) — 50KB
• npo-20240331_cal.xml (EX-101.CAL) — 92KB
• npo-20240331_def.xml (EX-101.DEF) — 241KB
• npo-20240331_lab.xml (EX-101.LAB) — 652KB
• npo-20240331_pre.xml (EX-101.PRE) — 457KB
• npo-20240331_htm.xml (XML) — 1135KB

Financial Statements

Item 1. Financial Statements ENPRO INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended March 31, 2024 and 2023 (in millions, except per share amounts) 2024 2023 Net sales $ 257.5 $ 282.6 Cost of sales 151.3 166.5 Gross profit 106.2 116.1 Operating expenses: Selling, general and administrative 77.4 71.5 Other 0.8 0.8 Total operating expenses 78.2 72.3 Operating income 28.0 43.8 Interest expense ( 10.3 ) ( 11.7 ) Interest income 2.1 3.8 Other expense ( 5.5 ) ( 1.8 ) Income from continuing operations before income taxes 14.3 34.1 Income tax expense ( 1.8 ) ( 8.1 ) Income from continuing operations 12.5 26.0 Income from discontinued operations, including gain on sale, net of tax — 11.4 Net income 12.5 37.4 Comprehensive income $ 9.0 $ 44.5 Basic earnings per share: Continuing operations $ 0.60 $ 1.25 Discontinued operations — 0.55 Net income per share $ 0.60 $ 1.80 Diluted earnings per share: Continuing operations $ 0.59 $ 1.24 Discontinued operations — 0.55 Net income per share $ 0.59 $ 1.79 See notes to consolidated financial statements (unaudited). 1 ENPRO INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31, 2024 and 2023 (in millions) 2024 2023 OPERATING ACTIVITIES OF CONTINUING OPERATIONS Net income $ 12.5 $ 37.4 Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: Income from discontinued operations, net of taxes — ( 11.4 ) Taxes related to sale of discontinued operations — ( 3.5 ) Depreciation 5.9 6.0 Amortization 18.7 17.6 Promissory note reserve 4.5 — Deferred income taxes ( 0.6 ) ( 0.4 ) Stock-based compensation 2.9 2.4 Other non-cash adjustments 2.0 1.1 Change in assets and liabilities, net of effects of acquisition and sale of businesses: Accounts receivable, net ( 14.7 ) ( 11.5 ) Inventories 0.6 ( 4.9 ) Accounts payable ( 7.7 ) ( 4.6 ) Other current assets and liabilities ( 15.0 ) ( 0.9 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 1. Overview and Basis of Presentation Overview Enpro Inc. ("we," "us," "our," "Enpro," or the "Company") is a leading-edge industrial technology company focused on critical applications across a diverse group of growing end markets such as semiconductor, industrial process, aerospace, food, photonics, biopharmaceuticals and life sciences. Enpro is a leader in applied engineering and designs, develops, manufactures, and markets proprietary, value-added products and solutions that safeguard a variety of critical environments. Over the past several years, we have executed several strategic initiatives to create a portfolio of businesses that offer proprietary, industrial technology-related products and solutions with high barriers to entry, compelling margins, strong cash flow, and recurring aftermarket revenue in markets with favorable secular tailwinds. Basis of Presentation The accompanying interim consolidated financial statements are unaudited, and certain related information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted in accordance with Rule 10-01 of Regulation S-X. They were prepared following the same policies and procedures used in the preparation of our annual financial statements. The accompanying interim consolidated financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair statement of results for the periods presented. The Consolidated Balance Sheet as of December 31, 2023 was derived from the audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2023. The results of operations for the interim periods are not necessarily indicative of the results for the fiscal year. These consolidated financial statements should be read in conjunction with our

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