npo-20230331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________

FORM 10-Q

_________________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-31225

_________________________________________

ENPRO INDUSTRIES, INC.

(Exact name of registrant, as specified in its charter)

_____________________________________


North Carolina						01-0573945
(State or other jurisdiction of incorporation)						(I.R.S. Employer Identification No.)
5605 Carnegie Boulevard
Suite 500
Charlotte
North Carolina						28209
(Address of principal executive offices)						(Zip Code)

(704) 731-1500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

__________________________________________


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value	NPO	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

As of April 27, 2023, there were 20,878,123 shares of common stock of the registrant outstanding, which does not include 178,646 shares of common stock held by a subsidiary of the registrant and accordingly are not entitled to be voted. There is only one class of common stock.

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

ENPRO INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended March 31, 2023 and 2022

(in millions, except per share amounts)



	2023		2022
Net sales	$	282.6	$	270.1
Cost of sales	166.5		175.4
Gross profit	116.1		94.7
Operating expenses:
Selling, general and administrative	71.5		71.7
Other	0.8		1.3
Total operating expenses	72.3		73.0
Operating income	43.8		21.7
Interest expense	(11.7)		(7.1)
Interest income	3.8		0.2
Other income (expense)	(1.8)		0.6
Income from continuing operations before income taxes	34.1		15.4
Income tax expense	(8.1)		(3.2)
Income from continuing operations	26.0		12.2
Income from discontinued operations, including gain on sale, net of tax	11.4		4.9
Net income	37.4		17.1
Less: net income attributable to redeemable non-controlling interests	—		0.3
Net income attributable to EnPro Industries, Inc.	$	37.4	$	16.8
Comprehensive income	$	44.5	$	4.4
Less: comprehensive loss attributable to redeemable non-controlling interests	—		(0.7)
Comprehensive income attributable to EnPro Industries, Inc.	$	44.5	$	5.1
Income attributable to EnPro Industries, Inc. common shareholders:
Income from continuing operations, net of tax	$	26.0	$	11.9
Income from discontinued operations, including gain on sale, net of tax	11.4		4.9
Net income attributable to EnPro Industries, Inc.	$	37.4	$

SEC Form 10-Q filed by EnPro Industries Inc