EnPro's 1Q profit grows 7 percent as sales improve

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May 1, 2008

CHARLOTTE, N.C.—EnPro Industries Inc.'s profit grew 7 percent in the first quarter, as the engine and sealing products maker's markets remained healthy, the company said Thursday.

EnPro earned $13.2 million, or 61 cents per share, in the first quarter, compared with profit of $12.3 million, or 56 cents per share, in the first quarter last year.

Excluding charges from asbestos and other extraordinary costs, profit was $1.07 per share. Analysts polled by Thomson Financial forecast profit of 99 cents per share, on average.

Sales grew 14 percent to $283.1 million from $247.3 million. Analysts expected sales of $269 million.

EnPro credited the sales growth to businesses the company bought, as well as strong international markets. Chief Executive Steve Macadam said in a statement most of the company's key markets remained sound.

Profit in the engine products and services division rose to $3.5 million from $2 million, while earnings in the engineered products segment grew 16 percent, to $21.8 million. The sealing products segment was flat.

EnPro shares rose $2.02, or 5.6 percent, to close at $38.32.