EnPro increases FY17 adjusted EBITDA view from $193M-$198M to $200M-$205M
The company said, "We are encouraged by the positive financial performance in our Sealing Products and Engineered Products segments in the Q2 driven by improved volumes, year-over-year reduction in SG&A costs and improved manufacturing efficiencies. While we experienced year-over-year softness in our Power Systems segment due to production scheduling for key programs and the timing of aftermarket parts orders, we expect improved activity in the second half of the year. Given continued strength in a number of our markets, current macroeconomic forecasts and customer order patterns, and the recent Qualiseal acquisition, we are increasing guidance for 2017 adjusted EBITDA from our previous full-year range of $193M-$198M to a revised full-year range of $200M-$205M. This revised range excludes the impact of further M&A activity, changes in foreign exchange rates from the end of the second quarter, the anticipated gain on the reconsolidation of GST and OldCo, and any second half of the year litigation or environmental charges," said Mr. Macadam.