| Over a week ago | ||||
"Based on our strong… "Based on our strong second quarter results, we have revised our scenario planning ranges provided last quarter. We continue to model a 15% to 25% full-year revenue decline compared to 2019, including the impact of our portfolio shaping actions. Should revenues decline in this range, we now expect adjusted EBITDA margins may range from 13% to 14% for the year, depending on the sales decline and product mix. This compares to our prior scenario planning range of 11% to 13%. We typically experience softer demand in the third quarter due to seasonal patterns and, specific to this year, we are expecting longer lead time orders to also affect third quarter results. We anticipate a modest sequential improvement in the fourth quarter," said CEO Marvin Riley. | ||||
Reports Q2 revenue $247M,… Reports Q2 revenue $247M, consensus $230.67M. | ||||
EnPro Industries… EnPro Industries announced that it has entered into a definitive agreement to sell its STEMCO Air Springs business unit, manufacturer of Goodyear-licensed air springs, as well as Super Cushion and Spring Ride air springs, to an affiliate of private equity firm Turnspire Capital Partners. The agreement provides for the sale of the Air Springs business for $32M in cash and a long-term promissory note with a face value of $7.5M that will be stated at fair value. The purchase price is subject to adjustment based on the amount of cash and working capital on the closing date. "The sale of STEMCO's Air Springs business marks a significant milestone in our portfolio reshaping effort within STEMCO and significantly reduces EnPro's exposure to the commercial vehicle and heavy-duty truck markets. Over the past year, we have conducted an extensive review of our portfolio of companies to identify businesses and product lines that are no longer aligned with our long-term objectives. Based on this work, we have exited several product lines and divested several businesses to reduce our heavy-duty truck exposure. We are pleased to share that we expect to complete this transaction as well as the other announced exits in line with the year-end 2020 timeline that we previously communicated," said Marvin Riley, President and Chief Executive Officer. | ||||
| Over a month ago | ||||
EnPro Industries as… EnPro Industries as announced the exit of its STEMCO Brake Products business, a decision that is aligned with EnPro's strategy to refocus STEMCO on its core products. The STEMCO restructuring actions include the exit of its manufacturing operations related to the Motor Wheel brake drum and Crewson brake adjuster brands and the agreement to sell its Lunar air disc brake product line and manufacturing facility. The Company expects to record total charges related to these actions of approximately $12M, the majority of which will be recognized in the second quarter of 2020. These charges, other than contract cancellation costs, severance and other expenses totaling approximately $4.8M, are non-cash charges. | ||||
| Over a quarter ago | ||||
Virtual Industrials… Virtual Industrials Conference will be held on May 5-6. Webcast Link | ||||
Virtual Industrials… Virtual Industrials Conference will be held on May 5-6. Webcast Link | |
Virtual Industrials… Virtual Industrials Conference will be held on May 5-6. Webcast Link | |
"Towards the end of… "Towards the end of the Q1, we experienced declining demand in many of our core markets. These challenging conditions have continued to date, and we are experiencing reduced order levels compared to the first quarter of this year. Given this slowdown in orders, the evolving macroeconomic climate, and the uncertainty surrounding the COVID-19 pandemic, we have withdrawn our 2020 adjusted EBITDA and adjusted diluted EPS guidance that was issued on February 25. In addition, in light of the continuing level of uncertainty as to the duration of the COVID-19 pandemic and the timing and pace of economic recovery once the pandemic ultimately abates, we are suspending our quarterly practice of providing updated guidance," said the company. | |
Reports Q1 revenue… Reports Q1 revenue $282.7M, consensus $295.6M. "While I am very pleased with our results for the quarter, I am even more proud of our colleagues who continue to live out our core values of Safety, Excellence, and Respect during these rapidly changing times. Our teams have taken the necessary steps to keep our people and facilities safe while maintaining operations to provide a high level of service to our customers during this challenging time. I am happy to report that, as of today, 100% of our primary manufacturing facilities are currently operating and we have not experienced significant supply chain disruptions thanks to the tireless efforts of our supply chain team," said Marvin Riley, CEO. "The closing of the divestiture of Fairbanks Morse on January 21st strengthened our balance sheet. The proceeds from that transaction and availability under our revolving credit facility provide ample liquidity and capital resources to weather the evolving economic crisis. We are confident that we will emerge from this unprecedented period with the financial flexibility to take advantage of opportunities that will likely arise. We are committed to maintaining our strong balance sheet and leveraging the EnPro Operating System for cost savings and continuous improvement." | |
30th Annual Pump, Valve… 30th Annual Pump, Valve & Water Systems Symposium will be held in New York on February 27. |