Enpro Inc. reported a solid performance in its third quarter of 2024, with net sales reaching $260.9 million, a 4.1% increase from $250.7 million in Q3 2023. The company's gross profit also improved, totaling $110.3 million compared to $99.6 million in the prior year. Operating income rose to $34.1 million from $31.9 million, while income from continuing operations before income taxes increased to $24.0 million, up from $22.9 million. Notably, net income attributable to Enpro Inc. surged to $19.8 million, significantly higher than $8.3 million in Q3 2023, resulting in basic earnings per share of $0.94, compared to $0.40 in the same quarter last year.
For the nine months ended September 30, 2024, net sales totaled $790.3 million, a slight decline from $810.2 million in the same period of 2023. However, gross profit increased marginally to $335.5 million from $330.5 million. Operating income for the nine-month period saw a substantial rise to $110.1 million, compared to $56.3 million in the previous year. Income from continuing operations for the nine months was $59.0 million, a significant increase from $11.4 million in 2023, leading to basic earnings per share of $2.82, up from $0.75.
Strategically, Enpro completed the acquisition of Advanced Micro Instruments, Inc. (AMI) on January 29, 2024, for $209.4 million, which contributed $25.1 million in sales for the nine months ended September 30, 2024. The acquisition-related costs for the quarter and nine months were $0.2 million and $3.7 million, respectively. Additionally, Enpro acquired Alluxa in February 2024, further expanding its portfolio.
The company’s effective tax rate for Q3 2024 was significantly lower at 17.4%, compared to 63.9% in Q3 2023, influenced by favorable adjustments from the completion of the 2023 year-end U.S. Federal income tax return.
Cash and cash equivalents decreased to $206.9 million as of September 30, 2024, down from $369.8 million at the beginning of the year. Operating activities provided $103.5 million in cash for the nine months, a decline from $154.8 million in the same period of 2023, primarily due to reduced revenue and increased tax payments.
Enpro's total assets increased slightly to $2,533.8 million as of September 30, 2024, from $2,499.5 million at the end of 2023. The company remains committed to enhancing shareholder value through strategic acquisitions and operational efficiencies.
About Enpro Inc.
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