EnPro Industries today reported a 53 percent increase in second-quarter profits, as the Charlotte-based company set new quarterly records for sales, segment profits, segment profit margins and income.
EnPro posted a net income of $21.1 million, up from $13.8 million a year earlier. Net sales increased 25%, from $254.4 million to $316.8 million.
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"A number of factors contributed to these results, including the strength of our oil and gas, power generation and mining markets, our growing international presence and acquisitions we completed in the past year,” said Steve Macadam, EnPro's president and chief executive officer, in a statement.
“Our performance in the first half of 2008 puts us on very sound footing as we enter the second half of the year,” Macadam added, “which is especially important in light of seasonal decreases in activity that are typical of the second half and current concerns about the economic outlook."
Spun off from Charlotte-based Goodrich Corp. in 2002, EnPro makes sealing products, bearings, compressor systems and components, engines and other engineered products.