Garlock Sealing Technologies Reports Fourth Quarter 2009 Results

Sales in EnPro Industries’ Sealing Products segment reached $104.3 million in the fourth quarter, their highest level in 2009, but a 10% decrease compared to the fourth quarter of 2008. Excluding the benefit of foreign exchange rates, sales decreased by 11% from the fourth quarter of 2008. While demand from the energy and industrial markets served by Garlock Sealing Technologies increased over the levels of the first three quarters of 2009, it remained below the level of the fourth quarter of 2008, and sales at Garlock declined compared to a year ago.

The segment's earnings before interest, taxes, depreciation and amortization (EBITDA) were $18.1 million, a 9% decrease from a year ago, as volumes declined in the segment's operations. However, cost reductions and improved pricing helped improve the segment's EBITDA margin to 17.4% from 17.1% in the fourth quarter of 2008. More…