Garlock Sealing Technologies Reports Fourth Quarter 2009 Results
Tuesday, February 16, 2010
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…