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Garlock Sealing Technologies Announces Second Quarter 2010 Financial Results

Monday, August 09, 2010  
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In the period from June 5, 2010 through the end of the second quarter of 2010, the third party sales of Garlock Sealing Technologies (GST) and its subsidiaries were $11.9 million and segment profits were $1.9 million. Before asbestos-related expenses and other selected items, GST's earnings in the period were $1.4 million. These results are not included in EnPro's consolidated results. Sales increased by 15%, compared to the second quarter of 2009, including a 2% benefit from acquisitions.

Sales in Garlock benefited from higher levels of activity in hydrocarbon and chemical processing markets and the steel industry, increased project-related work in upstream oil and gas markets, and growth in Europe, Asia and the Middle East. However, these businesses reported only a modest increase in sales due to the deconsolidation of GST. More…

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