Garlock Sealing Technologies Announces First Quarter 2009 Results
Tuesday, May 5, 2009
Sales in the Sealing Products segment of EnPro Industries decreased by 21% compared to the first quarter of 2008. About 5 percentage points of the decline came from the effect of changes in foreign exchange rates. Although sales to certain segments of the power generation and upstream oil and gas markets served by Garlock Sealing Technologies improved slightly, demand from the segment's other industrial markets and its heavy-duty truck markets declined due to soft conditions and customers who are supplying their needs from existing inventories.
The segment's earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by 31% and the EBITDA margin declined by 230 basis points, primarily because of lower volumes across most of the segment's operations. More…
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