Garlock Sealing Technologies Announces Second Quarter 2010 Financial Results
Monday, August 9, 2010
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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