Garlock Sealing Technologies Reports Fourth Quarter 2010 Results
Monday, February 21, 2011
Third party sales at Garlock Sealing Technologies (GST)
and its subsidiaries were $45.1 million in the fourth quarter of 2010, an
improvement of 14% from the levels of a year ago, when those businesses were
included in EnPro's consolidated results. GST and its subsidiaries benefited
from increased demand from the steel industry, process industries and other
markets in North America as general economic conditions grew stronger. Higher
volumes, improved pricing and the absence of restructuring costs in 2010
benefited GST's operating profits, which improved by 18% to $5.9 million, while
operating profit margins grew to 13.1% in 2010 from 12.6% in the fourth quarter
of 2009. GST's operating profit and operating profit margins do not reflect
expenses of $5.4 million incurred in connection with the asbestos claims
resolution process. More…
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