Enpro sales decreases offset by Sealing Technologies' record profitability
Enpro Inc. announced full-year 2023 sales of $1.06 billion, a 3.6% decrease. Organic sales decreased 3.3%. Fourth quarter sales of $249.1 million represent an 8.4% decrease, and organic sales decreased 9.0%.
"We are pleased with Enpro’s strong performance and execution in 2023. Sealing Technologies delivered record profitability that largely offset softness in Advanced Surface Technologies due to continued weakness in the global semiconductor industry.” said Eric Vaillancourt, president and CEO. “Enpro delivered full year adjusted EBITDA* margin of 22.5% while generating outstanding operating cash flow. Despite significant semiconductor headwinds, AST segment margin approached 24% in 2023, demonstrating the segment’s value-added capabilities. Sealing Technologies 2023 segment margin exceeded 29%, despite a slowdown in the fourth quarter.
“We are well positioned to build on the progress achieved in 2023 by continuing to execute on our strategic growth initiatives in both Sealing Technologies and AST," he continued. "While the timing of a broader semiconductor capital equipment recovery remains uncertain, the industry is showing early signs of an uptick, and we remain focused on driving growth and value in our semiconductor business over a multi-year period. Our ability to navigate through any market environment with our solid execution and disciplined cost mitigation efforts underscores the resiliency of our business. We have a strong balance sheet to drive our strategy and deliver top and bottom-line growth, while continuing to provide a safe and vibrant working environment for our colleagues.”
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