Slide 1: First Quarter 2024 Earnings Review
First Quarter 2024 Earnings Review May 7, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements Statements in this presentation that express a belief, expectation or intention, including the 2024 guidance and other statements that are not historical fact, are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They involve a number
Slide 3: First Quarter 2024 Update
First Quarter 2024 Update Eric Vaillancourt President & Chief Executive Officer
Slide 4: Overview of Financial Results
Overview of Financial Results Joe Bruderek Executive Vice President & Chief Financial Officer
Slide 5: First Quarter 2024 Financial Performance
First Quarter 2024 Financial Performance $ in millions, except per share data Sales Gross Profit & Margin Adjusted EBITDA* & Margin* Adjusted Diluted EPS* -8.9% +16 bps -14.9% -19.5% • Slow semiconductor markets, as well as • Gross profit declined year over year • Adjusted EBITDA* of $58.4 million •
Slide 6: Sealing Technologies – First Quarter 2024 Performance
Sealing Technologies – First Quarter 2024 Performance $ in millions Sales Adjusted EBITDA & Margin -1.0% +6.6% • Sales decrease driven by weaker demand in commercial • Adjusted segment EBITDA of $53.0 million increased 6.6% vehicle, food and pharmaceutical, and general industrial in compared to the
Slide 7: Advanced Surface Technologies – First Quarter 2024 Performance
Advanced Surface Technologies – First Quarter 2024 Performance $ in millions Sales Adjusted EBITDA & Margin -21.4% -41.2% • Sales decrease driven primarily by softness in the • Adjusted segment EBITDA decrease driven primarily by the semiconductor market and, to a lesser extent, lower sales of decli
Slide 8: Balance Sheet, Cash Flow & Capital Allocation
Balance Sheet, Cash Flow & Capital Allocation $ in millions Net Leverage Commentary Reported March 31, 2024 • Strong balance sheet; ample liquidity consisting of Credit Facility $ 35 $163.9M in cash and $355.0M3 available under revolver Term Loans(1,2) $ 297 • Free cash flow* for the three months en
Slide 9: 2024 Guidance
2024 Guidance 2024 Guidance* Assumptions (as of May 7, 2024) Low – Mid Single ~$98-101M Revenue Growth Digit Growth Depreciation and Amortization*** ~$60M Capital Expenditures Adjusted EBITDA** $260M – $280M ~$31-33M Net Interest Expense Adjusted Diluted EPS** $7.00 – $7.80 25% Normalized Tax Rate *
Slide 10: Closing Comments
Closing Comments Eric Vaillancourt President & Chief Executive Officer
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Slide 12: Appendix
Appendix ©
Slide 13: Enpro (NYSE: NPO) | Attractive Portfolio of Businesses
Enpro (NYSE: NPO) | Attractive Portfolio of Businesses Company Overview 2024 Revenue Contribution Sales by Segment Sales by Channel Sales by Geography Sales by Market Headquarters Charlotte, NC Principal Manufacturing 13 Facilities Global Employees ~3,400 Financial Overview Market-Cap1 $3.2B LTM Rev
Slide 14: Reconciliation of LTM Results
Reconciliation of LTM Results Enpro Inc. Adjusted Adjusted ($ in millions) Revenue EBITDA EBITDA Margin Three Months Ended March 31, 2024 $ 257.5 $ 58.4 22.7% Plus: Year Ended December 31, 2023 1,059.3 238.0 22.5% Less: Three Months Ended March 31, 2023 282.6 68.6 24.3% LTM Ended March 31, 2024 $ 1,
Slide 15: Consolidated Adjusted EBITDA (1/2)
Consolidated Adjusted EBITDA (1/2) For the Year Ended December 31, 2023 (In Millions) 2023 1Non-controlling interest compensation allocation represents Income from continuing operations attributable to EnPro Industries, Inc., net compensation expense associated with a portion of the rollover equity
Slide 16: Consolidated Adjusted EBITDA (2/2)
Consolidated Adjusted EBITDA (2/2) For Three Months Ended March 31, 2024 and 2023 Three Months Ended (In Millions) March 31, 2024 2023 Income from continuing operations $ 12.5 $ 26.0 Adjustments to arrive at earnings before interest, income taxes, depreciation, amortization, and other selected items
Slide 17: Segment Information (1/2)
Segment Information (1/2) For the Three Months Ended March 31, 2024 and 2023 Reconciliation of Adjusted Segment EBITDA to Income from Continuing Operations Attributable to EnPro (In Millions) Industries, Inc. 2024 2023 Sales Income from continuing operations $ 12.5 $ 26.0 2024 2023 Income tax expens
Slide 18: Segment Information (2/2)
Segment Information (2/2) For the Three Months Ended March 31, 2024 and 2023 (In Millions) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Advanced Advanced Sealing Surface Total Sealing Surface Total Technologies Technologies Segments Technologies Technologies Segments Acquisiti
Slide 19: Consolidated Adjusted Net Income
Consolidated Adjusted Net Income (In Millions, Except Per Share Data) Three Months Ended March 31, 2024 2023 Average Average common common shares shared outstanding, Per outstanding, Per $ diluted Share $ diluted Share Income from continuing operations $ 12.5 21.1 $ 0.59 $ 26.0 20.9 $ 1.24 Income ta
Slide 20: Free Cash Flow
Free Cash Flow (In Millions) Free Cash Flow - Three Months Ended March 31, 2024 Net cash provided by operating activities $ 6.3 Purchases of property, plant, and equipment (8.2) $ (1.9) Free Cash Flow - Three Months Ended March 31, 2023 Net cash provided by operating activities $ 26.4 Purchases of p