Enpro (NPO) FY2021 results: revenue $840 million, up 5.1% on the year

Enpro Inc. (NPO) reported revenue of $840 million for fiscal 2021, the year ended 31 December 2021, up 5.1% on the year before. Net income was $178 million, up 0.2%, and diluted earnings per share $8.57. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$840 million

+5.1% on the year

FY2014FY2021

Operating margin

7.8%

3.6% a year earlier

FY2014FY2021

Net income

$178 million

+0.2% on the year

FY2014FY2021

Diluted EPS

$8.57

-0.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	840	800	1,206	+5.1%
Cost of revenue	512	514	802	-0.4%
Gross profit	328	286	404	+14.9%
Gross margin	39.0%	35.7%	33.5%
Research and development	9.8	9.4	20.6	+4.3%
Selling, general and administrative	260	230	315	+13.1%
Operating income	65.4	29.1	56.6	+124.7%
Operating margin	7.8%	3.6%	4.7%
Interest expense	16.2	16.5	19.6	-1.8%
Pre-tax income	66.0	-23.5	4.3
Income tax	8.7	-2.5	-3.5
Effective tax rate	13.2%	n/a	-81.4%
Net income	178	178	38.3	+0.2%
Net margin	21.2%	22.2%	3.2%
Diluted EPS	$8.57	$8.64	$1.85	-0.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	142	50.6	208	+180.6%
Capital expenditure	14.9	13.4	21.6	+11.2%
Free cash flow	127	37.2	186	+241.7%
Free cash flow margin	15.1%	4.7%	15.4%
Cash from financing	618	-167	124
Depreciation and amortisation	63.8	56.6	67.9	+12.7%
Share-based compensation	5.0	5.4	6.8	-7.4%
Buybacks	0.0	5.3	15.0
Dividends paid	22.4	21.7	20.9	+3.2%
Dividend per share	$1.08	$1.04	$1.00	+3.8%
Diluted shares, weighted	21m	20m	21m	+1.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,270	1,081	897	+17.5%
Redeemable equity	50.1	48.4	28.0	+3.5%
Short-term borrowings	n/a	0.0	n/a
Debt	1,126	491	629	+129.2%
Operating lease liabilities	43.9	35.3	28.4	+24.4%
Other liabilities	480	427	453	+12.3%
Total liabilities and equity	2,970	2,084	2,035	+42.5%
Fixed assets	184	195	219	-5.5%
Goodwill	948	605	485	+56.7%
Cash and equivalents	338	230	121	+47.3%
Inventory	136	139	157	-2.3%
Other assets	1,364	915	1,053	+49.0%
Total assets	2,970	2,084	2,035	+42.5%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.