Enpro (NPO) FY2022 results: revenue $1.1 billion, up 30.8% on the year

Enpro Inc. (NPO) reported revenue of $1.1 billion for fiscal 2022, the year ended 31 December 2022, up 30.8% on the year before. Net income was $205 million, up 15.3%, and diluted earnings per share $9.83. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$1.1 billion

+30.8% on the year

FY2015FY2022

Operating margin

6.6%

7.8% a year earlier

FY2015FY2022

Net income

$205 million

+15.3% on the year

FY2015FY2022

Diluted EPS

$9.83

+14.7% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,099	840	800	+30.8%
Cost of revenue	676	512	514	+31.9%
Gross profit	423	328	286	+29.0%
Gross margin	38.5%	39.0%	35.7%
Research and development	10.1	9.8	9.4	+3.1%
Selling, general and administrative	283	260	230	+8.6%
Operating income	72.2	65.4	29.1	+10.4%
Operating margin	6.6%	7.8%	3.6%
Interest expense	35.6	16.2	16.5	+119.8%
Pre-tax income	28.3	66.0	-23.5	-57.1%
Income tax	24.4	8.7	-2.5	+180.5%
Effective tax rate	86.2%	13.2%	n/a
Net income	205	178	178	+15.3%
Net margin	18.7%	21.2%	22.2%
Diluted EPS	$9.83	$8.57	$8.64	+14.7%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	127	142	50.6	-10.3%
Capital expenditure	29.4	14.9	13.4	+97.3%
Free cash flow	98.0	127	37.2	-22.9%
Free cash flow margin	8.9%	15.1%	4.7%
Cash from financing	-402	618	-167
Depreciation and amortisation	103	63.8	56.6	+61.6%
Share-based compensation	6.5	5.0	5.4	+30.0%
Buybacks	n/a	0.0	5.3
Dividends paid	23.4	22.4	21.7	+4.5%
Dividend per share	$1.12	$1.08	$1.04	+3.7%
Diluted shares, weighted	21m	21m	20m	+0.5%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,395	1,270	1,081	+9.8%
Redeemable equity	17.9	50.1	48.4	-64.3%
Short-term borrowings	0.0	n/a	0.0
Debt	791	1,126	491	-29.8%
Operating lease liabilities	38.1	43.9	35.3	-13.2%
Other liabilities	406	480	427	-15.3%
Total liabilities and equity	2,648	2,970	2,084	-10.8%
Fixed assets	185	184	195	+0.5%
Goodwill	864	948	605	-8.9%
Investments	0.0	n/a	n/a
Cash and equivalents	334	338	230	-1.1%
Inventory	152	136	139	+11.8%
Other assets	1,112	1,364	915	-18.4%
Total assets	2,648	2,970	2,084	-10.8%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.