Enpro (NPO) FY2023 results: revenue $1.1 billion, down 3.6% on the year

Enpro Inc. (NPO) reported revenue of $1.1 billion for fiscal 2023, the year ended 31 December 2023, down 3.6% on the year before. Net income was $22 million, down 89.2%, and diluted earnings per share $1.05. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue

$1.1 billion

-3.6% on the year

FY2016FY2023

Operating margin

7.3%

6.6% a year earlier

FY2016FY2023

Net income

$22 million

-89.2% on the year

FY2016FY2023

Diluted EPS

$1.05

-89.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,059	1,099	840	-3.6%
Cost of revenue	632	676	512	-6.4%
Gross profit	427	423	328	+0.8%
Gross margin	40.3%	38.5%	39.0%
Research and development	9.5	10.1	9.8	-5.9%
Selling, general and administrative	284	283	260	+0.5%
Operating income	76.8	72.2	65.4	+6.4%
Operating margin	7.3%	6.6%	7.8%
Interest expense	45.0	35.6	16.2	+26.4%
Pre-tax income	37.7	28.3	66.0	+33.2%
Income tax	30.8	24.4	8.7	+26.2%
Effective tax rate	81.7%	86.2%	13.2%
Net income	22.2	205	178	-89.2%
Net margin	2.1%	18.7%	21.2%
Diluted EPS	$1.05	$9.83	$8.57	-89.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	208	127	142	+63.1%
Capital expenditure	33.9	29.4	14.9	+15.3%
Free cash flow	174	98.0	127	+77.4%
Free cash flow margin	16.4%	8.9%	15.1%
Cash from investing	-7.4	n/a	n/a
Cash from financing	-171	-402	618
Depreciation and amortisation	94.5	103	63.8	-8.3%
Share-based compensation	9.8	6.5	5.0	+50.8%
Buybacks	n/a	n/a	0.0
Dividends paid	24.3	23.4	22.4	+3.8%
Dividend per share	$1.12	$1.12	$1.08	0.0%
Diluted shares, weighted	21m	21m	21m	+0.5%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,410	1,395	1,270	+1.0%
Redeemable equity	17.9	17.9	50.1	0.0%
Short-term borrowings	n/a	0.0	n/a
Debt	647	791	1,126	-18.2%
Operating lease liabilities	40.6	38.1	43.9	+6.6%
Other liabilities	384	406	480	-5.3%
Total liabilities and equity	2,500	2,648	2,970	-5.6%
Fixed assets	194	185	184	+4.6%
Goodwill	808	864	948	-6.4%
Investments	n/a	0.0	n/a
Cash and equivalents	370	334	338	+10.6%
Inventory	143	152	136	-6.1%
Other assets	985	1,112	1,364	-11.5%
Total assets	2,500	2,648	2,970	-5.6%

10-K for the year ended 31 December 2023, filed 27 February 2024: the filing.