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Stock Market & Financial Investment News

News Breaks
May 29, 2014
04:55 EDTNPO, NPO, NPOEnPro management to meet with Sterne Agee
Meetings to be held in Chicago June 2-3 hosted by Sterne Agee.
News For NPO From The Last 14 Days
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April 30, 2015
07:12 EDTNPOEnPro seeing slowing demand from oil and gas markets
“OEM order activity remains firm in our semiconductor, aerospace and trucking markets, and we have a healthy backlog and order rate in Power Systems,” said Steve Macadam, president and CEO. “However, we are seeing slowing demand from oil and gas markets as low commodity prices result in reduced project and maintenance spending. In addition, we expect the weakness of the euro and other foreign currencies to continue to have an unfavorable effect on our results as we translate sales denominated in those currencies to U.S. dollars. Longer term, we expect to benefit from our strategic growth initiatives including growth from new products and recent strategic acquisitions.”
07:11 EDTNPOEnPro reports Q1 adjusted EPS 25c, consensus 28c
Reports Q1 revenue $277.5M, consensus $275.27M.
April 22, 2015
12:00 EDTNPOEnPro announces completion of $80M share repurchase program
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April 21, 2015
10:52 EDTNPOEnPro sees Q1 operating income $17.6M ex-losses, consensus 30c
EnPro Industries announced that its first quarter results will include a loss provision of $6.2M as a result of the effect of foreign exchange rates on Fairbanks Morse Engine’s euro-denominated contract with Electricite de France. Under the multi-year contract, signed in May 2014 and valued at EUR 89.2M, FME will provide engines for backup power for EDF’s French nuclear power facilities. Excluding the $6.2M loss provision, EnPro’s first quarter operating income is expected to be $17.6M, compared to $17.4M for the first quarter of 2014. Including the loss provision, EnPro’s first quarter operating income is expected to be $11.4M. Excluding the loss provision, EnPro’s Power Systems segment, which is composed of FME, is expected to report segment profit of $6.8M for the first quarter, compared to $3.3M in the first quarter of 2014. Including the loss provision, Power Systems’ first quarter 2015 segment profit is expected to be $0.6M. The loss provision on the EDF contract was not included in the company’s previously provided guidance for 2015. Since the contract was signed, the U.S. dollar has strengthened significantly against the euro, resulting in total U.S. dollar equivalent revenues, calculated at the exchange rate in effect at the end of the first quarter, falling below total projected U.S. dollar costs for the EDF contract. This evaluation is based upon the 2015 quarter-end U.S. dollar to euro exchange rate of $1.10. At the time the contract was signed, the exchange rate was $1.36. The evaluation of the impact of exchange rates on the contract will be updated on a quarterly basis for the duration of the contract. FME’s total euro-denominated sales and purchasing volumes, including the EDF contract, other engine programs and aftermarket parts are approximately balanced. At current exchange rates, the Company expects to benefit in the future from parts sourced in euros for other engine sales contracts and aftermarket parts that are denominated in U.S. dollars. However, pursuant to applicable accounting guidelines, each contract must be accounted for separately, and a loss on one contract cannot be offset against the future benefits to be realized on other contracts, even if driven by a common factor, in this case foreign exchange rates. EnPro’s full results for the first quarter will be communicated in the Earnings Release and conference call scheduled for April 30, and in the Quarterly Report on Form 10-Q to be filed on or about May 6.
April 20, 2015
18:34 EDTNPOEnPro sees Q1 operating income $17.6M ex-losses, consensus 30c
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