This Week
  • CEO David Boyce has Tompkins Insurance Agencies on a growth path.

  • ROC the Future gives update on milestones for local education system.

  • The Greater Rochester Awards honorees are profiled.

  • Aware of challenges, private schools work to build a sustainable future.

  • Mech Tech HVAC CEO Edward Burns expects the firm to log solid growth in 2014.

  • Owner of U.S. Ceiling Corp. uses digital estimation to save time and stay competitive.

Q4 adjusted net income rises, sales dip at Garlock

Rochester Business Journal
February 7, 2014

Garlock Sealing Technologies LLC reported an increase in fourth-quarter adjusted net income, but a drop in sales.

The Palmyra, Wayne County, firm posted adjusted net income of $8.7 million, up 32 percent from $6.6 million a year ago. Asbestos-related expenses totaled $6.9 million, down $2 million from the fourth quarter 2012. Lower manufacturing costs and a more profitable profit mix increased operating profits, the company said.

Sales were down 5 percent to $50.4 million, from $52.9 million. The sales reflected declines in activity in Japanese and Australian markets, the company said.

For the year, Garlock reported adjusted net income of $37.8 million, up 19 percent from $31.8 million in 2012. The increase reflects expenses associated with an asbestos liability trial completed last August.

Sales were $218.3 million, down 1 percent from $220 million in 2012.

Garlock is a deconsolidated operation of North Carolina-based EnPro Industries Inc.

In January, the judge in the asbestos trial issued an opinion estimating the firm’s liability for mesothelioma claims at $125 million, an amount consistent with the estimate Garlock presented at the trial.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 






What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google