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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.
 






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