Garlock Sealing Technologies LLC reported a 2 percent increase in second-quarter sales Thursday, driven by modest increases in activity in North American markets and better pricing.
The Palmyra, Wayne County-based manufacturer reported revenue of $58.2 million, up from $56.9 million a year ago.
Adjusted net income, which excludes intercompany interest income and expense associated with the asbestos claims resolution process, increased 24 percent to $11.3 million from $9.1 million a year ago.
Lower selling, general and administrative expenses increased operating profits and operating profit margins in the quarter, the company reported.
Garlock is a deconsolidated subsidiary of North Carolina-based EnPro Industries Inc. In 2010, Garlock filed a voluntary petition to establish a trust to resolve all current and future asbestos claims under the U.S. Bankruptcy Code.
The U.S. Bankruptcy Court in Charlotte, N.C., recently began presiding over a trial that examines how much, if anything, the firm owes individuals who have been or will be diagnosed with mesothelioma, a form of cancer associated with asbestos.
EnPro reported net income of $8 million, or 35 cents a share, compared with net income of $10.2 million, or 47 cents a share, a year ago. EnPro’s sales were $305.8 million, up 1 percent.
(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail firstname.lastname@example.org.