Garlock Sealing Technologies LLC reported a slight increase in second-quarter sales due to a modest increase in activity in North American markets and better pricing.
The company, based in Palmyra, Wayne County, and its subsidiaries reported net income before selected items of $16.7 million, or 76 cents a share, which was flat with its earnings for the same period last year. After adjusted earnings, which include restructuring costs and an inventory step-up related to an acquisition, net income was $9.1 million, up 1 percent from adjusted net income of $9 million a year ago.
Sales rose 3 percent to $56.9 million, from $55.3 million during last year’s quarter.
Garlock is a 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. Because of this, Garlock’s financial results are not included in EnPro’s consolidated results of operations under the pendency of the asbestos claims resolution process, the company said.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail email@example.com.