|PRINT | CLOSE WINDOW|
Garlock Sealing Technologies LLC reported double-digit increases in first-quarter sales and profit Friday.
The Palmyra Wayne County-based firm reported adjusted net income of $6.9 million, up 77 percent from adjusted net income of $3.9 million for the same period last year.
Measures of Garlock’s profitability, including adjusted net income, do not reflect legal expenses of roughly $4.3 million incurred in the first quarter of 2011 due to an asbestos claims resolution process and asbestos-related expenses for the first quarter of 2010, the company said.
Third party sales grew 18 percent to $52.4 million, up from $44.4 million a year ago.
The company said the increase in sales was due to higher demand for its product, particularly from the steel industry, plus a strong maintenance and turn-around season in the United States petrochemical industry.
Garlock is part of North Carolina-based EnPro Industries LLC.
Last year, 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) 2011 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail email@example.com.