Enpro shares took a hit on Tuesday as the company reported a loss in the fourth quarter due to declining sales.
Stock Performance
The stock dropped 7.9% to $152.78 during late morning trading, marking a decrease of about 3.2% since the beginning of the year.
Financial Results
Enpro, an industrial technology company based in Charlotte, N.C., recorded a loss of $4.9 million, or 23 cents per share, in the quarter ending Dec. 31. This was a significant decline from the $127 million profit, or $6.11 per share, reported in the previous year.
After excluding certain one-time items, the company reported a profit of $1.19 per share, falling short of the $1.44 forecast by analysts surveyed by FactSet.
Sales Decline
Enpro experienced an 8.4% decrease in sales, amounting to $249.1 million in the fourth quarter, with organic sales falling by 9%. The company attributed this decline to reduced demand in various sectors including the semiconductor market, commercial vehicle manufacturing, industrials, commercial aerospace, and pharma.
Outlook
Despite the tough fourth quarter, Enpro projected revenue growth in the low- to mid-single digit range for 2024. Analysts surveyed by FactSet anticipate sales of $1.145 billion for the year, reflecting a year-on-year growth rate of just over 8%.
The company also provided an adjusted earnings guidance of $7 to $7.80 per share, slightly differing from the analysts' forecast of $7.65 per share.
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