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Text: These statements involve a number of risks and uncertainties, including impacts from the COVID-19 pandemic and related governmental responses and their impact on the general economy, as well as other risks and uncertainties that are described in our filings with the SEC, including our most recent Form 10-K.
Also, during the call, we will reference a number of non-GAAP financial measures.
I also want to remind you that as a result of the sale of Fairbanks Morse in January 2020, the former Power Systems segment is accounted for as discontinued operations in our financial statements for the prior-year period.
As previously announced, EnPro will host a virtual investor day on Thursday, May 27.
Members of EnPro's executive management team, including Marvin and me, will provide an overview and update of the company's long-term vision, growth strategy, business segments, as well as operational and financial objectives.
Registration information for this virtual event is available on the company's investor relations website.
I really appreciate you joining us today and hope you and your families are safe and healthy.
As we begin to turn the corner on the pandemic in the United States due to the vaccine rollout, we're mindful that everyone is not yet vaccinated, and the recovery is uneven throughout the rest of the world.
There are still many places in the world, like India, where the virus is spreading rapidly, so we must remain vigilant regarding maintaining safety protocols, operating processes and new ways of working that protects our employees and fellow citizens.
I am extremely proud of our team members who continue to exemplify EnPro's values of safety, excellence and respect for all people while delivering quality products and services to our customers.
Now moving on to our first-quarter highlights.
Overall, we experienced a faster than expected recovery in most of our end markets.
We delivered extraordinary results, driven by improved demand, the benefits of increased exposure to higher-margin and faster growth businesses, which resulted from portfolio actions taken last year and cost savings initiatives driven by our Capability Center.
Despite several countries returning to lockdown, February's severe weather in the southwestern U.S. and challenges with global logistics and ocean transport, we were still able to fortify our key materials while holding supply chain disruptions to a minimum.
In our response to COVID-19, we enhanced the collaboration between supply chain, manufacturing and our commercial teams.
This enhanced collaboration really helped us to respond quickly with price increases to offset higher material costs and increased customer engagement where necessary.
We have fundamentally transformed the way we work and the benefits are showing up in our results.
Our order trends are extremely strong.
As a point of reference, March 2021 was the highest order intake month in the past three years.
We continue to be encouraged by what we're seeing and hearing from our customers, particularly in the semiconductor, food and pharma, petrochemical, automotive and heavy-duty truck markets.
In the first quarter, sales were down modestly on a year-over-year basis as a result of the 2020 divestitures.
Despite the divestitures, orders were up over 10%.
On an organic basis, our sales were up 5.5%.
Our first-quarter adjusted EBITDA of $52 million increased 28% year over year, and adjusted EBITDA margin expanded 420 basis points to 18.6%.
The strong performance was the result of actions taken to reshape our portfolio, improving end market trends and cost mitigation initiatives.
All three business segments contributed to our adjusted EBITDA growth.
A key contributor to our success is our clear and consistent strategy.
We're focused on four areas.
First, focusing on niche high-margin material science related businesses with strong cash flow.
Second, investing in faster growth markets, including technology, while maintaining a strong aftermarket exposure.
Third, leveraging the EnPro Capability Center to increase margins and cash flow return on investment.
And fourth, maximizing long-term shareholder returns through a commitment to sustainability and disciplined capital allocation.
While there were no transactions announced this quarter, the portfolio optimization work continues and the corporate development team is hard at work vetting a robust pipeline of opportunities that fit our portfolio strategy.
As you know, we executed a number of successful portfolio-shaping actions over the last year and a half that have moved us into a higher growth and less cyclical business model.
In February, in connection with the portfolio reshaping actions, we announced our resegmentation into three reporting segments.
Sealing technologies, Advanced Surface Technologies and Engineered Materials.
The resegmentation better aligns our technical and operational expertise, enables improvements in measuring and managing performance, facilitates improved decision-making and enhances transparency for investors.
All three segments performed exceptionally well this quarter.
I would like to take a moment to highlight our new segment, Advanced Surface Technologies, given the level of our recent investments there.
The Advanced Surface Technologies segment, which includes Alluxa, LeanTeq and the Technetics Semiconductor businesses, posted 49% revenue growth, 137% adjusted EBITDA growth, and adjusted EBITDA margin expansion of over 1,000 basis points to 31.6%.
These results were driven by a full quarter's contribution of Alluxa, accelerating revenue growth at LeanTeq and solid performance of Technetics Semiconductor, so a very, very strong quarter.
Our cleaning, coatings and refurbishment businesses, consisting of LeanTeq and the Technetics Semiconductor business, have grown significantly year-over-year based on increasing demand for sub 10-nanometer semiconductor wafers.
We remain very optimistic about the LeanTeq business and despite the impact of COVID-19, its sales and earnings remain on track with our expectations at the time of the transaction.
We continue to add capacity in this business to meet increased demand.
The build-out of the new LeanTeq facility in Taiwan for expansion of five and three-nanometer applications is expected to be qualified by the third quarter of the year and will support continued growth.
We are also making great progress with customer acquisitions and qualifications at the U.S. site in Milpitas, California.
Alluxa had a great start to the year with year-over-year sales growth across all of its markets during the first quarter.
We anticipate continued strong demand for the remainder of the year.
Our integration process is going very smoothly by leveraging our collective thin film technology IP and the EnPro Capability Center while being careful not to disrupt Alluxa's day-to-day business.
We have made significant progress over the last two years, improving our financial results, reshaping our portfolio and positioning the company for long-term profitable growth.
With the successful acquisitions of LeanTeq and The Aseptic Group and more recently, the acquisition of Alluxa, we have an excellent foundation to drive organic growth.
We continue to maintain a disciplined approach to capital allocation and relentless focus on cash generation.
We have a healthy balance sheet and an untapped revolver.
Therefore, we are well positioned with the financial flexibility to make strategic investments in our existing businesses, as well as execute additional acquisitions that meet our M&A criteria.
Before handing the call over to Milt for a more detailed overview of our financial results, I will share some additional color on EnPro's sustainability initiatives.
We will be releasing our 2021 sustainability report in a few weeks, and I'm excited to give you a preview of the key highlights today.
In the area of employee development and safety, we've created an environment where all employees can flourish in a culture where financial performance and human development are equal and inextricably linked.
We strive to promote a safe environment, both physically and mentally.
We're the only public company recognized by EHS today as America's safest company three separate times, and 2020 was the safest year in the history of our company as measured by medical treatment case rates.
In the area of diversity and inclusion, we are deliberately diverse, which underscores our belief that a diverse workforce is critical to our success.
The percentage of female promotions in the U.S. has increased 10% since January 2019.
In the area of supporting our communities, we announced in December our $1 million funding of the EnPro Foundation focused on advancing education, equality, diversity and the preservation of human dignity.
Regarding environmental responsibility and sustainability, we're committed to diligently exploring all opportunities to reduce our energy usage and to minimizing greenhouse gas emissions wherever feasible.
We've also gone so far as divesting certain carbon-intensive lines of business such as Fairbanks Morse and selectively disengaging with market sectors that are highly carbon intensive.
Currently, approximately 7% of our revenue comes from the oil and gas industry, and we anticipate this percentage to decrease over time as our strategic transformation continues.
Many of our products, such as gaskets and seals, protect the environment by helping to contain and prevent the release of harmful substances.
At EnPro, we're truly committed to sustainability as it is embedded throughout our entire global organization.
We are confident that our sustainability initiatives will be a key contributor to our continued success as a company.
Now I will hand the call over to Milt for a deeper dive into our financial results for the quarter.
As Marvin mentioned, we had a really strong quarter.
Positive momentum in the semiconductor, food and pharma, petrochemical, automotive and heavy-duty truck markets, as well as the contribution from the acquisition of Alluxa, mostly offset the reduction in sales due to last year's divestitures.
As reported, sales of $279 million for the first quarter decreased 1.2% year over year.
Excluding the impact of foreign exchange translation and sales from acquired and divested businesses, organic sales for the quarter grew 5.5% compared to the first quarter of 2020.
Sequentially, excluding portfolio reshaping activities, sales were up 7.1%.
Gross profit margin of 39.2% increased 550 basis points versus the prior-year period.
The increase was driven by the benefit of divesting low margin businesses, the addition of Alluxa, sales growth at LeanTeq, as well as initiatives supported by the EnPro Capability Center, including supply chain and other companywide cost reduction programs.
The year-over-year improvement in gross profit margin was achieved despite a $2.4 million amortization of acquisition-related inventory write-up in the first quarter of 2021.
Adjusted EBITDA of $52 million increased 28.1% over the prior-year period as a result of organic sales growth, strategic acquisitions and cost reductions taken across the company.
Adjusted EBITDA margin of 18.6% increased approximately 420 basis points compared to the first quarter of 2020.
Corporate expenses of $11.6 million in the first quarter of 2021 increased by $3.2 million from last year.
The increase was driven primarily by higher incentive compensation accruals.
Adjusted diluted earnings per share of $1.37 increased 43% compared to the prior-year period.
Amortization of acquisition-related intangible assets in the first quarter was $11.3 million compared to $9 million in the prior-year period.
We anticipate amortization of acquisition-related intangibles will be between $44 million and $46 million in 2021.
As a reminder, our estimated normalized tax rate used in determining adjusted earnings per share is 30%.
Moving to the discussion of segment performance, Sealing Technologies, which includes Garlock, STEMCO and the Technetics sealing businesses, reported sales of $146.5 million in the first quarter.
The year-over-year decrease of 15.6% was due to portfolio reshaping activities last year.
Excluding the impact of foreign exchange translation and sales from divested businesses, sales increased 0.9% versus the prior-year period.
During the quarter, we saw strong demand in the food and pharma, petrochemical, power generation, metals and mining, and heavy-duty truck markets, while weakness in aerospace markets continued.
As you may recall, the Sealing Technologies segment reported exceptionally strong sales in the first quarter of last year as many distributors secured supply to mitigate pandemic related risks.
We are pleased that our business has delivered even better results this year.
For the first quarter, adjusted EBITDA increased 1.2% to $33.9 million and adjusted segment EBITDA margin expanded 380 basis points to 23.1%.
The margin expansion was driven primarily by the divestitures of low-margin businesses last year, cost reduction initiatives, as well as pricing increases.
Excluding the impact of foreign exchange translation and divestitures, adjusted segment EBITDA increased 6.1% compared to the prior-year period.
Turning now to Advanced Surface Technologies, which includes Alluxa, LeanTeq and the Technetics Semiconductor businesses, first quarter sales of $54.7 million increased to 49%, driven primarily by strong demand in the semiconductor market and the acquisition of Alluxa.
Excluding the impact of foreign exchange translation and the Alluxa acquisition, sales increased 22.6% versus the prior-year period.
For the first quarter, adjusted segment EBITDA increased 137% to $17.3 million, and adjusted segment EBITDA margin expanded from 19.9% a year ago to 31.6%, driven primarily by the Alluxa contribution and growth in the LeanTeq business.
The contribution from Alluxa was driven by strong sales and operating leverage.
Excluding the impact of Alluxa and foreign exchange translation, adjusted segment EBITDA increased 57.5% compared to the prior-year period.
In Engineered Materials, which consists of GGB and CPI, first quarter sales of $80.4 million increased 7.1% compared to the prior year, driven by stronger sales in general industrial, automotive and petrochemical markets, partially offset by weakness in the oil and gas and aerospace markets.
Excluding the impact of foreign exchange translation and the divestiture of GGB's Bushing Block business, sales for the quarter increased 5.3%.
For the first quarter compared to previous year, adjusted segment EBITDA increased 51.8% to $12.6 million, and adjusted segment EBITDA margin expanded 460 basis points to 15.7%.
These increases were driven primarily by strong sales volume recovery, manufacturing cost reductions, and savings from headcount reductions and travel expenses.
Excluding the impact of foreign exchange translation, adjusted EBITDA increased 39.3% compared to the prior-year period.
Now let's turn to the balance sheet and cash flow.
We ended the quarter with cash of $232 million and with full availability on our $400 million revolver, less $11 million in outstanding letters of credit.
At the end of March, our net debt to adjusted EBITDA ratio was approximately 1.4 times, a sequential decline from the 1.6 times reported at the end of the fourth quarter.
Our balance sheet remains in a healthy position, and we have ample financial flexibility to execute against our strategic growth initiatives.
Free cash flow for the quarter was $14.1 million, up from negative $4.9 million in the prior year.
This was driven primarily by higher operating profits and improvements in working capital management.
During the first quarter, we paid a $0.27 per share quarterly dividend totaling $5.7 million, a 4% increase versus the prior year.
Regarding capital allocation, we continue to prioritize investments in organic and inorganic growth.
Moving now to 2021 guidance, taking into consideration all the factors that we know at this moment, including the ongoing global economic recovery from the COVID-19 pandemic which is stronger-than-anticipated a quarter ago, we are increasing 2021 adjusted EBITDA to be in the range of 190 million to $200 million, up from our previous guidance of $178 million to $188 million.
The updated adjusted EBITDA range is based on sales growth of 7 to 12% over 2020 pro forma sales of $983 million, up from previous guidance range of 6 to 10% growth.
We expect adjusted diluted earnings per share from continuing operations to be in the range of $4.74 to $5.08, up from the range of $4.32 to $4.66 provided last quarter.
Our guidance assumes depreciation and amortization expense, excluding amortization of acquisition-related intangible assets, in the range of $33 million and $35 million and net interest expense of $15 million to $17 million, both unchanged from prior guidance.
Given the stronger-than-expected first-quarter results and order patterns to date, we now anticipate a moderately stronger first half of the year relative to the second half.
This is in contrast to a quarter ago when we expected a gradual strengthening as the year progressed.
This quarter demonstrates the benefits of our clear and consistent strategy, the Capability Center and our portfolio reshaping initiatives.
We expect this momentum to continue as we focus on driving commercial excellence and operational excellence throughout the company.
I'm confident that our profitable growth strategy, experienced leadership team, increasingly diverse and dedicated workforce and strong financial position will lead to continued growth and long-term shareholder value.
In closing, I'm extremely proud of our progress transforming EnPro into a leading industrial technology company, using material science to push boundaries in semiconductor, life sciences and other technology-enabled sectors.

user
enpro increases full-year guidance.
q1 adjusted earnings per share $1.37.
sees fy 2021 adjusted earnings per share $4.74 to $5.08 from continuing operations.

assistant