EnPro Industries, Inc. (NYSE:NPO) Q2 2022 Earnings Conference Call August 2, 2022 8:30 AM ET

Company Participants

James Gentile - VP, IR

Eric Vaillancourt - President, CEO & Director

Milton Childress - EVP & CFO

Conference Call Participants

Jeffrey Hammond - KeyBanc Capital Markets

Ian Zaffino - Oppenheimer

Stephen Ferazani - Sidoti & Company

Operator

Greetings, and welcome to EnPro Industries Second Quarter 2022 Earnings Conference Call. [Operator Instructions]. It is now my pleasure to introduce your host James Gentile, Vice President, Investor Relations. Thank you.

James Gentile

Good morning and welcome to EnPro's Second Quarter 2022 Earnings Conference Call. I will remind you that our call is being webcast at enproindustries.com where you can find the presentation that accompanies this call. With me today is Eric Vaillancourt our President and Chief Executive Officer; and Milt Childress, Executive Vice President and Chief Financial Officer.

Before we begin today's discussion a friendly reminder that we will be making statements on this call that are not historical facts and that are considered forward-looking in nature. These statements involve a number of risks and uncertainties including impacts from the 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 and Form 10-Q.

Also during the call we will reference a number of non-GAAP financial measures. Tables reconciling these measures to the comparable GAAP measures are included in the appendix to the presentation materials. We do not undertake any obligation to update these forward-looking statements. Also note during this call, we will be providing full year guidance which excludes changes in the number of shares outstanding, impacts from future acquisitions, dispositions and related transaction costs, restructuring costs, incremental impacts of inflation, geopolitical variables and trade tensions on market demand and costs subsequent to the end of the second quarter. The impact of foreign exchange rate changes subsequent to the end of the second quarter, interest rate increases differing from assumptions outlined in guidance, impacts from the further spread of COVID-19 or other variants and environmental and litigation charges.

And now I will turn the call over to Eric.

Eric Vaillancourt

Good morning, everyone. It's my pleasure to provide an update on our second quarter results and outlook for the balance of 2022. I would like to take the opportunity to thank our colleagues for their hard work as we are reporting an outstanding quarter in a challenging macroeconomic and geopolitical environment. Now on to our second quarter highlights. We delivered another strong quarter driven by continued organic growth and operating leverage across all 3 business segments. In the second quarter sales of $333.3 million increased 11.6% year-over-year with organic sales growth of 9.5%, about half of which was volume and other half price.