EnPro Industries, Inc. (NYSE:NPO) Q3 2023 Earnings Conference Call October 31, 2023 8:30 AM ET
Company Participants
James Gentile - VP, IR
Eric Vaillancourt - President and CEO
Milton Childress - EVP and CFO
Conference Call Participants
Jeff Hammond - KeyBanc Capital Markets
Steve Ferazani - Sidoti & Company
Ian Zaffino - Oppenheimer
Jeff Hammond - KeyBanc Capital Markets
Operator
Greetings. Welcome to the EnPro Third Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
At this time, I would like to hand the call over to James Gentile, Vice President, Investor Relations. Thank you. You may begin.
James Gentile
Thanks, Daryl, and good morning, everyone. Welcome to EnPro's third quarter 2023 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.
During today's call, we will reference a number of non-GAAP financial measures. Tables reconciling the historical non-GAAP measures to the comparable GAAP measures are included in the appendix to the presentation materials. Also, a friendly reminder that we'll 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 those described in our filings with the SEC, including our most recent Form 10-K.
Also note, during this call, we will be discussing our full year 2023 guidance, which excludes unforeseen impacts from these risks and uncertainties as well as changes in the numbers of shares outstanding, impacts from future acquisitions, dispositions, incremental impacts of inflation, foreign exchange and interest rate changes subsequent to the end of the third quarter. We do not undertake any obligation to update these forward-looking statements.
It is now my pleasure to turn the call over to Eric Vaillancourt, our President and Chief Executive Officer. Eric?
Eric Vaillancourt
Thanks, James, and good morning, everyone.
We will get started with an overview of our performance and strategic progress, and then I'll hand the call over to Milt for a more detailed analysis of our quarterly results. Sealing Technologies results remained robust in the third quarter, but we saw a year-over-year sequential weakness in AST, resulting from the continued slowdown in the semiconductor industry.
Despite these macro headwinds, our company delivered adjusted EBITDA margins of 23% for the third quarter, and 23.6% year-to-date. Our ability to maintain healthy margins during the semiconductor industry downturn reflects the benefits of our balanced portfolio and resilient business model which will enable us to continue navigating effectively through macroeconomic cycles.