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EnPro Industries (NPO) Prices $150M Senior Notes Offering

Machinery company EnPro Industries Inc. NPO recently announced the pricing of tack-on offering of its $150 million Senior Notes due 2022. The notes carry a 5.875% coupon rate and belong to the same series as $300 million Senior Notes issued on Sep 16, 2014.

Over the last six months, EnPro Industries’ shares yielded 14.02% return, outperforming the gain of 8.63% recorded by the S&P 500.

As disclosed, EnPro Industries offered 5.875% Senior Notes due 2022 at a premium price of 101% of principal amount, plus accrued interest from Mar 15 to offer-closing date of Mar 24, 2016.

EnPro Industries intends to use the net proceeds from the issuance to repay its borrowings under the senior secured revolving credit facility and for general corporate purposes. Though such debt issuances satisfy general corporate purposes, we believe it makes the company more levered. Exiting 2016, the company had long-term debt of approximately $424.8 million, representing 19.3% increase over the year-ago tally of $356.28 million. If unchecked, higher debt levels will increase the company’s financial obligations and subsequently hurt its profitability.

EnPro Industries Price and Consensus

 

EnPro Industries Price and Consensus | EnPro Industries Quote

EnPro Industries currently has a market capitalization of $1.37 billion and carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the machinery industry include Parker-Hannifin Corporation PH, Roper Technologies, Inc. ROP and Altra Industrial Motion Corporation AIMC. While both Parker-Hannifin and Roper Technologies sport a Zacks Rank #1 (Strong Buy), Altra Industrial Motion carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Parker-Hannifin reported better-than-expected results in the last four quarters, with an average positive earnings surprise of 12.44%. Also, bottom-line expectations for fiscal 2017 and fiscal 2018 have improved over the past 60 days.

Roper Technologies’ financial performance has been impressive, with an average positive earnings surprise of 0.92% for the last four quarters. Also, earnings estimates for 2017 and 2018 have been revised upward over the last 60 days.

Altra Industrial Motion reported better-than-expected results in the last four quarters, with an average positive earnings surprise of 12.49%. Also, its earnings estimates for 2017 and 2018 improved in the last 60 days.

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Roper Technologies, Inc. (ROP): Free Stock Analysis Report
 
Parker-Hannifin Corporation (PH): Free Stock Analysis Report
 
Altra Industrial Motion Corp. (AIMC): Free Stock Analysis Report
 
EnPro Industries (NPO): Free Stock Analysis Report
 
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