Company: NPO
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001164863-25-000030
Chunk: 18

Company: Enpro Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Item 8
Chunk 18
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 platforms and long-term growth initiatives. 

Corporate expenses for the first six months of 2025 of $23.4 million increased $0.7 million as compared to the same period of 2024, primarily due to increased incentive compensation accruals and higher health insurance costs, partially offset by lower restructuring costs and professional fees.

Interest expense, net in the first six months of 2025 decreased by $2.2 million compared to the first six months of 2024 primarily driven by lower outstanding debt in 2025.

Other expense in the first six months of 2025 decreased $3.4 million compared to the same period last year, primarily due to the prior-year increase in the valuation reserve on a long-term promissory note received in partial consideration for the sale of a non-strategic business in 2020 ($4.5 million) and a decrease in environmental costs ($3.0 million), partially offset by a loss on the extinguishment of debt ($1.7 million), higher non-service pension related costs ($1.5 million), and an increase to insurance receivables in the prior year as a result of selling a claim from an insolvent carrier related to legacy matters ($0.6 million).

The effective tax rates for the six months ended June 30, 2025 and 2024 were 24.9% and 22.7%, respectively. The  effective tax rate for the six months ended June 30, 2025 is higher than the U.S. Federal tax rate primarily driven by higher tax rates in most foreign jurisdictions and state tax on domestic earnings partially offset by various tax credits. The effective tax rate for the six months ended June 30, 2024 is higher than the U.S. Federal tax rate primarily driven by higher tax rates in most foreign jurisdictions partially offset by favorable state amended return filings and additional tax benefit related to share-based payment awards.

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Net income was $50.9 million, or $2.40 per share, in the first six months of 2025 compared to $39.2 million, or $1.86 per share, in the first six  months of 2024. Earnings per share is expressed on a diluted basis. 

Backlog

As of June 30, 2025, the aggregate amount of transaction price of remaining performance obligations, or backlog, on a consolidated basis was $273.8 million. Approximately 95% of these obligations are expected to be satisfied within one year. There