Revenue during the quarter dropped 10.87 percent to $286.90 million from $321.90 million in the previous year period. Gross margin for the quarter contracted 42 basis points over the previous year period to 31.58 percent. Total expenses were 95.36 percent of quarterly revenues, up from 93.29 percent for the same period last year. That has resulted in a contraction of 207 basis points in operating margin to 4.64 percent.

Operating income for the quarter was $13.30 million, compared with $21.60 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $28.80 million compared with $32.20 million in the prior year period. At the same time, adjusted EBITDA margin improved 4 basis points in the quarter to 10.04 percent from 10 percent in the last year period.

"Despite the market headwinds that continue to be quite challenging, I am very much energized about EnPro’s future", said Steve Macadam, EnPro Industries president and chief executive officer. "Over the past year, we have taken a variety of actions to resolve our asbestos burden, strengthen our core business and create new growth opportunities. In the fourth quarter, we completed several major milestones in our plan to finalize the ACRP, and we remain on track for the confirmation and ultimate consummation of the joint plan of reorganization filed pursuant to the consensual comprehensive settlement announced on March 17, 2016. Assuming receipt of necessary court approvals, we expect consummation and the reconsolidation of GST into EnPro to occur in the third quarter of this year. Our efforts to reduce costs and exit underperforming businesses have resulted in a leaner and more agile organization, and our ongoing investments in innovation are showing promise in many of our businesses.

The company has spent $61.40 million cash to meet investing activities during the year as against cash outgo of $86.50 million in the last year.

Cash flow from financing activities was $22 million for the year as against cash outgo of $85.20 million in the last year period.

Cash and cash equivalents stood at $111.50 million as on Dec. 31, 2016, up 7.83 percent or $8.10 million from $103.40 million on Dec. 31, 2015.

Working capital declines
EnPro Industries, Inc. has witnessed a decline in the working capital over the last year. It stood at $221.90 million as at Dec. 31, 2016, down 7.23 percent or $17.30 million from $239.20 million on Dec. 31, 2015. Current ratio was at 1.73 as on Dec. 31, 2016, down from 1.86 on Dec. 31, 2015.