RTTNews | Nov 3, 2020 07:00AM EST

06:59 Tuesday, November 3, 2020 (RTTNews.com) - EnPro Industries Inc. (NPO) reported Tuesday that its net loss for the third quarter widened to $19.7 million or $0.96 per share from net loss of $1.5 million or $0.08 per share in the year-ago period.

Excluding items, adjusted earnings from continuing operations were $0.67 per share, compared to $0.73 per share in the prior-year period.

However, net sales for the quarter declined 10.3 percent to $268.3 million from $299.0 million in the prior-year quarter.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share for the quarter on revenues of $214.6 million. Analysts' estimates typically exclude special items.

For fiscal 2020, EnPro Industries projects a year-over-year sales decline of a little over 15 percent and adjusted EBITDA margins of about 15 percent. This compares to the prior scenario planning ranges of a 15 percent to 25 percent decline in sales and adjusted EBITDA margins of 13 percent to 14 percent.

The Street expects earnings of $1.61 per share for the year on a 20.7 percent decrease in sales to $955.87 million.

EnPro noted that its two-year, $50 million share repurchase authorization initiated in October 2018 has now expired. The company's board approved a new share repurchase program, which runs to October 31, 2022, whereby the company may repurchase up to $50 million of shares in both open market and privately negotiated transactions.

EnPro added that its dividend policy remains unchanged and the company paid a quarterly dividend of $0.26 per share during the third quarter.

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