EnPro Industries, Inc. (NYSE:NPO) Q3 2023 Earnings Call Transcript

Ian Zaffino: Okay. Thank you very much.

Operator: Thank you. Our next question comes from the line of Jeff Hammond with KeyBanc Capital Markets. Please proceed with your questions.

Jeff Hammond: Hi guys. Just a couple of follow-ups. One, you guys have mentioned in the past wins, but I think you’re resent to kind of give an update there. But just within AST kind of qualitatively, what are you seeing from kind of new customers, breadth with current customers as you kind of roll out kind of this combination in NxEdge and LeanTeq and just some of the opportunities as you think about CHIPS Act and the recovery.

Eric Vaillancourt: I spoke a few quarters about our — and probably got myself in a little bit of trouble about our pipeline. But I’ll say, I won’t quantify it, but I will say this, our pipeline continues to grow. It continues to be exciting and it continues to be more and more vertically integrated. So when you look at the new opportunities coming in, our customers are recognizing the value of what our vertical integration play can be, and they’re excited about those opportunities. So our pipeline is very heavily weighted to vertical integration opportunities. I don’t want to quantify it, but it’s substantial, and it increases there monthly. So the number and size of our opportunities continues to grow and our pipeline continues to grow, and we are holding our win rate.

Jeff Hammond: Okay. And then just any update on — Milt, we love having you around, but any update on kind of the CFO search?

Milton Childress: I’ll defer to Eric on that question.

Eric Vaillancourt: We remain active and very selective much like our acquisition strategy. We’re looking for — we’re being very disciplined in the search to find somebody that’s going to perform equally as well as Milt and be as valuable as Milt to the company. So we’re excited about it, and we continue to be in the process, but there isn’t any immediate update.

Jeff Hammond: Okay. Thanks so much guys.

Operator: Thank you. We have reached the end of our question-and-answer session. I would now like to turn the floor back over to James Gentile for closing comments.

James Gentile: Have a great day, everyone. Thank you for your interest.

Operator: Thank you. This does conclude today’s teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.