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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CIRCOR International Inc | NYSE:CIR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.00 | 0 | 01:00:00 |
CIRCOR International, Inc. (NYSE: CIR) (“CIRCOR” or “the Company”), one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets, today announced financial results for the first quarter ended April 2, 2023.
Q1 2023 Overview (compared with Q1 2022):
President and CEO Tony Najjar said, "Strong orders momentum continued in the first quarter, reflecting our focus on customers and the execution of our growth strategy. Our team delivered organic orders growth of 13%, which was supported by both segments. We benefited from the continued recovery in the commercial aerospace market, strength in our Naval Defense programs, Industrial aftermarket, and value pricing in both the foremarket and aftermarket. Our backlog at the end of Q1 2023 was up 22% to a record $584 million.”
“Our value pricing initiatives, cost controls, and simplification actions continued to serve as growth and margin expansion levers during the quarter," Mr. Najjar continued. "We delivered a 173% increase in first-quarter adjusted operating income and an 840 basis-point improvement in adjusted operating margin supported by both segments. Our year-over-year results represented another step change in margin performance driven by the significant margin expansion in our Industrial and A&D segments. With the actions taken, and our team’s continued operating discipline and focus on our customers, we believe we are well positioned to deliver sustained growth and shareholder value.”
Strategic Review
Related to the Company’s previously announced review of strategic alternatives, CIRCOR’s Board of Directors, supported by external advisors and the management team, continues to progress with the review. Through its external advisors, the Board is in dialogue with a number of parties that have expressed interest in acquiring all or parts of the Company. The Company may suspend or terminate the review at any time and does not intend to make further announcements regarding the process unless and until the Board of Directors approves a course of action for which further disclosure is required or appropriate. The exploration of strategic alternatives may not result in any transaction or strategic change.
Conference Call Information
CIRCOR International will hold a conference call to review its first quarter 2023 financial results at 9:00 a.m. ET today, May 11, 2023. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. To listen to the live conference call and view the accompanying presentation slides, please visit “Webcasts & Presentations” in the “Investors” portion of CIRCOR’s website. https://investors.circor.com/. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. Participants are encouraged to dial in to the call at least 15 minutes prior to the start time. The webcast will be archived on the Company’s website for one year.
Selected Consolidated Results (unaudited)
($ millions except EPS)
Q1 2023
Q1 2022
Change
Revenue1
$
203.1
$
185.7
9%
GAAP operating income (loss)
17.9
(11.8
)
252%
Adjusted operating income2
28.4
10.4
173%
GAAP operating margin
8.8
%
(6.3
)%
1510 bps
Adjusted operating margin3
14.0
%
5.6
%
840 bps
GAAP (loss) per share
$
(0.02
)
$
(1.06
)
98%
Adjusted earnings per share (diluted)4
$
0.53
$
0.05
960%
Operating cash flow
(13.9
)
(15.9
)
14%
Adjusted free cash flow5
(16.6
)
(19.5
)
15%
Orders6
$
242.1
$
221.6
9%
Segment Results (unaudited)
($ in millions)
Q1 2023
Q1 2022
Change
Aerospace & Defense
Revenue
$
68.6
$
63.4
8%
Segment operating income
14.7
11.3
30%
Segment operating margin
21.5
%
17.9
%
360 bps
Orders6
$
84.4
$
77.9
8%
Industrial
Revenue1
$
134.5
$
122.3
10%
Segment operating income2
20.4
6.9
196%
Segment operating margin3
15.2
%
5.6
%
960 bps
Orders6
$
157.7
$
143.7
10%
Use of Non-GAAP Financial Measures
In this press release, the Company uses the non-GAAP financial measures adjusted net income, adjusted EBITDA, adjusted operating income, adjusted operating margin, adjusted earnings per share, adjusted free cash flow, and gross debt, net of cash. Non-GAAP financial measures are used by management in our financial and operating decision making because we believe they reflect our ongoing business and facilitate period-to-period comparisons. We believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating CIRCOR’s current operating performance and future prospects in the same manner as management does if they so choose. These non-GAAP financial measures can also assist investors and others in comparing CIRCOR’s current financial results with CIRCOR’s past financial results in a consistent manner.
We exclude costs and tax effects associated with special and restructuring activities, such as reducing overhead and consolidating facilities. We believe that the costs related to special and restructuring activities are not indicative of our normal operating costs. We exclude certain acquisition-related costs, including significant transaction costs and amortization of inventory and fixed-asset step-ups and the related tax effects. We exclude these costs because we do not believe they are indicative of our normal operating costs.
We exclude the expense and tax effects associated with the non-cash amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives up to 25 years. Exclusion of the non-cash amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.
We exclude certain gains/losses and related tax effects, which are either isolated or cannot be expected to occur again with any predictability, and that we believe are not indicative of our normal operating gains and losses. For example, we exclude gains/losses from items such as the sale of a business, significant litigation-related matters and lump-sum pension plan settlements. We exclude the results of discontinued operations. We exclude goodwill impairment charges. We exclude these costs because we do not believe they are indicative of our normal operating costs.
Due to the significance of recently sold or exited businesses and to provide a comparison of changes in our revenue and orders (an operating measure), we also discuss these changes on an “organic” basis. Organic is calculated assuming the divestitures and/or exited businesses completed prior to April 2, 2023 were completed on January 1, 2022 and excluding the impact of changes in foreign currency exchange rates.
CIRCOR’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s operating performance and comparing such performance to that of prior periods and to the performance of our peers. We use such measures when publicly providing our business outlook, assessing future earnings potential, evaluating potential acquisitions and dispositions and in our financial and operating decision-making process, including for compensation purposes.
Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with accounting principles generally accepted in the United States. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is included in this news release.
About CIRCOR International, Inc.
CIRCOR International is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,060 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements that address expectations or projections about the future, including with respect to the Company’s expectations for its performance in 2023 or relating to the Company’s strategic review are forward-looking statements. Actual results may differ materially from the expectations the Company describes in its forward-looking statements. Substantial reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of CIRCOR. Important factors that could cause actual results to differ materially from expectations include, but are not limited to the inability to achieve expected results in pricing and cost out actions and the related impact on margins and cash flow; the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the remediation of the material weaknesses in the Company’s internal controls over financial reporting or other potential weaknesses of which the Company is not currently aware or which have not been detected; the timing and outcome, if any, of the Company’s strategic alternatives review; the uncertainty associated with the current worldwide economic conditions and the continuing impact on economic and financial conditions in the United States and around the world, including as a result of COVID-19, rising inflation, increasing interest rates, natural disasters, military conflicts, including the conflict between Russia and Ukraine, terrorist attacks and other similar matters, and the risks detailed from time to time in the Company’s periodic reports filed with the Securities Exchange Commission. Before making any investment decisions regarding CIRCOR, the Company strongly advises you to read the section entitled “Risk Factors” in its 2022 annual report on Form 10-K, which can be accessed under the “Investors” link of the Company’s website at www.circor.com. These forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
CIRCOR INTERNATIONAL, INC CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share data) (unaudited)
Three Months Ended
April 2, 2023
April 3, 2022
Net revenues
$
203,097
$
185,655
Cost of revenues
129,031
130,372
Gross profit
74,066
55,283
Selling, general and administrative expenses
54,666
58,069
Special and restructuring charges, net
1,484
9,003
Operating income (loss)
17,916
(11,789
)
Other expense (income):
Interest expense, net
14,528
9,456
Other expense (income), net
214
(1,287
)
Total other expense, net
14,742
8,169
Income (loss) before income taxes
3,174
(19,958
)
Provision for income taxes
3,581
1,523
Net loss
$
(407
)
$
(21,481
)
Net loss per share (basic and diluted)
$
(0.02
)
$
(1.06
)
Weighted-average common shares (basic and diluted)
20,368
20,310
CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
Three Months Ended
April 2, 2023
April 3, 2022
OPERATING ACTIVITIES
Net loss
$
(407
)
$
(21,481
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation
4,712
5,000
Amortization
7,925
9,397
Change in provision for bad debt expense
(350
)
(89
)
Write down of inventory
1,497
439
Compensation expense for share-based plans
1033
(84
)
Amortization of debt issuance costs
975
514
Other impairment charges
—
8,011
Changes in operating assets and liabilities:
Trade accounts receivable
237
4,242
Inventories
(17,971
)
(15,465
)
Prepaid expenses and other assets
(4,811
)
(5,671
)
Accounts payable, accrued expenses and other liabilities
(6,766
)
(737
)
Net cash used in operating activities
(13,926
)
(15,924
)
INVESTING ACTIVITIES
Additions to property, plant and equipment
(5,045
)
(3,607
)
Proceeds from the sale of property, plant and equipment
38
15
Supplier funding
2,370
—
Proceeds from beneficial interest of factored receivables
1,097
927
Net cash used in investing activities
(1,540
)
(2,665
)
FINANCING ACTIVITIES
Proceeds from long-term debt
53,475
51,325
Payments of long-term debt
(50,800
)
(30,875
)
Net change in short-term borrowings
—
925
Withholding tax payments on net share settlements on equity awards
(450
)
(821
)
Net cash used in continuing financing activities
2,225
—
Net cash provided by financing activities
2,225
20,554
Effect of exchange rate changes on cash, cash equivalents and restricted cash
537
(712
)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
(12,704
)
1,253
Cash, cash equivalents, and restricted cash at beginning of period
66,724
61,374
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
54,020
62,627
CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (unaudited)
April 2, 2023
December 31, 2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
52,080
$
64,275
Trade accounts receivable, net
111,557
109,754
Inventories
156,967
139,786
Prepaid expenses and other current assets
120,124
117,766
Total Current Assets
440,728
431,581
PROPERTY, PLANT AND EQUIPMENT, NET
142,147
141,141
OTHER ASSETS:
Goodwill
120,114
119,847
Intangibles, net
249,379
256,338
Lease right-of-use assets, net
41,389
42,491
Deferred income taxes
507
512
Other assets
21,465
20,777
TOTAL ASSETS
$
1,015,729
$
1,012,687
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
80,224
78,778
Accrued expenses and other current liabilities
83,695
84,510
Accrued compensation and benefits
28,100
30,817
Total Current Liabilities
192,019
194,105
LONG-TERM DEBT
500,042
496,534
DEFERRED INCOME TAXES
18,422
18,238
PENSION LIABILITY, NET
87,090
85,968
LONG-TERM LEASE LIABILITIES
37,618
38,480
OTHER NON-CURRENT LIABILITIES
19,300
20,316
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding at April 2, 2023 and December 31, 2022
—
—
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,762,933 and 21,736,911 issued at April 2, 2023 and December 31, 2022, respectively
218
218
Additional paid-in capital
456,685
456,102
Accumulated deficit
(179,100
)
(178,693
)
Common treasury stock, at cost (1,372,488 shares at April 2, 2023 and December 31, 2022)
(74,472
)
(74,472
)
Accumulated other comprehensive loss, net of tax
(42,093
)
(44,109
)
Total Shareholders’ Equity
161,238
159,046
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,015,729
$
1,012,687
CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS AND BACKLOG (in millions) (unaudited)
Three Months Ended
April 2, 2023
April 3, 2022
ORDERS (1)
Aerospace & Defense
$
84.4
$
77.9
Industrial
157.7
143.7
Total orders
$
242.1
$
221.6
April 2, 2023
April 3, 2022
BACKLOG (2)
Aerospace & Defense
$
224.8
$
199.7
Industrial
358.8
276.8
Total backlog
$
583.6
$
476.5
1. Orders do not include the foreign exchange impact due to the re-measurement of customer backlog amounts denominated in foreign currencies. Industrial includes $0.0 million and $2.3 million orders in Pipeline Engineering for the three months ended April 2, 2023 and April 3, 2022 respectively.
2. Backlog includes unshipped customer orders for which revenue has not been recognized.
CIRCOR INTERNATIONAL, INC. SEGMENT INFORMATION (in thousands, except percentages) (unaudited)
2022
2023
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
TOTAL
ORDERS
Aerospace & Defense
$
77,890
$
69,053
$
90,486
$
70,778
$
308,207
$
84,400
$
84,400
Industrial
143,727
139,370
137,848
178,069
599,014
157,705
157,705
Total
$
221,617
$
208,423
$
228,334
$
248,847
$
907,221
$
242,105
$
242,105
NET REVENUES
Aerospace & Defense
$
63,370
$
67,271
$
72,219
$
79,855
$
282,715
$
68,551
$
68,551
Industrial
122,285
124,105
123,143
134,672
504,204
134,546
134,546
Total
$
185,655
$
191,376
$
195,362
$
214,527
$
786,919
$
203,097
$
203,097
SEGMENT OPERATING INCOME
Aerospace & Defense
$
11,320
$
13,566
$
16,891
$
21,807
$
63,584
$
14,714
$
14,714
Industrial
6,857
8,484
15,717
18,244
49,302
20,402
20,402
Corporate expenses
(7,770
)
(5,485
)
(5,301
)
(6,828
)
(25,384
)
(6,743
)
(6,743
)
Total
$
10,407
$
16,565
$
27,307
$
33,223
$
87,502
$
28,373
$
28,373
SEGMENT OPERATING MARGIN %
Aerospace & Defense
17.9
%
20.2
%
23.4
%
27.3
%
22.5
%
21.5
%
21.5
%
Industrial
5.6
%
6.8
%
12.8
%
13.5
%
9.8
%
15.2
%
15.2
%
Total
5.6
%
8.7
%
14.0
%
15.5
%
11.1
%
14.0
%
14.0
%
2022
2023
Pipeline Engineering1
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
TOTAL
ORDERS - Industrial
$
2,260
$
—
$
—
$
—
$
2,260
$
—
$
—
NET REVENUES - Industrial
$
3,012
$
218
$
8
$
11
$
3,249
$
—
$
—
SEGMENT OP. INC. -Industrial
$
(3,190
)
$
(1,074
)
$
(150
)
$
26
$
(4,388
)
$
125
$
125
Segment Operating Margin %
(105.9
)%
(492.7
)%
(1875.0
)%
236.4
%
(135.1
)%
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)
2022
2023
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
TOTAL
Net Cash (Used In) Provided By Operating Activities
$
(15,924
)
$
(3,593
)
$
(9,815
)
$
28,511
$
(821
)
$
(13,926
)
$
(13,926
)
LESS
Capital expenditures, net of sale proceeds1
3,592
5,461
4,156
8,675
21,884
2,637
2,637
ADJUSTED FREE CASH FLOW
$
(19,516
)
$
(9,054
)
$
(13,971
)
$
19,836
$
(22,705
)
$
(16,563
)
$
(16,563
)
Gross Debt
$
547,681
$
543,100
$
522,975
$
516,925
$
516,925
$
519,600
$
519,600
Less: Cash & Cash equivalents
61,122
55,238
47,131
64,275
64,275
52,080
52,080
GROSS DEBT, NET OF CASH
$
486,559
$
487,862
$
475,844
$
452,650
$
452,650
$
467,520
$
467,520
TOTAL SHAREHOLDERS' EQUITY
$
110,321
$
103,663
$
122,082
$
159,046
$
159,046
$
161,238
$
161,238
GROSS DEBT AS % OF EQUITY
496
%
524
%
428
%
325
%
325
%
322
%
322
%
GROSS DEBT, NET OF CASH AS % OF EQUITY
441
%
471
%
390
%
285
%
285
%
290
%
290
%
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)
2022
2023
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
TOTAL
NET (LOSS) INCOME
$
(21,481
)
$
3,960
$
31,470
$
5,439
$
19,388
$
(407
)
$
(407
)
LESS:
Restructuring related inventory charges (recoveries), net
2,757
—
—
—
2,757
—
—
Restructuring charges (recoveries), net
6,447
4,695
(173
)
97
11,066
(216
)
(216
)
Acquisition amortization
9,391
9,178
9,118
8,651
36,338
7,920
7,920
Acquisition depreciation
1,045
1,239
1,335
995
4,614
1,053
1,053
Special (recoveries) charges, net
2,556
(10,425
)
(25,529
)
3,319
(30,079
)
1,700
1,700
Income tax impact
384
(2,207
)
(2,066
)
(2,739
)
(6,628
)
843
843
ADJUSTED NET INCOME
$
1,099
$
6,440
$
14,155
$
15,762
$
37,456
$
10,893
$
10,893
(LOSS) EARNINGS PER COMMON SHARE (Diluted)
$
(1.06
)
$
0.19
$
1.54
$
0.27
$
0.95
$
(0.02
)
$
(0.02
)
LESS:
Restructuring related inventory charges
0.14
—
—
—
0.14
—
—
Restructuring charges (recoveries), net
0.32
0.23
(0.01
)
—
0.54
(0.01
)
(0.01
)
Acquisition amortization
0.46
0.45
0.45
0.42
1.78
0.39
0.39
Acquisition depreciation
0.05
0.06
0.07
0.05
0.23
0.05
0.05
Special (recoveries) charges, net
0.13
(0.51
)
(1.25
)
0.16
(1.47
)
0.08
0.08
Income tax impact
0.02
(0.11
)
(0.10
)
(0.13
)
(0.32
)
0.04
0.04
ADJUSTED EARNINGS PER SHARE (Diluted)
$
0.05
$
0.32
$
0.69
$
0.77
$
1.83
$
0.53
$
0.53
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)
2022
2023
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
TOTAL
NET INCOME (LOSS)
$
(21,481
)
$
3,960
$
31,470
$
5,439
$
19,388
$
(407
)
$
(407
)
LESS:
Interest expense, net
9,456
10,203
11,821
13,405
44,886
14,528
14,528
Depreciation
5,000
5,056
4,956
4,679
19,691
4,712
4,712
Amortization
9,397
9,183
9,124
8,656
36,360
7,925
7,925
Provision for income taxes
1,523
(647
)
1,661
1,742
4,279
3,581
3,581
EBITDA
$
3,895
$
27,755
$
59,032
$
33,921
$
124,604
$
30,339
$
30,339
LESS:
Restructuring related inventory charges (recoveries)
2,757
—
—
—
2,757
—
—
Restructuring charges (recoveries), net
6,447
4,695
(173
)
97
11,066
(216
)
(216
)
Special (recoveries) charges, net
2,556
(10,425
)
(25,529
)
3,319
(30,079
)
1,700
1,700
ADJUSTED EBITDA
$
15,655
$
22,025
$
33,330
$
37,337
$
108,348
$
31,823
$
31,823
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)
2022
2023
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
TOTAL
OPERATING (LOSS) INCOME
$
(11,789
)
$
11,878
$
42,556
$
20,161
$
62,806
$
17,916
$
17,916
LESS:
Restructuring related inventory charges (recoveries)
2,757
—
—
—
2,757
—
—
Restructuring charges (recoveries), net
6,447
4,695
(173
)
97
11,066
(216
)
(216
)
Acquisition amortization
9,391
9,178
9,118
8,651
36,338
7,920
7,920
Acquisition depreciation
1,045
1,239
1,335
995
4,614
1,053
1,053
Special (recoveries) charges, net
2,556
(10,425
)
(25,529
)
3,319
(30,079
)
1,700
1,700
ADJUSTED OPERATING INCOME
$
10,407
$
16,565
$
27,307
$
33,223
$
87,502
$
28,373
$
28,373
OPERATING MARGIN
(6.3
) %
6.2
%
21.8
%
9.4
%
8.0
%
8.8
%
8.8
%
LESS:
Restructuring related inventory charges (recoveries)
1.5
%
0.0
%
0.0
%
0.0
%
0.4
%
0.0
%
0.0
%
Restructuring charges (recoveries), net
3.5
%
2.5
%
(0.1
)%
0.0
%
1.4
%
(0.1
) %
(0.1
)%
Acquisition amortization
5.1
%
4.8
%
4.7
%
4.0
%
4.6
%
3.9
%
3.9
%
Acquisition depreciation
0.6
%
0.6
%
0.7
%
0.5
%
0.6
%
0.5
%
0.5
%
Special (recoveries) charges, net
1.4
%
(5.4
) %
(13.1
)%
1.5
%
(3.8
)%
0.8
%
0.8
%
ADJUSTED OPERATING MARGIN
5.6
%
8.7
%
14.0
%
15.5
%
11.1
%
14.0
%
14.0
%
CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)
Q1'23 Organic Orders and Revenue
CIRCOR
Aerospace & Defense
Industrial
1Q 23
1Q 22
Variance
1Q 23
1Q 22
Variance
1Q 23
1Q 22
Variance
Orders
242,105
221,617
9%
84,400
77,890
8%
157,705
143,727
10%
Divestitures
—
—
—
—
—
—
FX
8,291
2,499
5,792
Organic
250,395
221,617
13%
86,899
77,890
12%
163,497
143,727
14%
CIRCOR
Aerospace & Defense
Industrial
1Q 23
1Q 22
Variance
1Q 23
1Q 22
Variance
1Q 23
1Q 22
Variance
Revenue
203,097
185,655
9%
68,551
63,370
8%
134,546
122,285
10%
Divestitures
—
—
—
—
—
—
FX
6,709
1,191
5,518
Organic
209,806
185,655
13%
69,742
63,370
10%
140,064
122,285
15%
Note regarding financial statements: Financial amounts are computed independently each quarter; therefore, the sum of the quarterly amounts may not equal the total amount for the respective year due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005972/en/
Scott Solomon Senior Vice President Sharon Merrill Associates, Inc. (857) 383-2409
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