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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 fourth quarter and year ended December 31, 2022.
Q4 2022 Overview (compared with Q4 2021):
FY 2022 Overview (compared with FY 2021):
President and CEO Tony Najjar said, “Our strong fourth-quarter performance capped a solid year for CIRCOR, reflecting disciplined strategic execution by our entire team. For the fourth quarter, organic orders increased 19% driven by our Industrial segment, which benefited from aftermarket growth in core Industrial and a positive downstream market. For the full year 2022, we delivered 12% organic orders growth driven by aftermarket strength in both segments, commercial aerospace recovery, new products for defense and hydrogen applications, downstream, and value pricing. Our backlog at year end was up 22% to a record $543 million.”
Mr. Najjar continued, “Our value pricing initiatives and simplification actions continued to serve as growth and margin expansion levers during the quarter. We delivered a 62% increase in adjusted operating income and a 550 basis-point improvement in adjusted operating margin during Q4, more than offsetting the ongoing effects of inflation and supply chain constraints. The Q4 results represent another step change in margin performance for CIRCOR driven by the significant margin expansion in our Industrial segment and continued strong performance in our A&D segment. With the actions taken, and continued operating discipline and focus on our customers, we believe that we have positioned both segments to deliver sustained growth and shareholder value.”
Board Appointment
President and CEO Tony Najjar was appointed to the Company’s Board of Directors effective March 20, 2023. He is the seventh member of the Board, which includes six independent directors.
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 has not set a timetable for completion of the review, 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 fourth-quarter and full-year 2022 financial results at 9:00 a.m. ET today, March 15, 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)
Q4 2022
Q4 2021
Change
FY 2022
FY 2021
Change
Revenue1
$
214.5
$
204.9
5
%
$
786.9
$
758.7
4
%
GAAP operating income (loss)
20.2
(19.0
)
206
%
62.8
(29.3
)
314
%
Adjusted operating income2
33.2
20.5
62
%
87.5
54.3
61
%
GAAP operating margin
9.4
%
(9.2
)%
1860 bps
8.0
%
(3.9
)%
1190 bps
Adjusted operating margin3
15.5
%
10.0
%
550 bps
11.1
%
7.2
%
390 bps
GAAP income (loss) per share
$
0.27
$
(1.40
)
119
%
$
0.95
$
(3.05
)
131
%
Adjusted earnings per share (diluted)4
$
0.77
$
0.46
67
%
$
1.83
$
1.03
78
%
Operating cash flow
28.5
10.6
169
%
(0.8
)
10.4
-108
%
Adjusted free cash flow5
19.8
6.4
209
%
(22.7
)
(4.3
)
-428
%
Orders6
$
248.9
$
220.0
13
%
$
907.2
$
850.6
7
%
Segment Results
(unaudited)
($ in millions)
Q4 2022
Q4 2021
Change
FY 2022
FY 2021
Change
Aerospace & Defense
Revenue
$
79.9
$
70.0
14
%
$
282.7
$
252.5
12
%
Segment operating income
21.8
18.4
18
%
63.6
56.1
13
%
Segment operating margin
27.3
%
26.3
%
100 bps
22.5
%
22.2
%
30 bps
Orders6
$
70.8
$
73.9
(4
)%
$
308.2
$
255.2
21
%
Industrial
Revenue1
$
134.7
$
134.9
—
%
$
504.2
$
506.1
—
%
Segment operating income2
18.2
8.7
109
%
49.3
28.9
71
%
Segment operating margin3
13.5
%
6.4
%
710 bps
9.8
%
5.7
%
410 bps
Orders6
$
178.1
$
146.1
22
%
$
599.0
$
595.4
1
%
Use of Non-GAAP Financial Measures
In this press release, the Company uses the non-GAAP financial measures organic revenue, adjusted net income, adjusted EBITDA, adjusted operating income, adjusted operating margin, adjusted earnings per share, adjusted free cash flow, gross debt, net of cash and net debt1. 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 December 31, 2022 were completed on January 1, 2021 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.
1 See comment to investor presentation regarding consistency in use of terms "net debt" vs. "gross debt, net of cash"
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 SEC. The Company has provided additional information about the risks facing the business in its annual report on Form 10-K and subsequent periodic and current reports most recently filed with the Securities and Exchange Commission. 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
Twelve Months Ended
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Net revenues
$
214,527
$
204,917
$
786,919
$
758,667
Cost of revenues
138,172
140,348
529,832
528,291
Gross profit
76,355
64,569
257,087
230,376
Selling, general and administrative expenses
52,777
55,556
213,294
224,927
Goodwill Impairment charges
—
10,500
—
10,500
Special and restructuring charges (recoveries), net
3,417
17,464
(19,013
)
24,272
Operating income (loss)
20,161
(18,951
)
62,806
(29,323
)
Other expense (income):
Interest expense, net
13,405
8,040
44,886
32,365
Other income, net
(426
)
(525
)
(5,747
)
(3,826
)
Total other expense, net
12,979
7,515
39,139
28,539
Income (loss) from continuing operations before income taxes
7,182
(26,466
)
23,667
(57,862
)
Provision for income taxes
1,743
1,976
4,279
5,182
Income (loss) from continuing operations, net of tax
5,439
(28,442
)
19,388
(63,044
)
Income from discontinued operations, net of tax
—
—
—
1,406
Net income (loss)
$
5,439
$
(28,442
)
$
19,388
$
(61,638
)
Basic income (loss) per common share:
Basic from continuing operations
$
0.27
$
(1.40
)
$
0.95
$
(3.12
)
Basic from discontinued operations
$
—
$
—
$
—
$
0.07
Net income (loss)
$
0.27
$
(1.40
)
$
0.95
$
(3.05
)
Diluted income (loss) per common share:
Diluted from continuing operations
$
0.27
$
(1.40
)
$
0.95
$
(3.12
)
Diluted from discontinued operations
$
—
$
—
$
—
$
0.07
Net income (loss)
$
0.27
$
(1.40
)
$
0.95
$
(3.05
)
Weighted average number of common shares outstanding:
Basic
20,366
20,261
20,350
20,201
Diluted
20,480
20,261
20,427
20,201
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
Twelve Months Ended
December 31, 2022
December 31, 2021
OPERATING ACTIVITIES
Net Income (loss)
$
19,388
$
(61,638
)
Income (loss) from discontinued operations, net of income taxes
—
1,406
Income (Loss) from continuing operations, net of tax
19,388
(63,044
)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation
19,691
22,854
Amortization
36,360
42,304
Change in provision for bad debt expense
(813
)
1,213
Write down of inventory
2,606
3,364
Compensation expense of share-based plans
1,880
5,252
Loss on debt extinguishment
4,977
8,693
Amortization of debt issuance costs
3,645
3,996
Deferred income tax (benefit) provision
(3,709
)
(2,992
)
Goodwill impairment charges
—
10,500
Other impairment charges
8,011
—
Loss (gain) on sale of businesses
—
1,919
Gain on sale of real estate
(47,977
)
—
Loss on deconsolidation charges
4,675
—
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Trade accounts receivable
(9,649
)
(6,308
)
Inventories
(26,299
)
(6,974
)
Prepaid expenses and other assets
(22,218
)
(23,665
)
Accounts payable, accrued expenses and other liabilities
8,611
15,820
Net cash (used in) provided by continuing operations
(821
)
12,932
Net cash used in discontinued operations
—
(2,484
)
Net cash (used in) provided by operating activities
(821
)
10,448
INVESTING ACTIVITIES
Additions of property, plant and equipment
(21,988
)
(14,747
)
Proceeds from the sale of property, plant and equipment
104
2
Proceeds from beneficial interest of factored receivables
4,484
2,047
Proceeds from sale of real estate
54,945
—
Proceeds from sale of business
—
9,993
Net cash provided by (used in) investing activities
37,545
(2,705
)
FINANCING ACTIVITIES
Proceeds from long-term debt
219,266
734,612
Payments of long-term debt
(227,041
)
(729,551
)
Net change in short-term borrowings
(1,573
)
(374
)
Equipment financing
894
—
Proceeds from the exercise of stock options
—
151
Withholding tax payments on net share settlements on equity rewards
(1,311
)
(4,209
)
Payment of debt issuance costs
(16,701
)
(12,157
)
Net cash used in financing activities
(26,466
)
(11,528
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(4,908
)
(3,448
)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
5,350
(7,233
)
Cash, cash equivalents and restricted cash at beginning of year
61,374
68,607
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR
$
66,724
$
61,374
CIRCOR INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data) (unaudited)
December 31,
2022
2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
64,275
$
59,924
Trade accounts receivable, net
109,754
100,149
Inventories
139,786
123,343
Prepaid expenses and other current assets
117,766
110,749
Total Current Assets
431,581
394,165
PROPERTY, PLANT AND EQUIPMENT, NET
141,141
154,461
OTHER ASSETS:
Goodwill
119,847
122,906
Intangibles, net
256,338
303,476
Deferred income taxes
512
756
Lease right-of-use assets, net
42,491
21,139
Other assets
20,777
22,395
TOTAL ASSETS
$
1,012,687
$
1,019,298
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
78,778
$
83,382
Accrued expenses and other current liabilities
84,510
81,998
Accrued compensation and benefits
30,817
26,551
Short-term borrowings and current portion of long-term debt
—
1,611
Total Current Liabilities
194,105
193,542
Long-term debt
496,534
511,694
Deferred income taxes
18,238
21,721
Pension liability, net
85,968
120,881
Long-term lease liabilities
38,480
17,715
OTHER NON-CURRENT LIABILITIES
20,316
20,029
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; — shares issued and outstanding
—
—
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,736,911 and 21,633,131 shares issued at December 31, 2022 and 2021, respectively
218
217
Additional paid-in capital
456,102
454,852
Accumulated deficit
(178,693
)
(198,081
)
Common treasury stock, at cost (1,372,488 shares at December 31, 2022 and 2021)
(74,472
)
(74,472
)
Accumulated other comprehensive loss
(44,109
)
(48,800
)
Total Shareholders’ Equity
159,046
133,716
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
1,012,687
$
1,019,298
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions) (unaudited)
Three Months Ended
Twelve Months Ended
December 31, 2022
December 31, 2021
December 31, 2022
December 31, 2021
ORDERS (1)
Aerospace & Defense
$
70.8
$
73.9
$
308.2
$
255.2
Industrial
178.1
146.1
599.0
595.4
Total orders
$
248.9
$
220.0
$
907.2
$
850.6
December 31, 2022
December 31, 2021
BACKLOG (2)
Aerospace & Defense
$
208.3
$
185.3
Industrial
334.8
258.4
Total backlog
$
543.1
$
443.7
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 $7.1 million orders in Pipeline Engineering for the three months ended December 31, 2022 and December 31, 2021 respectively. Industrial includes $2.3 million and $24.4 million orders for Pipeline Engineering for the twelve months ended December 31, 2022 and December 31, 2021 respectively.
2. Backlog includes unshipped customer orders for which revenue has not been recognized. Industrial includes $1.2 million Pipeline Engineering for 2021.
CIRCOR INTERNATIONAL, INC.
SEGMENT INFORMATION
(in thousands, except percentages) (unaudited
2021
2022
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
ORDERS
Aerospace & Defense
$
72,999
$
54,243
$
54,028
$
73,898
$
255,168
$
77,890
$
69,053
$
90,486
$
70,778
$
308,207
Industrial
153,695
155,959
139,691
146,065
595,410
143,727
139,370
137,848
178,069
599,014
Total
$
226,693
$
210,203
$
193,719
$
219,964
$
850,578
$
221,617
$
208,423
$
228,334
$
248,847
$
907,221
NET REVENUES
Aerospace & Defense
$
58,488
$
60,613
$
63,461
$
69,979
$
252,541
$
63,370
$
67,271
$
72,219
$
79,855
$
282,715
Industrial
117,963
126,977
126,248
134,938
506,126
122,285
124,105
123,143
134,672
504,204
Total
$
176,451
$
187,590
$
189,709
$
204,917
$
758,667
$
185,655
$
191,376
$
195,362
$
214,527
$
786,919
SEGMENT OPERATING INCOME
Aerospace & Defense
$
9,988
$
11,741
$
15,927
$
18,416
$
56,073
$
11,320
$
13,566
$
16,891
$
21,807
$
63,584
Industrial
5,834
7,237
7,124
8,700
28,896
6,857
8,484
15,717
18,244
49,302
Corporate expenses
(9,035
)
(7,950
)
(7,017
)
(6,636
)
(30,638
)
(7,770
)
(5,485
)
(5,301
)
(6,828
)
(25,384
)
Total
$
6,787
$
11,028
$
16,034
$
20,480
$
54,331
$
10,407
$
16,565
$
27,307
$
33,223
$
87,502
SEGMENT OPERATING MARGIN %
Aerospace & Defense
17.1
%
19.4
%
25.1
%
26.3
%
22.2
%
17.9
%
20.2
%
23.4
%
27.3
%
22.5
%
Industrial
4.9
%
5.7
%
5.6
%
6.4
%
5.7
%
5.6
%
6.8
%
12.8
%
13.5
%
9.8
%
Total
3.8
%
5.9
%
8.5
%
10.0
%
7.2
%
5.6
%
8.7
%
14.0
%
15.5
%
11.1
%
2021
2022
Pipeline Engineering1
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
ORDERS - Industrial
$
5,531
$
5,192
$
6,575
$
7,121
$
24,419
$
2,260
$
—
$
—
$
—
$
2,260
NET REVENUES - Industrial
$
2,994
$
3,124
$
3,236
$
5,248
$
14,602
$
3,012
$
218
$
8
$
11
$
3,249
SEGMENT OP. INC. -Industrial
$
(2,479
)
$
(1,754
)
$
(2,470
)
$
(3,191
)
$
(9,893
)
$
(3,190
)
$
(1,074
)
$
(150
)
$
26
$
(4,388
)
Segment Operating Margin %
(82.8
)%
(56.1
)%
(76.3
)%
(60.8
)%
(67.8
)%
(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)
2021
2022
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
Net Cash (Used In) Provided By Operating Activities
$
(19,210
)
$
8,866
$
10,197
$
10,595
$
10,448
$
(15,924
)
$
(3,593
)
$
(9,815
)
$
28,511
$
(821
)
LESS
Capital expenditures, net of sale proceeds1
3,392
2,644
4,541
4,168
14,745
3,592
5,461
4,156
8,675
21,884
ADJUSTED FREE CASH FLOW
$
(22,602
)
$
6,222
$
5,656
$
6,427
$
(4,297
)
$
(19,516
)
$
(9,054
)
$
(13,971
)
$
19,836
$
(22,705
)
Gross Debt
$
538,541
$
524,391
$
518,464
$
526,311
$
526,311
$
547,681
$
543,100
$
522,975
$
516,925
$
516,925
Less: Cash & Cash equivalents
64,837
58,862
58,013
59,924
59,924
61,122
55,238
47,131
64,275
64,275
GROSS DEBT, NET OF CASH
$
473,704
$
465,529
$
460,451
$
466,387
$
466,387
$
486,559
$
487,862
$
475,844
$
452,650
$
452,650
TOTAL SHAREHOLDERS' EQUITY
$
138,663
$
122,185
$
121,256
$
133,716
$
133,716
$
110,321
$
103,663
$
122,082
$
159,046
$
159,046
GROSS DEBT AS % OF EQUITY
388
%
429
%
428
%
394
%
394
%
496
%
524
%
428
%
325
%
325
%
GROSS DEBT, NET OF CASH AS % OF EQUITY
342
%
381
%
380
%
349
%
349
%
441
%
471
%
390
%
285
%
285
%
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
(in thousands, except percentages) (unaudited)
2021
2022
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
NET (LOSS) INCOME
$
(11,796
)
$
(18,784
)
$
(2,629
)
$
(28,427
)
$
(61,638
)
$
(21,481
)
$
3,960
$
31,470
$
5,439
$
19,388
LESS:
Restructuring related inventory charges (recoveries), net
—
958
(60
)
(299
)
599
2,757
—
—
—
2,757
Restructuring charges (recoveries), net
2,060
2,281
(312
)
205
4,234
6,447
4,695
(173
)
97
11,066
Acquisition amortization
10,487
10,498
10,417
10,369
41,772
9,391
9,178
9,118
8,651
36,338
Acquisition depreciation
2,375
1,327
1,412
1,397
6,511
1,045
1,239
1,335
995
4,614
Special (recoveries) charges, net
(2,870
)
4,523
1,126
17,259
20,038
2,556
(10,425
)
(25,529
)
3,319
(30,079
)
Goodwill Impairment charge
—
—
—
10,500
10,500
—
—
—
—
—
Income tax impact
(44
)
2,425
(596
)
(1,622
)
163
384
(2,207
)
(2,066
)
(2,739
)
(6,628
)
Net loss (income) from discontinued operations
239
878
(2,510
)
(13
)
(1,406
)
—
—
—
—
—
ADJUSTED NET INCOME
$
451
$
4,106
$
6,848
$
9,369
$
20,773
$
1,099
$
6,440
$
14,155
$
15,762
$
37,456
(LOSS) EARNINGS PER COMMON SHARE (Diluted)
$
(0.59
)
$
(0.93
)
$
(0.13
)
$
(1.40
)
$
(3.05
)
$
(1.06
)
$
0.19
$
1.54
$
0.27
$
0.95
LESS:
Restructuring related inventory charges
—
0.05
—
(0.01
)
0.03
0.14
—
—
—
0.14
Restructuring charges (recoveries), net
0.10
0.11
(0.02
)
0.01
0.21
0.32
0.23
(0.01
)
—
0.54
Acquisition amortization
0.52
0.52
0.51
0.51
2.07
0.46
0.45
0.45
0.42
1.78
Acquisition depreciation
0.12
0.07
0.07
0.07
0.32
0.05
0.06
0.07
0.05
0.23
Special (recoveries) charges, net
(0.14
)
0.22
0.06
0.85
0.99
0.13
(0.51
)
(1.25
)
0.16
(1.47
)
Impairment charge
—
—
—
0.52
0.52
—
—
—
—
—
Income tax impact
—
0.12
(0.03
)
(0.08
)
0.01
0.02
(0.11
)
(0.10
)
(0.13
)
(0.32
)
(Loss) earnings) per share from discontinued operations
0.01
0.04
(0.12
)
—
(0.07
)
—
—
—
—
—
ADJUSTED EARNINGS PER SHARE (Diluted)
$
0.02
$
0.20
$
0.34
$
0.46
$
1.03
$
0.05
$
0.32
$
0.69
$
0.77
$
1.83
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
(in thousands, except percentages) (unaudited)
2021
2022
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
NET INCOME (LOSS)
$
(11,796
)
$
(18,784
)
$
(2,629
)
$
(28,427
)
$
(61,638
)
$
(21,481
)
$
3,960
$
31,470
$
5,439
$
19,388
LESS:
Interest expense, net
8,369
7,958
7,997
8,040
32,365
9,456
10,203
11,821
13,405
44,886
Depreciation
6,509
5,460
5,536
5,348
22,854
5,000
5,056
4,956
4,679
19,691
Amortization
10,696
10,657
10,576
10,375
42,304
9,397
9,183
9,124
8,656
36,360
Provision for income taxes
(297
)
2,659
850
1,970
5,182
1,523
(647
)
1,661
1,742
4,279
Loss (income) from discontinued operations
239
878
(2,510
)
(13
)
(1,406
)
—
—
—
—
—
EBITDA
$
13,720
$
8,828
$
19,820
$
(2,707
)
$
39,661
$
3,895
$
27,755
$
59,032
$
33,921
$
124,604
LESS:
Restructuring related inventory charges (recoveries)
—
958
(60
)
(299
)
599
2,757
—
—
—
2,757
Restructuring charges (recoveries), net
2,060
2,281
(312
)
205
4,234
6,447
4,695
(173
)
97
11,066
Special (recoveries) charges, net
(2,870
)
4,523
1,126
17,259
20,038
2,556
(10,425
)
(25,529
)
3,319
(30,079
)
Goodwill impairment charge
—
—
—
10,500
10,500
—
—
—
—
—
ADJUSTED EBITDA
$
12,910
$
16,590
$
20,574
$
24,958
$
75,032
$
15,655
$
22,025
$
33,330
$
37,337
$
108,348
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
(in thousands, except percentages) (unaudited)
2021
2022
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
OPERATING (LOSS) INCOME
$
(5,266
)
$
(8,557
)
$
3,451
$
(18,952
)
$
(29,323
)
$
(11,789
)
$
11,878
$
42,556
$
20,161
$
62,806
LESS:
Restructuring related inventory charges (recoveries)
—
958
(60
)
(299
)
599
2,757
—
—
—
2,757
Restructuring charges (recoveries), net
2,060
2,281
(312
)
205
4,234
6,447
4,695
(173
)
97
11,066
Acquisition amortization
10,487
10,498
10,417
10,370
41,772
9,391
9,178
9,118
8,651
36,338
Acquisition depreciation
2,375
1,326
1,412
1,397
6,511
1,045
1,239
1,335
995
4,614
Special (recoveries) charges, net
(2,870
)
4,523
1,126
17,259
20,038
2,556
(10,425
)
(25,529
)
3,319
(30,079
)
Goodwill impairment charge
—
—
—
10,500
10,500
—
—
—
—
—
ADJUSTED OPERATING INCOME
$
6,787
$
11,028
$
16,034
$
20,480
$
54,331
$
10,407
$
16,565
$
27,307
$
33,223
$
87,502
OPERATING MARGIN
(3.0
)%
(4.6
)%
1.8
%
(9.2
)%
(3.9
)%
(6.3
)%
6.2
%
21.8
%
9.4
%
8.0
%
LESS:
Restructuring related inventory charges (recoveries)
0.0
%
0.5
%
0.0
%
(0.1
)%
0.1
%
1.5
%
0.0
%
0.0
%
0.0
%
0.4
%
Restructuring charges (recoveries), net
1.2
%
1.2
%
(0.2
)%
0.1
%
0.6
%
3.5
%
2.5
%
(0.1
)%
0.0
%
1.4
%
Acquisition amortization
5.9
%
5.6
%
5.5
%
5.1
%
5.5
%
5.1
%
4.8
%
4.7
%
4.0
%
4.6
%
Acquisition depreciation
1.3
%
0.7
%
0.7
%
0.7
%
0.9
%
0.6
%
0.6
%
0.7
%
0.5
%
0.6
%
Special (recoveries) charges, net
(1.6
)%
2.4
%
0.6
%
8.4
%
2.6
%
1.4
%
(5.4
)%
(13.1
)%
1.5
%
(3.8
)%
Goodwill impairment charge
0.0
%
0.0
%
0.0
%
5.1
%
1.4
%
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
ADJUSTED OPERATING MARGIN
3.8
%
5.9
%
8.5
%
10.0
%
7.2
%
5.6
%
8.7
%
14.0
%
15.5
%
11.1
%
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
(in thousands, except percentages) (unaudited)
Q4'22 Organic Orders and Revenue
CIRCOR
Aerospace & Defense
Industrial
4Q 22
4Q 21
Variance
4Q 22
4Q 21
Variance
4Q 22
4Q 21
Variance
Orders
248,847
219,964
13
%
70,778
73,898
(4
)%
178,069
146,065
22
%
Divestitures
—
—
—
—
—
—
FX
13,096
2,263
10,833
Organic
261,943
219,964
19
%
73,041
73,898
(1
)%
188,902
146,065
29
%
CIRCOR
Aerospace & Defense
Industrial
4Q 22
4Q 21
Variance
4Q 22
4Q 21
Variance
4Q 22
4Q 21
Variance
Revenue
214,527
204,917
5
%
79,855
69,979
14
%
134,672
134,938
—
%
Divestitures
—
—
—
—
—
—
FX
12,360
2,516
9,844
Organic
226,887
204,917
11
%
82,371
69,979
18
%
144,516
134,938
7
%
FY'22 Organic Orders and Revenue
CIRCOR
Aerospace & Defense
Industrial
FY 22
FY 21
Variance
FY 22
FY 21
Variance
FY 22
FY 21
Variance
Orders
907,221
850,578
7
%
308,207
255,168
21
%
599,014
595,410
1
%
Divestitures
—
—
—
—
—
—
FX
49,518
9,241
40,277
Organic
956,739
850,578
12
%
317,448
255,168
24
%
639,291
595,410
7
%
CIRCOR
Aerospace & Defense
Industrial
FY 22
FY 21
Variance
FY 22
FY 21
Variance
FY 22
FY 21
Variance
Revenue
786,919
758,667
4
%
282,715
252,541
12
%
504,204
506,126
—
%
Divestitures
—
—
—
—
—
—
FX
42,923
8,037
34,886
Organic
829,842
758,667
9
%
290,752
252,541
15
%
539,090
506,126
7
%
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/20230314006034/en/
Scott Solomon Senior Vice President Sharon Merrill Associates, Inc. (857) 383-2409
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