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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 third quarter ended October 2, 2022.
Q3 2022 Overview:
CIRCOR President and CEO Tony Najjar said, “Our team performed extremely well in the third quarter exceeding expectations. We delivered a great quarter with strong organic orders, revenue growth and expanded operating margin. Organic orders grew 26%, driven by exceptional performance in A&D, which delivered 74% growth in organic orders. I am particularly pleased with our win rate on key missile programs, our orders growth in medical products, and our sustained momentum in commercial aerospace as that market continues its recovery. In our Industrial segment, we are leveraging our aftermarket position to deliver strong pricing, enabling us to overcome the impact of inflation and generate solid margin expansion.”
Mr. Najjar continued, “Both Industrial and A&D benefited from disciplined execution of our strategic priorities to drive revenues and operating income growth. Our results underscore our emphasis on value pricing, our strong aftermarket position, and operational simplification/cost out actions. We grew adjusted operating income by 70% and drove 550 bps improvement in adjusted operating margin despite inflation pressure, ongoing supply chain and logistics challenges, and rising energy costs. With the actions taken, and continued operating discipline and focus on our customers, we have positioned both segments to deliver sustained growth and shareholder value.”
Conference Call Information
CIRCOR International will hold a conference call to review its third-quarter 2022 financial results at 9:00 a.m. ET today, November 14, 2022. 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)
Q3 2022
Q3 2021
Change
Nine Months Ended October 2, 2022
Nine Months ended October 3, 2021
Change
Revenue1
$
195.4
$
189.7
3
%
$
572.4
$
553.8
3
%
GAAP operating (loss) income
42.6
3.5
1133
%
42.6
(10.4
)
510
%
Adjusted operating income2
27.3
16.0
70
%
54.3
33.8
61
%
GAAP operating margin
21.8
%
1.8
%
2000 bps
7.5
%
(1.9
)%
940 bps
Adjusted operating margin3
14.0
%
8.5
%
550 bps
9.5
%
6.1
%
340 bps
GAAP (loss) per share
$
1.54
$
(0.13
)
1285
%
$
0.68
$
(1.65
)
141
%
Adjusted earnings per share (diluted)4
$
0.69
$
0.34
103
%
$
1.06
$
0.56
89
%
Operating cash flow
(9.8
)
10.2
-196
%
(29.3
)
(0.1
)
-29200
%
Adjusted free cash flow5
(14.0
)
5.7
-347
%
(42.5
)
(10.7
)
-297
%
Orders6
$
228.3
$
193.7
18
%
$
657.3
$
630.6
4
%
Segment Results
(unaudited)
($ in millions)
Q3 2022
Q3 2021
Change
Nine Months Ended October 2, 2022
Nine Months ended October 3, 2021
Change
Aerospace & Defense
Revenue
$
72.2
$
63.5
14
%
$
202.9
$
182.6
11
%
Segment operating income
16.9
15.9
6
%
41.8
37.7
11
%
Segment operating margin
23.4
%
25.1
%
-170 bps
20.6
%
20.6
%
0 bps
Orders6
$
90.5
$
54.0
67
%
$
237.4
$
181.3
31
%
Industrial
Revenue1
$
123.1
$
126.2
-2
%
$
369.5
$
371.2
—
%
Segment operating income2
15.7
7.1
121
%
31.1
20.2
54
%
Segment operating margin3
12.8
%
5.6
%
720 bps
8.4
%
5.4
%
300 bps
Orders6
$
137.8
$
139.7
-1
%
$
420.9
$
449.3
-6
%
Company Files Quarterly Report on Form 10-Q for the Period Ended October 2, 2022
The Company today filed its Quarterly Report on Form 10-Q for the third quarter of 2022.
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 and adjusted free cash flow. 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 July 3, 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.
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 3,100 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. 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 of the Company regaining compliance with the NYSE’s continued listing standards; 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. Before making any investment decisions regarding CIRCOR, the Company strongly advises you to read the section entitled “Risk Factors” in its 2021 Annual Report on Form 10-K, which can be accessed under the “Investors” link of the Company’s website at www.circor.com. 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.
CIRCOR INTERNATIONAL, INC
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data) (unaudited)
Three Months Ended
Nine Months Ended
October 2, 2022
As Restated October 3, 2021
October 2, 2022
As Restated October 3, 2021
Net revenues
$
195,362
$
189,709
$
572,392
$
553,750
Cost of revenues
128,116
131,898
391,660
387,943
Gross profit
67,246
57,811
180,732
165,807
Selling, general and administrative expenses
50,392
53,546
160,517
169,371
Special and restructuring (recoveries) charges, net
(25,702
)
814
(22,430
)
6,808
Operating income (loss)
42,556
3,451
42,645
(10,372
)
Other expense (income):
Interest expense, net
11,821
7,997
31,481
24,325
Other (income), net
(2,396
)
(256
)
(5,321
)
(3,301
)
Total other expense, net
9,425
7,741
26,160
21,024
Income (loss) from continuing operations before income taxes
33,131
(4,290
)
16,485
(31,396
)
Provision for income taxes
1,661
850
2,536
3,206
Income (loss) from continuing operations, net of tax
31,470
(5,140
)
13,949
(34,602
)
Income from discontinued operations, net of tax
—
2,510
—
1,393
Net income (loss)
$
31,470
$
(2,630
)
$
13,949
$
(33,209
)
Basic income (loss) per common share:
Basic from continuing operations
$
1.55
$
(0.25
)
$
0.69
$
(1.72
)
Basic from discontinued operations
$
—
$
0.12
$
—
$
0.07
Net income (loss)
$
1.55
$
(0.13
)
$
0.69
$
(1.65
)
Diluted income (loss) per common share:
Diluted from continuing operations
$
1.54
$
(0.25
)
$
0.68
$
(1.72
)
Diluted from discontinued operations
$
—
$
0.12
$
—
$
0.07
Net income (loss)
$
1.54
$
(0.13
)
$
0.68
$
(1.65
)
Weighted average number of common shares outstanding:
Basic
20,364
20,257
20,345
20,181
Diluted
20,410
20,257
20,410
20,181
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands) (unaudited)
Nine Months Ended
OPERATING ACTIVITIES
October 2, 2022
As Restated October 3, 2021
Net income (loss)
$
13,949
$
(33,209
)
Income from discontinued operations, net of income taxes
—
1,393
Income (loss) from continuing operations, net of tax
13,949
(34,602
)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation
15,012
17,505
Amortization
27,704
31,929
Change in provision for bad debt expense
(263
)
(383
)
Write down of inventory
1,797
1,742
Compensation expense for share-based plans
980
4,165
Loss on debt extinguishment
4,977
—
Amortization of debt issuance costs
2,672
3,032
Deferred tax provision
45
823
Loss on sale of businesses
—
1,308
Gain on sale of real estate
(47,977
)
—
Other impairment charges
8,011
—
Loss on deconsolidation charges
4,675
—
Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:
Trade accounts receivable
(1,116
)
8,686
Inventories
(28,364
)
(11,621
)
Prepaid expenses and other assets
(25,387
)
(26,686
)
Accounts payable, accrued expenses and other liabilities
(6,047
)
6,439
Net cash (used in) provided by continuing operating activities
(29,332
)
2,337
Net cash used in discontinued operating activities
—
(2,484
)
Net cash used in operating activities
(29,332
)
(147
)
INVESTING ACTIVITIES
Additions to property, plant and equipment
(13,291
)
(10,579
)
Proceeds from the sale of property, plant and equipment
82
2
Proceeds from the sale of real estate
54,945
—
Proceeds from beneficial interest of factored receivables
3,461
1,531
Proceeds from the sale of business
—
9,993
Net cash provided by investing activities
45,197
947
FINANCING ACTIVITIES
Proceeds from long-term debt
180,441
145,550
Payments of long-term debt
(182,166
)
(148,450
)
Net change in short-term borrowings
(1,573
)
(225
)
Proceeds from the exercise of stock options
—
151
Withholding tax payments on net share settlements on equity awards
(1,299
)
(4,154
)
Payment of debt issuance costs
(16,701
)
—
Net cash used in financing activities
(21,298
)
(7,128
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(7,096
)
(2,834
)
DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
(12,529
)
(9,162
)
Cash, cash equivalents, and restricted cash at beginning of period
61,374
68,607
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD
$
48,845
$
59,445
CIRCOR INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data) (unaudited)
October 2, 2022
December 31, 2021
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
47,131
$
59,924
Trade accounts receivable, net
95,407
100,149
Inventories
137,411
123,343
Prepaid expenses and other current assets
125,409
110,749
Total Current Assets
405,358
394,165
PROPERTY, PLANT AND EQUIPMENT, NET
130,442
154,461
OTHER ASSETS:
Goodwill
117,542
122,906
Intangibles, net
257,839
303,476
Lease right-of-use assets, net
40,836
21,139
Deferred income taxes
637
756
Other assets
27,323
22,395
TOTAL ASSETS
$
979,977
$
1,019,298
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable
$
71,601
$
83,382
Accrued expenses and other current liabilities
73,505
81,998
Accrued compensation and benefits
31,817
26,551
Short-term borrowings and current portion of long-term debt
—
1,611
Total Current Liabilities
176,923
193,542
LONG-TERM DEBT
501,754
511,694
DEFERRED INCOME TAXES
18,101
21,721
PENSION LIABILITY, NET
104,438
120,881
LONG-TERM LEASE LIABILITIES
37,155
17,715
OTHER NON-CURRENT LIABILITIES
19,524
20,029
COMMITMENTS AND CONTINGENCIES (NOTE 9 AND 10)
SHAREHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding at October 2, 2022 and December 31, 2021
—
—
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,735,838 and 21,633,131 issued at October 2, 2022 and December 31, 2021 respectively
218
217
Additional paid-in capital
455,208
454,852
Accumulated deficit
(184,132
)
(198,081
)
Common treasury stock, at cost (1,372,488 shares at October 2, 2022 and December 31, 2021)
(74,472
)
(74,472
)
Accumulated other comprehensive loss, net of tax
(74,740
)
(48,800
)
Total Shareholders’ Equity
122,082
133,716
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
$
979,977
$
1,019,298
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions) (unaudited)
Three Months Ended
Nine Months Ended
October 2, 2022
October 3, 2021
October 2, 2022
October 3, 2021
ORDERS (1)
Aerospace & Defense
$
90.5
$
54.0
$
237.40
$
181.3
Industrial
137.8
139.7
420.9
449.3
Total orders
$
228.3
$
193.7
$
658.3
$
630.6
October 2, 2022
October 3, 2021
BACKLOG (2)
Aerospace & Defense
$
214.0
$
180.9
Industrial
282.9
254.9
Total backlog
$
496.9
$
435.8
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 $6.6 million of orders for Pipeline Engineering for the three months ended October 2, 2022 and October 3, 2021 respectively. Industrial includes $2.3 million and $17.3 million of orders for Pipeline Engineering for the nine months ended October 2, 2022 and October 3, 2021 respectively.
2. Backlog is calculated as current period orders plus unshipped customer orders from prior periods for which revenue has not been recognized. Industrial includes $0.0 million and $0.8 million for Pipeline Engineering in 2022 and 2021 respectively.
CIRCOR INTERNATIONAL, INC.
SEGMENT INFORMATION
(in thousands, except percentages) (unaudited)
2021 As Restated
2022
As reported
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
TOTAL
ORDERS
Aerospace & Defense
$
72,999
$
54,243
$
54,028
$
73,898
$
255,168
$
77,890
$
69,053
$
90,486
$
237,429
Industrial
153,695
155,959
139,691
146,065
595,410
143,727
139,370
137,848
420,945
Total
$
226,693
$
210,203
$
193,719
$
219,964
$
850,578
$
221,617
$
208,423
$
228,334
$
658,374
NET REVENUES
Aerospace & Defense
$
58,488
$
60,613
$
63,461
$
69,979
$
252,541
$
63,370
$
67,271
$
72,219
$
202,860
Industrial
117,963
126,977
126,248
134,938
506,126
122,285
124,105
123,143
369,532
Total
$
176,451
$
187,590
$
189,709
$
204,917
$
758,667
$
185,655
$
191,376
$
195,362
$
572,392
SEGMENT OPERATING INCOME
Aerospace & Defense
$
9,988
$
11,741
$
15,927
$
18,416
$
56,073
$
11,320
$
13,566
$
16,891
$
41,777
Industrial
5,834
7,237
7,124
8,700
28,896
6,857
8,484
15,717
31,059
Corporate expenses
(9,035
)
(7,950
)
(7,017
)
(6,636
)
(30,638
)
(7,770
)
(5,485
)
(5,301
)
(18,557
)
Total
$
6,787
$
11,028
$
16,034
$
20,480
$
54,331
$
10,407
$
16,565
$
27,307
$
54,279
SEGMENT OPERATING MARGIN %
Aerospace & Defense
17.1
%
19.4
%
25.1
%
26.3
%
22.2
%
17.9
%
20.2
%
23.4
%
20.6
%
Industrial
4.9
%
5.7
%
5.6
%
6.4
%
5.7
%
5.6
%
6.8
%
12.8
%
8.4
%
Total
3.8
%
5.9
%
8.5
%
10.0
%
7.2
%
5.6
%
8.7
%
14.0
%
9.5
%
2021
2022
Pipeline Engineering1
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD 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
$
3,238
SEGMENT OP. INC. -Industrial
$
(2,479
)
$
(1,754
)
$
(2,470
)
$
(3,191
)
$
(9,893
)
$
(3,190
)
$
(1,074
)
$
(150
)
$
(4,414
)
Segment Operating Margin %
(82.8
)%
(56.1
)%
(76.3
)%
(60.8
)%
(67.8
)%
(105.9
)%
(492.7
)%
(1875.0
)%
(136.3
)%
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
(in thousands, except percentages) (unaudited)
2021 As Restated
2022
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD 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
)
$
(29,332
)
LESS
Capital expenditures, net of sale proceeds1
3,392
2,644
4,541
4,168
14,745
3,592
5,461
4,156
13,209
ADJUSTED FREE CASH FLOW
$
(22,602
)
$
6,222
$
5,656
$
6,427
$
(4,297
)
$
(19,516
)
$
(9,054
)
$
(13,971
)
$
(42,541
)
Gross Debt
$
538,541
$
524,391
$
518,464
$
526,311
$
526,311
$
547,681
$
543,100
$
522,975
$
522,975
Less: Cash & Cash equivalents
64,837
58,862
58,013
59,924
59,924
61,122
55,238
47,131
47,131
GROSS DEBT, NET OF CASH
$
473,704
$
465,529
$
460,451
$
466,387
$
466,387
$
486,559
$
487,862
$
475,844
$
475,844
TOTAL SHAREHOLDERS' EQUITY
$
138,663
$
122,185
$
121,256
$
133,716
$
133,716
$
110,321
$
103,663
$
122,082
$
122,082
GROSS DEBT AS % OF EQUITY
388
%
429
%
428
%
394
%
394
%
496
%
524
%
428
%
428
%
GROSS DEBT, NET OF CASH AS % OF EQUITY
342
%
381
%
380
%
349
%
349
%
441
%
471
%
390
%
390
%
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
(in thousands, except percentages) (unaudited)
2021 As Restated
2022
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
TOTAL
NET (LOSS) INCOME
$
(11,796
)
$
(18,784
)
$
(2,630
)
$
(28,427
)
$
(61,638
)
$
(21,481
)
$
3,960
$
31,470
$
13,949
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
)
10,969
Acquisition amortization
10,487
10,498
10,417
10,369
41,772
9,391
9,178
9,118
27,687
Acquisition depreciation
2,375
1,327
1,412
1,397
6,511
1,045
1,239
1,335
3,620
Special (recoveries) charges, net
(2,870
)
4,523
1,126
17,259
20,038
2,556
(10,425
)
(25,529
)
(33,399
)
Goodwill Impairment charge
—
—
—
10,500
10,500
—
—
—
—
Income tax impact
(44
)
2,425
(596
)
(1,622
)
163
384
(2,207
)
(2,066
)
(3,889
)
Net loss (income) from discontinued operations
239
878
(2,510
)
(13
)
(1,406
)
—
—
—
—
ADJUSTED NET INCOME
$
451
$
4,106
$
6,847
$
9,369
$
20,773
$
1,099
$
6,440
$
14,155
$
21,694
(LOSS) EARNINGS PER COMMON SHARE (Diluted)
$
(0.59
)
$
(0.93
)
$
(0.13
)
$
(1.40
)
$
(3.05
)
$
(1.06
)
$
0.19
$
1.54
$
0.68
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
1.36
Acquisition depreciation
0.12
0.07
0.07
0.07
0.32
0.05
0.06
0.07
0.18
Special (recoveries) charges, net
(0.14
)
0.22
0.06
0.85
0.99
0.13
(0.51
)
(1.25
)
(1.64
)
Impairment charge
—
—
—
0.52
0.52
—
—
—
—
Income tax impact
—
0.12
(0.03
)
(0.08
)
0.01
0.02
(0.11
)
(0.10
)
(0.19
)
(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
$
1.06
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
(in thousands, except percentages) (unaudited)
2021 As Restated
2022
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
TOTAL
NET (LOSS) INCOME
$
(11,796
)
$
(18,784
)
$
(2,629
)
$
(28,426
)
$
(61,635
)
$
(21,481
)
$
3,960
$
31,470
$
13,949
LESS:
Interest expense, net
8,369
7,958
7,997
8,040
32,365
9,456
10,203
11,821
31,480
Depreciation
6,509
5,460
5,536
5,348
22,854
5,000
5,056
4,956
15,012
Amortization
10,696
10,657
10,576
10,375
42,304
9,397
9,183
9,124
27,704
Provision for income taxes
(297
)
2,659
850
1,970
5,182
1,523
(647
)
1,661
2,536
Loss (income) from discontinued operations
239
878
(2,510
)
(13
)
(1,406
)
—
—
—
—
EBITDA
$
13,720
$
8,828
$
19,820
$
(2,706
)
$
39,664
$
3,895
$
27,755
$
59,032
$
90,681
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
)
10,969
Special (recoveries) charges, net
(2,870
)
4,523
1,126
17,259
20,038
2,556
(10,425
)
(25,529
)
(33,399
)
Goodwill impairment charge
—
—
—
10,500
10,500
—
—
—
—
ADJUSTED EBITDA
$
12,910
$
16,590
$
20,574
$
24,959
$
75,035
$
15,655
$
22,025
$
33,330
$
71,008
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
(in thousands, except percentages) (unaudited)
2021 As Restated
2022
1ST QTR
2ND QTR
3RD QTR
4TH QTR
TOTAL
1ST QTR
2ND QTR
3RD QTR
TOTAL
OPERATING (LOSS) INCOME
$
(5,266
)
$
(8,557
)
$
3,451
$
(18,952
)
$
(29,323
)
$
(11,789
)
$
11,878
$
42,556
$
42,645
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
)
10,969
Acquisition amortization
10,487
10,498
10,417
10,369
41,772
9,391
9,178
9,118
27,687
Acquisition depreciation
2,375
1,327
1,412
1,397
6,511
1,045
1,239
1,335
3,620
Special (recoveries) charges, net
(2,870
)
4,523
1,126
17,259
20,038
2,556
(10,425
)
(25,529
)
(33,399
)
Goodwill impairment charge
—
—
—
10,500
10,500
—
—
—
—
ADJUSTED OPERATING INCOME
$
6,787
$
11,029
$
16,034
$
20,479
$
54,331
$
10,407
$
16,565
$
27,307
$
54,279
OPERATING MARGIN
(3.0
)%
(4.6
)%
1.8
%
(9.2
)%
(3.9
)%
(6.3
)%
6.2
%
21.8
%
7.5
%
LESS:
Restructuring related inventory charges (recoveries)
0.0
%
0.5
%
0.0
%
(0.1
)%
0.1
%
1.5
%
0.0
%
0.0
%
0.5
%
Restructuring charges (recoveries), net
1.2
%
1.2
%
(0.2
)%
0.1
%
0.6
%
3.5
%
2.5
%
(0.1
)%
1.9
%
Acquisition amortization
5.9
%
5.6
%
5.5
%
5.1
%
5.5
%
5.1
%
4.8
%
4.7
%
4.8
%
Acquisition depreciation
1.3
%
0.7
%
0.7
%
0.7
%
0.9
%
0.6
%
0.6
%
0.7
%
0.6
%
Special (recoveries) charges, net
(1.6
)%
2.4
%
0.6
%
8.4
%
2.6
%
1.4
%
(5.4
)%
(13.1
)%
(5.8
)%
Goodwill impairment charge
0.0
%
0.0
%
0.0
%
5.1
%
1.4
%
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
%
9.5
%
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES
(in thousands, except percentages) (unaudited)
CIRCOR
Aerospace & Defense
Industrial
3Q 22
3Q 21
Change
3Q 22
3Q 21
Change
3Q 22
3Q 21
Change
Reported Orders
228,334
193,719
18
%
90,486
54,028
67
%
137,848
139,691
(1
)%
FX
16,620
3,756
12,864
Organic
244,954
193,719
26
%
94,242
54,028
74
%
150,712
139,691
8
%
CIRCOR
Aerospace & Defense
Industrial
3Q 22
3Q 21
Change
3Q 22
3Q 21
Change
3Q 22
3Q 21
Change
Reported Revenue
195,362
189,709
3
%
72,219
63,461
14
%
123,143
126,248
(2
)%
FX
13,680
2,665
11,015
Organic
209,042
189,709
10
%
74,884
63,461
18
%
134,158
126,248
6
%
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/20221111005548/en/
Scott Solomon Senior Vice President Sharon Merrill Associates, Inc. (857) 383-2409
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