![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, today announced financial results for the first quarter ended March 30, 2014.
First-Quarter 2014 Highlights
“CIRCOR began 2014 with strong first-quarter operating results,” said Scott Buckhout, CIRCOR President and Chief Executive Officer. “Our margin expansion initiatives continued to gain traction with adjusted operating margins up year-over-year by 230 basis points to 9.4%. Margins improved across most of our businesses. We had strong sales growth in our upstream markets, particularly in our large international projects business and our instrumentation and sampling business.”
“Q1 order intake was down over last year primarily due to orders from our project businesses, which can vary significantly from quarter to quarter. We remain bullish on our energy end markets and expect solid order intake for the full year,” said Buckhout.
“Today we are announcing an investment program to accelerate organic growth. We intend to invest approximately $7 million to increase the size our sales force in growing markets, open international sales offices in Brazil and Malaysia, and increase our investment in new products. These actions will be entirely funded with a reduction in G&A expenses and the closure of three small facilities,” concluded Buckhout.
Second-Quarter 2014 GuidanceFor the second quarter of 2014, the Company expects:
Selected Consolidated Results
(In millions, except percents and bps) Q1 2014 Q1 2013 Change Revenue $ 211.2 $ 205.4 3% Adjusted Operating Income $ 19.8 $ 14.5 36% Adjusted Operating Margin 9.4% 7.1% 230 bps Adjusted Earnings Per Share (Diluted) $ 0.78 $ 0.52 50% Orders $ 199.9 $ 226.8 (12)% Backlog $ 448.3 $ 457.3 (2)% Free Cash Flow $ 14.4 $ 1.1 -Note: These amounts exclude special recoveries and charges. Refer to reconciliation to commonly used US GAAP terms.
Segment Results
(In millions, except percents and bps) Q1 2014 Q1 2013 Change Energy Revenue $ 162.6 $ 157.1 3% Adjusted Operating Margin 13.8% 10.8% 300 bps Orders $ 159.5 $ 173.5 (8)% Backlog $ 283.1 $ 274.4 3% Aerospace & Defense Revenue $ 48.6 $ 48.3 1% Adjusted Operating Margin 9.1% 5.9% 320 bps Orders $ 40.4 $ 53.3 (24)% Backlog $ 165.2 $ 182.9 (10)%Note: These amounts exclude special recoveries and charges. Refer to reconciliation to commonly used US GAAP terms.
Conference Call Information
CIRCOR International will hold a conference call to review its financial results today, April 22, 2014, at 10:00 a.m. ET. To listen to the conference call and view the accompanying presentation slides, visit “Webcasts & Presentations” in the “Investors” section of the CIRCOR website. The call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. The webcast will be archived for one year on the Company’s website.
Use of Non-GAAP Financial MeasuresAdjusted net income, adjusted earnings per diluted share, adjusted operating income, adjusted operating margin, and free cash flow are non-GAAP financial measures and are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. CIRCOR believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.
Safe Harbor StatementThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to CIRCOR’s future performance, including second-quarter revenue and earnings guidance and estimated total annualized pre-tax savings from restructuring actions. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K AND SUBSEQUENT REPORTS ON FORMS 10-Q, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
About CIRCOR International, Inc.CIRCOR International, Inc. designs, manufactures and markets highly engineered products and sub-systems for markets including oil & gas, power generation and aerospace & defense. With more than 7,000 customers in over 100 countries, CIRCOR has a diversified product portfolio with recognized, market-leading brands that fulfill its customers’ unique application needs. The Company’s strategy is to grow organically and through complementary acquisitions; simplify CIRCOR’s operations; achieve world class operational excellence; and attract and retain top industry talent. For more information, visit the Company’s investor relations website at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC.CONSOLIDATED STATEMENT OF INCOME
(in thousands, except share data)
UNAUDITED
Three Months Ended March 30, 2014 March 31, 2013 Net revenues $ 211,186 $ 205,398 Cost of revenues 146,548 145,549 GROSS PROFIT 64,638 59,849 Selling, general and administrative expenses 44,888 45,571 Special (recoveries) charges, net (1,157 ) 1,378 OPERATING INCOME 20,907 12,900 Other (income) expense: Interest expense, net 918 787 Other (income) expense, net (468 ) 612 TOTAL OTHER EXPENSE, NET 450 1,399 INCOME BEFORE INCOME TAXES 20,457 11,501 Provision for income taxes 5,825 3,592 NET INCOME $ 14,632 $ 7,908 Earnings per common share: Basic $ 0.83 $ 0.45 Diluted $ 0.82 $ 0.45 Weighted average number of common shares outstanding: Basic 17,620 17,511 Diluted 17,741 17,529 Dividends paid per common share $ 0.0375 $ 0.0375 CIRCOR INTERNATIONAL, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(UNAUDITED)
Three Months Ended March 30, 2014March 31, 2013
OPERATING ACTIVITIES Net income $ 14,632 $ 7,908 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 4,069 4,009 Amortization 786 758 Compensation expense of share-based plans 1,830 1,028 Tax effect of share-based plan compensation (571 ) (285 ) (Gain) loss on disposal of property, plant and equipment 34 (66 ) Changes in operating assets and liabilities: Trade accounts receivable, net (9,952 ) (2,455 ) Inventories, net 234 (6,461 ) Prepaid expenses and other assets (859 ) (827 ) Accounts payable, accrued expenses and other liabilities 6,854 2,198 Net cash provided by operating activities 17,057 5,807 INVESTING ACTIVITIES Additions to property, plant and equipment (2,670 ) (4,707 ) Proceeds from the sale of property, plant and equipment 13 75 Net cash used in investing activities (2,657 ) (4,632 ) FINANCING ACTIVITIES Proceeds from long-term debt 48,029 33,598 Payments of long-term debt (41,781 ) (37,655 ) Dividends paid (670 ) (670 ) Proceeds from the exercise of stock options 192 1,368 Tax effect of share-based compensation 571 285 Net cash (used in) provided by financing activities 6,341 (3,074 ) Effect of exchange rate changes on cash and cash equivalents (824 ) (2,207 ) INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 19,917 (4,106 ) Cash and cash equivalents at beginning of year 102,180 61,738 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 122,097 $ 57,632 Cash paid during the year for: Income taxes $ 2,913 $ 1,462 Interest $ 677 $ 655 CIRCOR INTERNATIONAL, INC.CONSOLIDATED BALANCE SHEETS
(in thousands)
UNAUDITED
March 30, 2014
December 31, 2013
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 122,097 $ 102,180 Short-term investments 92 95 Trade accounts receivable, less allowance for doubtful accounts of $2,543 and $2,449, respectively 154,821 144,742 Inventories, net 199,200 199,404 Prepaid expenses and other current assets 20,496 19,815 Deferred income tax asset 17,566 17,686 Total Current Assets 514,272 483,922 PROPERTY, PLANT AND EQUIPMENT, NET 106,455 107,724 OTHER ASSETS: Goodwill 75,999 75,876 Intangibles, net 34,924 35,656 Deferred income tax asset 17,167 18,579 Other assets 5,140 4,893 TOTAL ASSETS $ 753,957 $ 726,650 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 83,391 $ 70,589 Accrued expenses and other current liabilities 56,710 57,507 Accrued compensation and benefits 25,191 31,289 Income taxes payable 4,946 3,965 Notes payable and current portion of long-term debt 10,519 7,203 Total Current Liabilities 180,757 170,553 LONG-TERM DEBT, NET OF CURRENT PORTION 45,614 42,435 DEFERRED INCOME TAXES 9,217 9,666 OTHER NON-CURRENT LIABILITIES 25,768 27,109 CONTINGENCIES AND COMMITMENTS SHAREHOLDERS’ EQUITY:Common stock
176
176
Additional paid-in capital 272,202 269,884 Retained earnings 217,045 202,930 Accumulated other comprehensive gain, net of taxes 3,178 3,897 Total Shareholders’ Equity 492,601 476,887 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 753,957 $ 726,650 CIRCOR INTERNATIONAL, INC.SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended March 30, 2014 March 31, 2013 ORDERS (1) Energy $ 159.5 $ 173.5 Aerospace & Defense 40.4 53.3 Total orders $ 199.9 $ 226.8 BACKLOG (2) March 30, 2014 March 31, 2013 Energy $ 283.1 $ 274.4 Aerospace & Defense 165.2 182.9 Total backlog $ 448.3 $ 457.3Note 1: Orders do not include the foreign exchange impact due to the re-measurementof customer order backlog amounts denominated in foreign currencies.
Note 2: Backlog includes all unshipped customer orders. CIRCOR INTERNATIONAL, INC.SUMMARY REPORT BY SEGMENT
(in thousands, except earnings per share)
UNAUDITED
2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR NET REVENUES Energy $ 157,104 $ 173,557 $ 167,660 $ 162,649 $ 660,970 $ 162,587 Aerospace & Defense 48,294 50,087 47,071 51,386 196,838 48,599 Total $ 205,398 $ 223,644 $ 214,731 $ 214,035 $ 857,808 $ 211,186 ADJUSTED OPERATING MARGIN Energy 10.8 % 13.3 % 15.2 % 17.1 % 14.1 % 13.8 % Aerospace & Defense 5.9 % 11.4 % 12.1 % 8.4 % 9.5 % 9.1 % Segment operating margin 9.6 % 12.9 % 14.5 % 15.0 % 13.0 % 12.7 % Corporate expenses (2.6 )% (2.9 )% (3.4 )% (3.5 )% (3.1 )% (3.4 )% Adjusted operating margin 7.1 % 10.0 % 11.1 % 11.6 % 9.9 % 9.4 % Restructuring inventory charges 0.1 % (0.1 )% — % 0.3 % 0.1 % — % Impairment charges — % — % — % 3.2 % 0.8 % — % Special (recoveries) — % — % (1.5 )% — % (0.4 )% (1.1 )% Special charges 0.7 % 1.0 % 1.4 % 2.4 % 1.4 % 0.5 % Total GAAP operating margin 6.3 % 9.1 % 11.1 % 5.6 % 8.1 % 9.9 % 2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR ADJUSTED OPERATING INCOME Energy $ 16,940 $ 23,114 $ 25,441 $ 27,809 $ 93,304 $ 22,462 Aerospace & Defense 2,864 5,724 5,705 4,342 18,635 4,426 Segment operating income 19,804 28,838 31,146 32,151 111,939 26,888 Corporate expenses (5,277 ) (6,570 ) (7,400 ) (7,400 ) (26,646 ) (7,137 ) Adjusted operating income 14,528 22,268 23,746 24,751 85,293 19,750 Restructuring inventory charges 250 (242 ) — 638 646 — Impairment charges — — — 6,872 6,872 — Special (recoveries) — — (3,151 ) — (3,151 ) (2,243 ) Special charges 1,378 2,254 2,961 5,160 11,752 1,086 Total GAAP operating income 12,900 20,256 23,936 12,081 69,174 20,907 INTEREST EXPENSE, NET (787 ) (838 ) (745 ) (792 ) (3,162 ) (918 ) OTHER (EXPENSE) INCOME, NET (612 ) (626 ) (568 ) (167 ) (1,974 ) 468 PRETAX INCOME 11,501 18,792 22,623 11,122 64,038 20,457 PROVISION FOR INCOME TAXES (3,592 ) (6,124 ) (4,903 ) (2,297 ) (16,916 ) (5,825 ) EFFECTIVE TAX RATE 31.2 % 32.6 % 21.7 % 20.7 % 26.4 % 28.5 % NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825 $ 47,121 $ 14,632 Weighted Average Common Shares Outstanding (Diluted) 17,529 17,607 17,667 17,710 17,629 17,741 EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.72 $ 1.00 $ 0.50 $ 2.67 $ 0.82 ADJUSTED EBITDA $ 18,682 $ 26,419 $ 27,850 $ 29,441 $ 102,392 $ 27,387 ADJUSTED EBITDA AS A % OF SALES 9.1 % 11.8 % 13.0 % 13.8 % 11.9 % 13.0 % CAPITAL EXPENDITURES $ 4,707 $ 4,100 $ 4,772 $ 3,749 $ 17,328 $ 2,670 CIRCOR INTERNATIONAL, INC.RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except earnings per share)
UNAUDITED
2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR FREE CASH FLOW AS % OF NET INCOME 14 % 75 % 167 % 167 % 116 % 98 % FREE CASH FLOW $ 1,100 $ 9,525 $ 29,557 $ 14,696 $ 54,878 $ 14,387 ADD: Capital Expenditures 4,707 4,100 4,772 3,749 17,328 2,670 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 5,807 $ 13,625 $ 34,329 $ 18,445 $ 72,206 $ 17,057 NET DEBT (CASH) $ 8,814 $ (1,376 ) $ (36,466 ) $ (52,637 ) $ (52,637 ) $ (66,056 ) ADD: Cash & Cash Equivalents 57,633 60,831 86,285 102,180 102,180 122,097 Investments 99 96 98 95 95 92 TOTAL DEBT $ 66,546 $ 59,551 $ 49,917 $ 49,638 $ 49,638 $ 56,133 DEBT AS % OF EQUITY 16 % 14 % 11 % 10 % 10 % 11 % TOTAL DEBT 66,546 59,551 49,917 49,638 49,638 56,133 TOTAL SHAREHOLDERS' EQUITY 418,819 432,151 459,058 476,887 476,887 492,601 2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR ADJUSTED OPERATING INCOME $ 14,528 $ 22,268 $ 23,746 $ 24,751 $ 85,293 $ 19,750 LESS: Inventory restructuring charges 250 (242 ) — 638 646 — Impairment charges — — — 6,872 6,872 — Special (recoveries) — — (3,151 ) — (3,151 ) (2,243 ) Special charges 1,378 2,254 2,961 5,160 11,753 1,086 OPERATING INCOME $ 12,900 $ 20,256 $ 23,936 $ 12,081 $ 69,173 $ 20,907 ADJUSTED NET INCOME $ 9,043 $ 14,044 $ 16,439 $ 16,773 $ 56,299 $ 13,916 LESS: Inventory restructuring charges, net of tax 174 (165 ) — 396 405 — Impairment charges, net of tax — — — 4,261 4,261 — Special (recoveries), net of tax — — (3,151 ) — (3,151 ) (1,391 ) Special charges, net of tax 961 1,541 1,870 3,291 7,663 675 NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825 $ 47,121 $ 14,632 ADJUSTED EARNINGS PER SHARE $ 0.52 $ 0.81 $ 0.93 $ 0.95 $ 3.21 $ 0.78 LESS: Inventory restructuring charges, net of tax 0.01 (0.01 ) — 0.02 0.02 — Impairment charges, net of tax — — — 0.24 0.24 — Special (recoveries), net of tax — — (0.18 ) — (0.18 ) (0.08 ) Special charges, net of tax 0.06 0.10 0.11 0.19 0.46 0.04 EARNINGS PER COMMON SHARE (Diluted) $ 0.45 $ 0.72 $ 1.00 $ 0.50 $ 2.67 $ 0.82 2013 2014 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR EBITDA $ 17,054 $ 24,407 $ 23,368 $ 11,914 $ 86,272 $ 26,230 LESS: Interest expense, net (787 ) (838 ) (745 ) (792 ) (3,162 ) (918 ) Depreciation (4,009 ) (4,026 ) (3,908 ) (4,091 ) (16,034 ) (4,069 ) Amortization (758 ) (751 ) (764 ) (766 ) (3,039 ) (786 ) Provision for income taxes (3,592 ) (6,124 ) (4,903 ) (2,297 ) (16,916 ) (5,825 ) NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825 $ 47,121 $ 14,632 ADJUSTED EBITDA $ 18,682 $ 26,419 $ 27,850 $ 29,441 $ 102,392 $ 27,387 Inventory restructuring charges (250 ) 242 — (638 ) (646 ) — Impairment charges — — — (6,872 ) (6,872 ) — Special (recoveries) — — 3,151 — 3,151 (2,243 ) Special charges (1,378 ) (2,254 ) (2,961 ) (5,160 ) (11,753 ) 1,086 Interest expense, net (787 ) (838 ) (745 ) (792 ) (3,162 ) (918 ) Depreciation (4,009 ) (4,026 ) (3,908 ) (4,091 ) (16,034 ) (4,069 ) Amortization (758 ) (751 ) (764 ) (766 ) (3,039 ) (786 ) Provision for income taxes (3,592 ) (6,124 ) (4,903 ) (2,297 ) (16,916 ) (5,825 ) NET INCOME $ 7,908 $ 12,668 $ 17,720 $ 8,825 $ 47,121 $ 14,632 CIRCOR INTERNATIONAL, INC.RECONCILIATION OF FUTURE PERFORMANCE MEASURES TO COMMONLY
USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
UNAUDITED
2nd Quarter 2014 Low High REVENUE (in millions) $ 220 $ 230 EXPECTED ADJUSTED EARNINGS PER SHARE (DILUTIVE) $0.88
$0.94
LESS: Restructuring related charges, Special charges
$
0.25
$
0.21
EXPECTED EARNINGS PER COMMON SHARE (Diluted)
$
0.63
$
0.73
Note: Assumes 26% - 27% tax rate and exchange rates at present values.
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice President & Chief Financial Officer
1 Year CIRCOR Chart |
1 Month CIRCOR Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions