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Share Name | Share Symbol | Market | Type |
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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 flow control solutions and other highly engineered products for the Industrial, Energy, and Aerospace & Defense markets, today announced financial results for the first quarter ended April 1, 2018. Results include the acquisition of the Colfax Fluid Handling business, which CIRCOR acquired in December 2017.
First-Quarter 2018 Highlights
“The momentum we saw across many of our end markets in Q4 2017 is continuing as we move through the early stages of 2018,” said Scott Buckhout, President and Chief Executive Officer. “For CIRCOR overall, our reported results were stronger than we expected as we entered the quarter. Our book to bill ratio in Q1 was almost 1.2, increasing our backlog by $60 million. Orders continue to be healthy and we expect that trend to continue through the second quarter.”
“As we announced in Q1, we have re-aligned our businesses to focus on three primary end markets – Industrial, Energy, and Aerospace & Defense,” Buckhout said. “This is part of our strategy to simplify the business, clarify customer and channel relationships, and better exploit growth opportunities across the organization.”
“The Fluid Handling acquisition brings a strong platform for revenue growth and profitability. Fluid Handling orders were up 16% on a pro forma, organic basis in the quarter. The integration is on track, and we are confident in our ability to fully realize all of the committed synergies,” added Buckhout.
“Overall, we remain committed to driving long-term growth, generating strong cash flow, and delevering the Company by reducing debt and expanding margins,” concluded Buckhout.
Second-Quarter 2018 GuidanceFor the second quarter of 2018, CIRCOR expects revenue in the range of $275 million to $285 million, and GAAP loss per share of $0.09 to $0.27, which reflects acquisition-related amortization expense of $0.51 to $0.53 and other special and restructuring charges of $0.12 to $0.18. Excluding the impact of amortization, special and restructuring charges, adjusted EPS is expected to be in the range of $0.44 to $0.54 per share. Presentation slides that provide supporting information to this guidance and first-quarter results are posted on the “Investors” section of the Company’s website, http://investors.circor.com, and will be discussed during the conference call at 9:00 a.m. ET tomorrow, May 2, 2018.
Selected Consolidated Results (unaudited)
($ millions except EPS) Q1 2018 Q1 2017 Change Revenue $ 275.6 $ 145.2 90% GAAP Operating (Loss) Income $ (13.4) $ 7.4 N/M Adjusted Operating Income1 $ 19.8 $ 9.1 118% GAAP Operating Margin (4.9)% 5.1% N/M Adjusted Operating Margin1 7.2% 6.3% 90 bps GAAP (Loss) Earnings Per Share (Diluted) $ (0.88) $ 0.29 N/M Adjusted Earnings Per Share (Diluted)1 $ 0.40 $ 0.32 25% Operating Cash Flow $ (0.1) $ 16.2 N/M Free Cash Flow2 $ (8.3) $ 13.4 N/M Orders $ 326.2 $ 184.1 77%Segment Results
($ millions) Q1 2018 Q1 2017 Change Energy Revenue $ 100.0 $ 76.2 31% Segment Operating Income $ 5.7 $ 6.4 (11)% Segment Operating Margin 5.7% 8.4% (270) bps Orders $ 129.8 $ 100.0 30% Aerospace & Defense Revenue $ 58.5 $ 41.6 41% Segment Operating Income $ 8.9 $ 3.8 136% Segment Operating Margin 15.3% 9.1% 620 bps Orders $ 59.8 $ 56.4 6% Industrial Revenue $ 117.1 $ 27.4 328% Segment Operating Income $ 12.9 $ 4.4 195% Segment Operating Margin 11.1% 16.0% (490) bps Orders $ 136.6 $ 27.7394%
1. Adjusted Consolidated and Segment Results for Q1 2018 exclude non-cash acquisition-related intangible amortization, special and restructuring charges totaling $33.2 million ($25.5 million, net of tax). These charges include: (i) $20.2 million charge for non-cash acquisition-related intangible amortization expense, including the amortization of a step-up in fair value of inventories ($6.6 million); (ii) $10.5 million charge related to restructuring activities, primarily severance, related to our Engineered Valves, Reliability Services and Germany-based Pumps business; and (iii) $2.5 million related to the separation of Fluid Handling business from Colfax Corporation. Consolidated and Segment Results for Q1 2017 exclude non-cash acquisition-related intangible amortization, special and restructuring charges totaling $1.7 million ($0.6 million, net of tax). These charges include (i) $2.6 million charge for non-cash acquisition-related intangible amortization expense, (ii) $1.5 million charge related to other restructuring activities, primarily the exit of manufacturing operations in China and France; and (iii) $2.3 million net special gain primarily related to updating fair value estimates related to the purchase of Critical Flow Solutions, partially offset by Brazil losses incurred subsequent to our Q1 2016 closure of manufacturing operations.2. Free Cash Flow is a non-GAAP financial measure and is calculated by subtracting GAAP capital expenditures, net of proceeds from asset sales, from GAAP Operating Cash Flow.
Conference Call InformationCIRCOR International will hold a conference call to review its financial results at 9:00 a.m. ET tomorrow, May 2, 2018. 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. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. The webcast will be archived on the Company’s website for one year.
Use of Non-GAAP Financial MeasuresAdjusted operating income, Adjusted operating margin, Adjusted net income, Adjusted earnings per share (diluted), EBITDA, Adjusted EBITDA, net debt, free cash flow, organic growth and pro forma combined amounts are non-GAAP financial measures. These non-GAAP financial measures are used by management in our financial and operating decision making because we believe they better reflect our ongoing business and allow for meaningful period-to-period comparisons. We believe these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. These non-GAAP financial measures also allow investors and others to compare the Company’s current financial results with the Company’s past financial results in a consistent manner.
For example:
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 competitors. 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.
Safe Harbor StatementThis press release contains forward-looking statements within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E 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 the realization of cost reductions from restructuring activities. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. Important factors that could cause actual results to vary from expectations include, but are not limited to: our ability to respond to competitive developments and to grow our business, both domestically and internationally; changes in the cost, quality or supply of raw materials; our ability to comply with our debt obligations; our ability to successfully implement our acquisition, divesture or restructuring strategies, including our integration of the recently acquired Fluid Handling business; changes in industry standards or government regulations, both in the United States and internationally; and our ability to operate our manufacturing facilities at current or higher levels and respond to increases in manufacturing costs. 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 differentiated technology products and sub-systems for markets including oil & gas, industrial, aerospace & defense and commercial marine. CIRCOR has a diversified flow and motion control product portfolio with recognized, market-leading brands that fulfill its customers’ mission critical 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 talent. For more information, visit the Company’s investor relations website at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF (LOSS) INCOME(in thousands, except per share data)(Unaudited)
Three Months Ended April 1, 2018 April 2, 2017 Net revenues $ 275,580 $ 145,208 Cost of revenues 199,276 98,575 GROSS PROFIT 76,304 46,633 Selling, general and administrative expenses 77,238 40,089 Special and restructuring charges (recoveries), net 12,446 (810 ) OPERATING (LOSS) INCOME (13,380 ) 7,354 Other expense (income): Interest expense, net 11,801 1,669 Other (income) expense, net (1,861 ) 225 TOTAL OTHER EXPENSE, NET 9,940 1,894 (LOSS) INCOME BEFORE INCOME TAXES (23,320 ) 5,460 (Benefit from) provision for income taxes (5,879 ) 687 NET (LOSS) INCOME $ (17,441 ) $ 4,773 (Loss) Earnings per common share: Basic $ (0.88 ) $ 0.29 Diluted $ (0.88 ) $ 0.29 Weighted average number of common shares outstanding: Basic 19,806 16,458 Diluted 19,806 16,691 Dividends declared per common share $ — $ 0.0375
CIRCOR INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(Unaudited)
Three Months Ended OPERATING ACTIVITIES April 1, 2018 April 2, 2017 Net (loss) income $ (17,441 ) $ 4,773 Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: Depreciation 7,334 3,798 Amortization 12,329 3,092 Bad debt expense (recovery) 192 (54 ) Loss on write down of inventory 6,466 548 Compensation expense of share-based plans 1,365 738 Change in fair value of contingent consideration — (2,500 ) Interest amortization 881 — Loss (gain) on sale or write down of property, plant and equipment 1,284 (110 ) Changes in operating assets and liabilities, net of effects of acquisition and disposition: Trade accounts receivable 12,141 14,018 Inventories (13,833 ) 2,030 Prepaid expenses and other assets (6,616 ) (4,297 ) Accounts payable, accrued expenses and other liabilities (4,249 ) (5,841 ) Net cash (used in) provided by operating activities (147 ) 16,195 INVESTING ACTIVITIES Additions to property, plant and equipment (8,234 ) (3,001 ) Proceeds from the sale of property, plant and equipment 93 190 Business acquisition, working capital adjustment — 1,467 Net cash used in investing activities (8,141 ) (1,344 ) FINANCING ACTIVITIES Proceeds from long-term debt 71,950 34,900 Payments of long-term debt (44,106 ) (43,100 ) Dividends paid — (624 ) Proceeds from the exercise of stock options 301 295 Return of cash to seller (7,905 ) — Net cash provided by (used in) financing activities 20,240 (8,529 ) Effect of exchange rate changes on cash and cash equivalents 957 1,055 INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 12,909 7,377 Cash, cash equivalents and restricted cash at beginning of period 112,293 58,279 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 125,202 $ 65,656CIRCOR INTERNATIONAL, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data)(Unaudited)
April 1, 2018 December 31, 2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 123,305 $ 110,356 Trade accounts receivable, less allowance for doubtful accounts of $13,512 and $15,434, respectively 204,437 223,922 Inventories 265,065 244,896 Prepaid expenses and other current assets 67,129 59,219 Total Current Assets 659,936 638,393 PROPERTY, PLANT AND EQUIPMENT, NET 226,439 217,539 OTHER ASSETS: Goodwill 515,177 505,762 Intangibles, net 497,027 513,364 Deferred income taxes 28,236 22,334 Other assets 8,861 9,407 TOTAL ASSETS $ 1,935,676 $ 1,906,799 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 118,441 $ 117,329 Accrued expenses and other current liabilities 179,106 170,454 Accrued compensation and benefits 30,865 34,734 Total Current Liabilities 328,412 322,517 LONG-TERM DEBT 815,795 787,343 DEFERRED INCOME TAXES 31,099 26,122 PENSION LIABILITY, NET 150,572 150,719 OTHER NON-CURRENT LIABILITIES 21,486 18,124 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY: Common stock 212 212 Additional paid-in capital 436,915 438,721 Retained earnings 254,046 274,243 Common treasury stock, at cost (74,472 ) (74,472 ) Accumulated other comprehensive loss, net of tax (28,389 ) (36,730 ) Total Shareholders’ Equity 588,312 601,974 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,935,676 $ 1,906,799CIRCOR INTERNATIONAL, INC.SUMMARY OF ORDERS AND BACKLOG(in millions)UNAUDITED
Three Months Ended April 1, 2018 April 2, 2017 ORDERS (1) (3) Energy $ 129.8 $ 100.0 Aerospace & Defense 59.8 56.4 Industrial 136.6 27.7 Total orders $ 326.2 $ 184.1 BACKLOG (2) (3) April 1, 2018 April 2, 2017 Energy $ 224.1 $ 142.8 Aerospace & Defense 165.8 106.2 Industrial 170.6 32.9 Total backlog $ 560.5 $ 281.9
Note 1: Orders do not include the foreign exchange impact due to the re-measurement of customer order backlog amounts denominated in foreign currencies.Note 2: Backlog includes unshipped customer orders for which revenue has not been recognized.Note 3: April 2, 2017 segment amounts restated for Q1 2018 organizational realignment.
CIRCOR INTERNATIONAL, INC.SEGMENT INFORMATION(in thousands, except percentages)UNAUDITED
2017 2018 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR ORDERS Energy $ 100,012 $ 73,140 $ 84,857 $ 118,073 $ 376,082 $ 129,762 Aerospace & Defense 56,416 39,902 45,939 $ 52,043 194,300 59,793 Industrial 27,654 29,889 27,296 46,407 131,246 136,607 Total $ 184,082 $ 142,931 $ 158,092 $ 216,523 $ 701,628 $ 326,162 NET REVENUES Energy $ 76,210 $ 78,276 $ 88,570 $ 96,561 $ 339,617 $ 99,972 Aerospace & Defense 41,601 43,304 41,117 $ 56,961 182,983 58,477 Industrial 27,397 29,651 30,006 52,056 139,110 117,131 Total $ 145,208 $ 151,231 $ 159,693 $ 205,578 $ 661,710 $ 275,580 SEGMENT OPERATING INCOME Energy $ 6,407 $ 8,170 $ 6,936 $ 8,618 $ 30,131 $ 5,696 Aerospace & Defense 3,784 4,374 4,333 10,884 23,375 8,931 Industrial 4,384 4,901 5,675 4,972 19,932 12,948 Corporate expenses (5,479 ) (5,396 ) (5,067 ) (5,802 ) (21,744 ) (7,802 ) Adjusted Operating Income $ 9,096 $ 12,049 $ 11,877 $ 18,672 $ 51,694 $ 19,773 SEGMENT OPERATING MARGIN % Energy 8.4 % 10.4 % 7.8 % 8.9 % 8.9 % 5.7 % Aerospace & Defense 9.1 % 10.1 % 10.5 % 19.1 % 12.8 % 15.3 % Industrial 16.0 % 16.5 % 18.9 % 9.6 % 14.3 % 11.1 % Adjusted Operating Margin 6.3 % 8.0 % 7.4 % 9.1 % 7.8 % 7.2 %CIRCOR INTERNATIONAL, INC.RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS(in thousands, except percentages)UNAUDITED
2017 2018 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 16,195 $ 2,667 $ (16,854 ) $ 7,629 $ 9,637 $ (147 ) LESS: Capital expenditures, net of sale proceeds 2,811 2,375 2,318 6,103 13,607 8,141 FREE CASH FLOW $ 13,384 $ 292 $ (19,172 ) $ 1,526 $ (3,970 ) $ (8,288 ) TOTAL DEBT $ 243,000 $ 252,856 $ 269,026 $ 795,208 $ 795,208 $ 823,665 LESS: Cash & cash equivalents 65,656 77,272 75,627 110,356 110,356 123,305 NET DEBT $ 177,344 $ 175,584 $ 193,399 $ 684,852 $ 684,852 $ 700,360 TOTAL SHAREHOLDERS' EQUITY $ 415,537 $ 438,097 $ 451,885 $ 601,974 $ 601,974 $ 588,312 TOTAL DEBT AS % OF EQUITY 58 % 58 % 60 % 132 % 132 % 140 % NET DEBT AS % OF EQUITY 43 % 40 % 43 % 114 % 114 % 119 %CIRCOR INTERNATIONAL, INC.RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS(in thousands, except per share data)UNAUDITED
2017 2018 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR NET INCOME (LOSS) $ 4,773 $ 8,970 $ 3,617 $ (5,571 ) $ 11,789 $ (17,441 ) LESS: Restructuring related inventory charges — — — — — 473 Amortization of inventory step-up — — — 4,300 4,300 6,600 Restructuring charges, net 1,458 3,566 341 697 6,062 9,615 Acquisition amortization 2,552 2,599 2,694 4,697 12,542 11,797 Acquisition depreciation — — — 233 233 1,837 Special charges (recoveries), net (2,268 ) (5,520 ) 1,978 13,799 7,989 2,831 Income tax impact (1,137 ) (3,124 ) (1,497 ) (8,279 ) (14,037 ) (7,687 ) ADJUSTED NET INCOME $ 5,378 $ 6,491 $ 7,133 $ 9,876 $ 28,878 $ 8,025 EARNINGS (LOSS) PER COMMON SHARE (Diluted) $ 0.29 $ 0.54 $ 0.22 $ (0.32 ) $ 0.70 $ (0.88 ) LESS: Restructuring related inventory charges — — — — — 0.02 Amortization of inventory step-up — — — 0.25 0.26 0.33 Restructuring charges, net 0.09 0.21 0.02 0.04 0.36 0.49 Acquisition amortization 0.15 0.16 0.16 0.27 0.74 0.60 Acquisition depreciation — — — 0.01 0.01 0.09 Special charges (recoveries), net (0.14 ) (0.33 ) 0.12 0.80 0.47 0.14 Income tax impact (0.07 ) (0.19 ) (0.09 ) (0.48 ) (0.83 ) (0.39 ) ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.32 $ 0.39 $ 0.43 $ 0.57 $ 1.71 $ 0.40CIRCOR INTERNATIONAL, INC.RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS(in thousands)UNAUDITED
2017 2018 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR NET INCOME (LOSS) $ 4,773 $ 8,970 $ 3,617 $ (5,571 ) $ 11,789 $ (17,441 ) LESS: Interest expense, net (1,669 ) (2,184 ) (2,445 ) (4,479 ) (10,777 ) (11,801 ) Depreciation (3,798 ) (3,547 ) (3,544 ) (4,401 ) (15,290 ) (7,334 ) Amortization (3,092 ) (3,124 ) (3,275 ) (5,256 ) (14,747 ) (12,329 ) (Provision for) benefit from income taxes (687 ) 724 21 5,618 5,676 5,879 EBITDA $ 14,019 $ 17,101 $ 12,860 $ 2,947 $ 46,927 $ 8,144 LESS: Restructuring related inventory charges — — — — — (473 ) Amortization of inventory step-up — — — (4,300 ) (4,300 ) (6,600 ) Restructuring charges, net (1,458 ) (3,566 ) (341 ) (697 ) (6,062 ) (9,615 ) Special (charges) recoveries, net 2,268 5,520 (1,978 ) (13,799 ) (7,989 ) (2,831 ) ADJUSTED EBITDA $ 13,209 $ 15,147 $ 15,179 $ 21,743 $ 65,278 $ 27,663 CIRCOR INTERNATIONAL, INC.RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except percentages)
UNAUDITED
2017 2018 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR GAAP OPERATING INCOME (LOSS) $ 7,354 $ 11,404 $ 6,864 $ (5,054 ) $ 20,568 $ (13,380 ) LESS: Restructuring related inventory charges — — — — — 473 Amortization of inventory step-up — — — 4,300 4,300 6,600 Restructuring charges, net 1,458 3,566 341 697 6,062 9,615 Acquisition amortization 2,552 2,599 2,694 4,697 12,542 11,797 Acquisition depreciation — — — 233 233 1,837 Special charges (recoveries), net (2,268 ) (5,520 ) 1,978 13,799 7,989 2,831 ADJUSTED OPERATING INCOME $ 9,096 $ 12,049 $ 11,877 $ 18,672 $ 51,694 $ 19,773 GAAP OPERATING MARGIN 5.1 % 7.5 % 4.3 % (2.5 )% 3.1 % (4.9 )% LESS: Restructuring related inventory charges — % — % — % — % — % 0.2 % Amortization of inventory step-up — % — % — % 2.1 % 0.6 % 2.4 % Restructuring charges, net 1.0 % 2.4 % 0.2 % 0.3 % 0.9 % 3.5 % Acquisition amortization 1.8 % 1.7 % 1.7 % 2.3 % 1.9 % 4.3 % Acquisition depreciation — % — % — % 0.1 % — % 0.7 % Special charges (recoveries), net (1.6 )% (3.7 )% 1.2 % 6.7 % 1.2 % 1.0 % ADJUSTED OPERATING MARGIN 6.3 % 8.0 % 7.4 % 9.1 % 7.8 % 7.2 %The Company is providing certain combined information related to the recently acquired Fluid Handling business.
CIRCOR INTERNATIONAL, INC.SEGMENT INFORMATION - COMBINED(in thousands, except percentages)UNAUDITED
2017 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL ORDERS - Recast Energy $ 100,012 $ 73,140 $ 84,857 $ 118,073 $ 376,082 Aerospace & Defense 56,416 39,902 45,939 52,043 194,300 Industrial 27,654 29,889 27,296 46,407 131,246 Total $ 184,082 $ 142,931 $ 158,092 $ 216,523 $ 701,628 ORDERS - Fluid Handling Energy $ 23,679 $ 16,882 $ 21,401 $ 11,803 $ 73,765 Aerospace & Defense 8,255 24,375 9,716 6,816 49,162 Industrial 77,944 76,866 87,378 60,193 302,381 Total $ 109,878 $ 118,123 $ 118,495 $ 78,812 $ 425,308 ORDERS - Combined Energy $ 123,690 $ 90,022 $ 106,258 $ 129,876 $ 449,846 Aerospace & Defense 64,671 64,277 55,655 58,859 243,462 Industrial 105,598 106,755 114,674 106,601 433,628 Total $ 293,959 $ 261,054 $ 276,587 $ 295,336 $ 1,126,936 NET REVENUES - Recast Energy $ 76,210 $ 78,276 $ 88,570 $ 96,561 $ 339,617 Aerospace & Defense 41,601 43,304 41,117 56,961 182,983 Industrial 27,397 29,651 30,006 52,056 139,110 Total $ 145,208 $ 151,231 $ 159,693 $ 205,578 $ 661,710 NET REVENUES - Fluid Handling Energy $ 15,546 $ 17,705 $ 17,789 $ 13,663 $ 64,703 Aerospace & Defense 10,728 17,044 11,208 6,918 45,898 Industrial 85,264 83,310 85,604 72,489 326,667 Total $ 111,538 $ 118,059 $ 114,601 $ 93,070 $ 437,268 NET REVENUES - Combined Energy $ 91,756 $ 95,981 $ 106,359 $ 110,224 $ 404,320 Aerospace & Defense 52,329 60,348 52,325 63,879 228,881 Industrial 112,661 112,961 115,610 124,545 465,777 Total $ 256,746 $ 269,290 $ 274,294 $ 298,648 $ 1,098,978Notes:- Items labeled "Recast" represent previously reported CIRCOR information, adjusted to reflect the impact of our February 28, 2018 organizational realignment- Items labeled "Fluid Handling" represent the information from the Fluid Handling businesses prior to their acquisition by CIRCOR on December 10, 2017- Items labeled "Combined" represent the sum of the Recast and Fluid Handling information
CIRCOR INTERNATIONAL, INC.SEGMENT INFORMATION - COMBINED(in thousands, except percentages)UNAUDITED
2017 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL SEGMENT OPERATING INCOME - Recast Energy $ 6,407 $ 8,170 $ 6,936 $ 8,618 $ 30,131 Aerospace & Defense 3,784 4,374 4,333 10,884 23,375 Industrial 4,384 4,901 5,675 4,972 19,932 Corporate expenses (5,479 ) (5,396 ) (5,067 ) (5,802 ) (21,744 ) Total $ 9,096 $ 12,049 $ 11,877 $ 18,672 $ 51,694 SEGMENT OPERATING INCOME - Fluid Handling Energy $ (83 ) $ 1,080 $ 1,761 $ 812 $ 3,570 Aerospace & Defense 1,488 3,661 2,201 (367 ) 6,983 Industrial 8,833 7,709 4,365 (1,414 ) 19,493 Corporate expenses — — — — — Total $ 10,238 $ 12,450 $ 8,327 $ (969 ) $ 30,046 SEGMENT OPERATING INCOME - Combined Energy $ 6,324 $ 9,250 $ 8,697 $ 9,430 $ 33,701 Aerospace & Defense 5,272 8,035 6,534 10,517 30,358 Industrial 13,217 12,610 10,040 3,558 39,425 Corporate expenses (5,479 ) (5,396 ) (5,067 ) (5,802 ) (21,744 ) Total $ 19,334 $ 24,499 $ 20,204 $ 17,703 $ 81,740 SEGMENT OPERATING MARGIN - Combined Energy 6.9 % 9.6 % 8.2 % 8.6 % 8.3 % Aerospace & Defense 10.1 % 13.3 % 12.5 % 16.5 % 13.3 % Industrial 11.7 % 11.2 % 8.7 % 2.9 % 8.5 % Corporate expenses (2.1 )% (2.0 )% (1.8 )% (1.9 )% (2.0 )% Total 7.5 % 9.1 % 7.4 % 5.9 % 7.4 %Notes:- Items labeled "Recast" represent previously reported CIRCOR information, adjusted to reflect the impact of our February 28, 2018 organizational realignment- Items labeled "Fluid Handling" represent the information from the Fluid Handling businesses prior to their acquisition by CIRCOR on December 10, 2017- Items labeled "Combined" represent the sum of the Recast and Fluid Handling information- Segment Operating Margin - Combined represent Segment Operating Income - Combined divided by Segment Net Revenues Combined
CIRCOR INTERNATIONAL, INC.RECONCILIATION OF FLUID HANDLING SEGMENT INFORMATION TO GAAP OPERATING INCOME(in thousands, except percentages)UNAUDITED
2017 1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL FLUID HANDLING GAAP OPERATING INCOME (LOSS) $ 4,359 $ 19,738 $ 2,241 $ 3,129 $ 29,467 LESS: Asbestos costs 2,690 2,517 2,379 1,274 8,860 Impairment charges — — — — Exited businesses 65 (26 ) (47 ) — (8 ) Acquisition amortization 796 810 818 — 2,424 Restructuring and other special charges (recoveries) 2,328 (10,589 ) 636 (5,372 ) (12,997 ) Stay bonus — — 2,300 — 2,300 FLUID HANDLING ADJUSTED OPERATING INCOME $ 10,238 $ 12,450 $ 8,327 $ (969 ) $ 30,046Notes- Amounts relate to Fluid Handling results prior to December 10, 2017, the date of CIRCOR's acquisition.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180501006875/en/
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice President & Chief Financial Officer
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