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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 |
From Jul 2019 to Jul 2024
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 third quarter ended September 30, 2018. Results include the acquisition of the Colfax Fluid Handling business, which CIRCOR acquired in December 2017.
Third-Quarter 2018 Highlights
“Organic growth in our Energy and Aerospace & Defense segments, combined with the contribution of the Fluid Handling acquisition, drove another quarter of top-line momentum for CIRCOR,” said Scott Buckhout, President and Chief Executive Officer. “Order intake exceeded $300 million, led by the Industrial segment, reflecting favorable demand trends across most of our end markets.”
“Our working capital and cash management actions are gaining traction, and during the quarter we generated $24 million of operating cash flow and reduced our debt by $18 million,” added Buckhout.
“The integration of Fluid Handling is on track, and our synergy plan is ahead of schedule. We expect to deliver the committed run-rate cost synergies by the end of year three, a year earlier than our original timeline. We remain focused on driving long-term growth and de-levering the Company through debt reduction and margin enhancement,” concluded Buckhout.
Fourth-Quarter 2018 GuidanceFor the fourth quarter of 2018, CIRCOR expects revenue in the range of $295 million to $315 million, and GAAP loss per share in the range of $(0.19) to $(0.04), which reflects acquisition-related amortization expense of $0.54 to $0.56 and other special and restructuring charges of $0.13 to $0.16. Excluding the impact of amortization, special and restructuring charges, adjusted EPS is expected to be in the range of $0.53 to $0.63 per share. Presentation slides that provide supporting information to this guidance and third-quarter results are posted on the “Investors” section of the Company’s website, http://investors.circor.com, and will be discussed during the conference call at 9:00 a.m. ET tomorrow, November 6, 2018.
Selected Consolidated Results (unaudited)
($ millions except EPS) Q3 2018 Q3 2017 Change Revenue $ 297.5 $ 159.7 86% GAAP Operating Income $ 8.2 $ 6.9 19% Adjusted Operating Income1 $ 24.4 $ 11.9 105% GAAP Operating Margin 2.8% 4.3% (150) bps Adjusted Operating Margin1 8.2% 7.4% 80 bps GAAP (Loss) Earnings Per Share (Diluted) $ (0.34) $ 0.22 (255)% Adjusted Earnings Per Share (Diluted)1 $ 0.52 $ 0.43 21% Operating Cash Flow $ 24.1 $ (16.9) 243% Free Cash Flow2 $ 19.0 $ (19.2) 199% Orders $ 307.4 $ 158.1 94%Segment Results
($ millions) Q3 2018 Q3 2017
Change
Industrial Revenue $ 118.7 $ 30.0 296% Segment Operating Income $ 14.6 $ 5.7 156% Segment Operating Margin 12.3% 18.9% (660) bps Orders $ 114.9 $ 27.3 321% Energy Revenue $ 121.0 $ 88.6 37% Segment Operating Income $ 9.2 $ 6.9 33% Segment Operating Margin 7.6% 7.8% (20) bps Orders $ 111.0 $ 84.9 31% Aerospace & Defense Revenue $ 57.8 $ 41.1 41% Segment Operating Income $ 8.7 $ 4.3 102% Segment Operating Margin 15.1% 10.5% 460 bps Orders $ 81.5 $ 45.9 78%1. Adjusted Consolidated and Segment Results for Q3 2018 exclude non-cash acquisition-related intangible amortization, special and restructuring charges totaling $16.2 million ($17.2 million, net of tax). These charges include: (i) $13.5 million for non-cash acquisition-related intangible amortization expense and amortization of the step-up in fixed asset values; (ii) $1.3 million related to restructuring activities, primarily severance, related to our Reliability Services and Germany-based Pumps business; and (iii) $1.4 million primarily related to the separation of Fluid Handling business from Colfax Corporation and exiting a product line. Consolidated and Segment Results for Q3 2017 exclude special and restructuring charges and non-cash acquisition-related intangible amortization, totaling $5.0 million ($3.5 million, net of tax). These charges include: (i) $2.7 million for non-cash acquisition-related intangible amortization expense; (ii) $1.8 million in transaction fees associated with the acquisition of Colfax Fluid Handling; (iii) $0.3 million related to previously announced restructuring actions; and (iv) $0.2 million related to the sale of our France build-to-print business.
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, November 6, 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, pro forma combined amounts and pro forma organic growth 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 reflect our ongoing business and facilitate 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 fourth-quarter 2018 guidance, our future performance, including realization of cost reductions from restructuring activities and expected synergies, and our corporate priorities. 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, divestiture or restructuring strategies, including our integration of the Fluid Handling business; changes in industry standards, trade policies 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 Nine Months Ended
September 30,2018
October 1,2017
September 30,2018
October 1,2017
Net revenues $ 297,514 $ 159,693 $ 874,462 $ 456,131 Cost of revenues 212,436 112,390 624,829 314,527 GROSS PROFIT 85,078 47,303 249,633 141,604 Selling, general and administrative expenses 74,106 38,120 229,343 116,425 Special and restructuring charges (recoveries), net 2,756 2,319 17,202 (443 ) OPERATING INCOME 8,216 6,864 3,088 25,622 Other expense (income): Interest expense, net 14,100 2,445 39,656 6,298 Other (income) expense, net (1,580 ) 823 (7,200 ) 2,022 TOTAL OTHER EXPENSE, NET 12,520 3,268 32,456 8,320 (LOSS) INCOME BEFORE INCOME TAXES (4,304 ) 3,596 (29,368 ) 17,302 Provision for (benefit from) income taxes 2,537 (21 ) (10,988 ) (57 ) NET (LOSS) INCOME $ (6,841 ) $ 3,617 $ (18,380 ) $ 17,359 (Loss) Earnings per common share: Basic $ (0.34 ) $ 0.22 $ (0.93 ) $ 1.05 Diluted $ (0.34 ) $ 0.22 $ (0.93 ) $ 1.04 Weighted average number of common shares outstanding: Basic 19,843 16,503 19,829 16,486 Diluted 19,843 16,709 19,829 16,721 Dividends declared per common share $ — $ 0.0375 $ — $ 0.1125CIRCOR INTERNATIONAL, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(UNAUDITED)
Nine Months Ended OPERATING ACTIVITIES
September 30,2018
October 1,2017
Net (loss) income $ (18,380 ) $ 17,359 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation 21,556 10,889 Amortization 36,845 9,491 Bad debt expense 1,078 265 Loss on write down of inventory 4,632 1,463 Amortization of inventory fair value step-up 6,600 — Compensation expense of share-based plans 4,303 2,696 Change in fair value of contingent consideration — (12,200 ) Amortization of debt issuance costs 2,852 — Loss on sale or write down of property, plant and equipment 1,305 87 Loss on sale of business — 5,300 Changes in operating assets and liabilities, net of effects of acquisition and disposition: Trade accounts receivable 21,510 8,782 Inventories 4,463 (29,703 ) Prepaid expenses and other assets (31,034 ) (11,424 ) Accounts payable, accrued expenses and other liabilities (32,267 ) (997 ) Net cash provided by operating activities 23,463 2,008 INVESTING ACTIVITIES Additions to property, plant and equipment (17,030 ) (7,773 ) Proceeds from the sale of property, plant and equipment 207 269 Business acquisition, working capital adjustment 6,300 1,467 Net cash used in investing activities (10,523 ) (6,037 ) FINANCING ACTIVITIES Proceeds from long-term debt 199,600 378,263 Payments of long-term debt (186,874 ) (361,325 ) Debt issuance costs — (727 ) Dividends paid — (1,879 ) Proceeds from the exercise of stock options 690 707 Return of cash to seller (61,201 ) — Net cash (used in) provided by financing activities (47,785 ) 15,039 Effect of exchange rate changes on cash, cash equivalents and restricted cash (5,154 ) 6,338 (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (39,999 ) 17,348 Cash, cash equivalents and restricted cash at beginning of period 112,293 58,279 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 72,294 $ 75,627CIRCOR INTERNATIONAL, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share data)(UNAUDITED)
September 30, 2018 December 31, 2017 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 71,334 $ 110,356 Trade accounts receivable, less allowance for doubtful accounts of $6,965 and $4,791, respectively 192,110 223,922 Inventories 226,047 244,896 Restricted cash 919 1,937 Prepaid expenses and other current assets 84,265 57,282 Total Current Assets 574,675 638,393 PROPERTY, PLANT AND EQUIPMENT, NET 215,206 217,539 OTHER ASSETS: Goodwill 504,638 505,762 Intangibles, net 470,722 513,364 Deferred income taxes 33,130 22,334 Other assets 14,479 9,407 TOTAL ASSETS $ 1,812,850 $ 1,906,799 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 111,400 $ 117,329 Accrued expenses and other current liabilities 108,031 170,454 Accrued compensation and benefits 30,827 34,734 Total Current Liabilities 250,258 322,517 LONG-TERM DEBT, NET 802,069 787,343 DEFERRED INCOME TAXES 25,397 26,122 PENSION LIABILITY, NET 142,067 150,719 OTHER NON-CURRENT LIABILITIES 18,888 18,124 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY: Common stock 212 212 Additional paid-in capital 443,984 438,721 Retained earnings 253,107 274,243 Common treasury stock, at cost (74,472 ) (74,472 ) Accumulated other comprehensive loss, net of tax (48,660 ) (36,730 ) Total Shareholders’ Equity 574,171 601,974 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,812,850 $ 1,906,799
CIRCOR INTERNATIONAL, INC.SUMMARY OF ORDERS AND BACKLOG(in millions)UNAUDITED
Three Months Ended Nine Months Ended
September 30,2018
October 1,2017
September 30,2018
October 1,2017
ORDERS (1) (3) Energy $ 111.0 $ 84.9 $ 353.9 $ 258.0 Aerospace & Defense 81.5 45.9 200.8 142.3 Industrial 114.9 27.3 388.2 84.8 Total orders $ 307.4 $ 158.1 $ 942.9 $ 485.1 BACKLOG (2) (3)September 30,2018
October 1,2017
Energy $ 205.9 $ 138.8 Aerospace & Defense 173.0 108.2 Industrial 178.0 31.3 Total backlog $ 556.9 $ 278.3Note 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 represents unshipped customer orders for which revenue has not been recognized.
Note 3: 2018 backlog reflects adjustments related to the cumulative impact of changes in revenue recognition due to the Company's adoption of ASC 606. October 1, 2017 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 2ND QTR 3RD QTR TOTAL ORDERS Energy $ 100,012 $ 73,140 $ 84,857 $ 118,073 $ 376,082 $ 129,762 $ 113,171 $ 110,987 $ 353,920 Aerospace & Defense 56,416 39,902 45,939 $ 52,043 194,300 59,793 59,441 81,533 200,767 Industrial 27,654 29,889 27,296 46,407 131,246 136,607 136,746 114,876 388,229 Total $ 184,082 $ 142,931 $ 158,092 $ 216,523 $ 701,628 $ 326,162 $ 309,358 $ 307,396 $ 942,916 NET REVENUES Energy $ 76,210 $ 78,276 $ 88,570 $ 96,561 $ 339,617 $ 99,972 $ 112,804 $ 121,023 $ 333,799 Aerospace & Defense 41,601 43,304 41,117 $ 56,961 182,983 58,477 57,500 57,757 173,734 Industrial 27,397 29,651 30,006 52,056 139,110 117,131 131,064 118,734 366,929 Total $ 145,208 $ 151,231 $ 159,693 $ 205,578 $ 661,710 $ 275,580 $ 301,368 $ 297,514 $ 874,462 SEGMENT OPERATING INCOME Energy $ 6,407 $ 8,170 $ 6,936 $ 8,618 $ 30,131 $ 5,696 $ 9,242 $ 9,163 $ 24,101 Aerospace & Defense 3,784 4,374 4,333 10,884 23,375 8,931 6,992 8,709 24,632 Industrial 4,384 4,901 5,675 4,972 19,932 12,948 15,037 14,609 42,594 Corporate expenses (5,479 ) (5,396 ) (5,067 ) (5,802 ) (21,744 ) (7,802 ) (6,448 ) (8,034 ) (22,284 ) Adjusted Operating Income $ 9,096 $ 12,049 $ 11,877 $ 18,672 $ 51,694 $ 19,773 $ 24,823 $ 24,447 $ 69,043 SEGMENT OPERATING MARGIN % Energy 8.4 % 10.4 % 7.8 % 8.9 % 8.9 % 5.7 % 8.2 % 7.6 % 7.2 % Aerospace & Defense 9.1 % 10.1 % 10.5 % 19.1 % 12.8 % 15.3 % 12.2 % 15.1 % 14.2 % Industrial 16.0 % 16.5 % 18.9 % 9.6 % 14.3 % 11.1 % 11.5 % 12.3 % 11.6 % Adjusted Operating Margin 6.3 % 8.0 % 7.4 % 9.1 % 7.8 % 7.2 % 8.2 % 8.2 % 7.9 %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 2ND QTR 3RD QTR TOTAL NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 16,195 $ 2,667 $ (16,854 ) $ 7,629 $ 9,637 $ (145 ) $ (465 ) $ 24,073 $ 23,463 LESS: Capital expenditures, net of sale proceeds 2,811 2,375 2,318 6,103 13,607 8,141 3,563 5,119 16,823 FREE CASH FLOW $ 13,384 $ 292 $ (19,172 ) $ 1,526 $ (3,970 ) $ (8,286 ) $ (4,028 ) $ 18,954 $ 6,640 GROSS DEBT $ 243,000 $ 252,856 $ 269,026 $ 795,208 $ 795,208 $ 823,665 $ 827,629 $ 831,613 $ 831,613 LESS: Cash & cash equivalents 65,656 77,272 75,627 110,356 110,356 123,305 69,030 71,334 71,334 GROSS DEBT, NET OF CASH $ 177,344 $ 175,584 $ 193,399 $ 684,852 $ 684,852 $ 700,360 $ 758,599 $ 760,279 $ 760,279 TOTAL SHAREHOLDERS' EQUITY $ 415,537 $ 438,097 $ 451,885 $ 601,974 $ 601,974 $ 592,096 $ 573,992 $ 574,171 $ 574,171 GROSS DEBT AS % OF EQUITY 58 % 58 % 60 % 132 % 132 % 139 % 144 % 145 % 145 % GROSS DEBT, NET OF CASH AS % OF EQUITY 43 % 40 % 43 % 114 % 114 % 118 % 132 % 132 % 132 % 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 2ND QTR 3RD QTR TOTAL NET INCOME (LOSS) $ 4,773 $ 8,970 $ 3,617 $ (5,571 ) $ 11,789 $ (17,441 ) $ 5,902 $ (6,841 ) $ (18,380 ) LESS: Restructuring related inventory charges — — — — — 473 1,067 — 1,540 Amortization of inventory step-up — — — 4,300 4,300 6,600 — — 6,600 Restructuring charges, net 1,458 3,566 341 697 6,062 9,615 844 1,348 11,807 Acquisition amortization 2,552 2,599 2,694 4,697 12,542 11,797 11,767 11,733 35,297 Acquisition depreciation — — — 233 233 1,837 1,735 1,742 5,314 Special (recoveries) charges, net (2,268 ) (5,520 ) 1,978 13,799 7,989 2,831 1,156 1,408 5,395 Income tax impact (1,137 ) (3,124 ) (1,497 ) (8,279 ) (14,037 ) (7,687 ) (11,056 ) 967 (17,776 ) ADJUSTED NET INCOME $ 5,378 $ 6,491 $ 7,133 $ 9,876 $ 28,878 $ 8,025 $ 11,415 $ 10,357 $ 29,797 EARNINGS (LOSS) PER COMMON SHARE (Diluted) $ 0.29 $ 0.54 $ 0.22 $ (0.32 ) $ 0.70 $ (0.88 ) $ 0.30 $ (0.34 ) $ (0.93 ) LESS: Restructuring related inventory charges — — — — — 0.02 0.05 — 0.08 Amortization of inventory step-up — — — 0.25 0.26 0.33 — — 0.33 Restructuring charges, net 0.09 0.21 0.02 0.04 0.36 0.49 0.04 0.07 0.59 Acquisition amortization 0.15 0.16 0.16 0.27 0.74 0.60 0.59 0.59 1.77 Acquisition depreciation — — — 0.01 0.01 0.09 0.09 0.09 0.27 Special (recoveries) charges, net (0.14 ) (0.33 ) 0.12 0.80 0.47 0.14 0.06 0.07 0.27 Income tax impact (0.07 ) (0.19 ) (0.09 ) (0.48 ) (0.83 ) (0.39 ) (0.55 ) 0.05 (0.89 ) ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.32 $ 0.39 $ 0.43 $ 0.57 $ 1.71 $ 0.40 $ 0.57 $ 0.52 $ 1.49CIRCOR 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 2ND QTR 3RD QTR TOTAL NET INCOME (LOSS) $ 4,773 $ 8,970 $ 3,617 $ (5,571 ) $ 11,789 $ (17,441 ) $ 5,902 $ (6,841 ) $ (18,380 ) LESS: Interest expense, net (1,669 ) (2,184 ) (2,445 ) (4,479 ) (10,777 ) (11,801 ) (13,755 ) (14,100 ) (39,656 ) Depreciation (3,798 ) (3,547 ) (3,544 ) (4,401 ) (15,290 ) (7,334 ) (7,157 ) (7,065 ) (21,556 ) Amortization (3,092 ) (3,124 ) (3,275 ) (5,256 ) (14,747 ) (12,329 ) (12,282 ) (12,234 ) (36,845 ) (Provision for) benefit from income taxes (687 ) 724 21 5,618 5,676 5,879 7,646 (2,537 ) 10,988 EBITDA $ 14,019 $ 17,101 $ 12,860 $ 2,947 $ 46,927 $ 8,144 $ 31,450 $ 29,095 $ 68,689 LESS: Restructuring related inventory charges — — — — — (473 ) (1,067 ) — (1,540 ) Amortization of inventory step-up — — — (4,300 ) (4,300 ) (6,600 ) — — (6,600 ) Restructuring charges, net (1,458 ) (3,566 ) (341 ) (697 ) (6,062 ) (9,615 ) (844 ) (1,348 ) (11,807 ) Special recoveries (charges), net 2,268 5,520 (1,978 ) (13,799 ) (7,989 ) (2,831 ) (1,156 ) (1,408 ) (5,395 ) ADJUSTED EBITDA $ 13,209 $ 15,147 $ 15,179 $ 21,743 $ 65,278 $ 27,663 $ 34,517 $ 31,851 $ 94,031CIRCOR 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 2ND QTR 3RD QTR TOTAL GAAP OPERATING INCOME (LOSS) $ 7,354 $ 11,404 $ 6,864 $ (5,054 ) $ 20,568 $ (13,380 ) $ 8,252 $ 8,216 $ 3,088 LESS: Restructuring related inventory charges — — — — — 473 1,067 — 1,540 Amortization of inventory step-up — — — 4,300 4,300 6,600 — — 6,600 Restructuring charges, net 1,458 3,566 341 697 6,062 9,615 844 1,348 11,807 Acquisition amortization 2,552 2,599 2,694 4,697 12,542 11,797 11,767 11,733 35,297 Acquisition depreciation — — — 233 233 1,837 1,735 1,742 5,314 Special (recoveries) charges, net (2,268 ) (5,520 ) 1,978 13,799 7,989 2,831 1,156 1,408 5,395 ADJUSTED OPERATING INCOME $ 9,096 $ 12,049 $ 11,877 $ 18,672 $ 51,694 $ 19,773 $ 24,821 $ 24,447 $ 69,041 GAAP OPERATING MARGIN 5.1 % 7.5 % 4.3 % (2.5 )% 3.1 % (4.9 )% 2.7 % 2.8 % 0.4 % LESS: Restructuring related inventory charges — % — % — % — % — % 0.2 % 0.4 % — % 0.2 % Amortization of inventory step-up — % — % — % 2.1 % 0.6 % 2.4 % — % — % 0.8 % Restructuring charges, net 1.0 % 2.4 % 0.2 % 0.3 % 0.9 % 3.5 % 0.3 % 0.5 % 1.4 % Acquisition amortization 1.8 % 1.7 % 1.7 % 2.3 % 1.9 % 4.3 % 3.9 % 3.9 % 4.0 % Acquisition depreciation — % — % — % 0.1 % — % 0.7 % 0.6 % 0.6 % 0.6 % Special (recoveries) charges, net (1.6 )% (3.7 )% 1.2 % 6.7 % 1.2 % 1.0 % 0.4 % 0.5 % 0.6 % ADJUSTED OPERATING MARGIN 6.3 % 8.0 % 7.4 % 9.1 % 7.8 % 7.2 % 8.2 % 8.2 % 7.9 %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.Q3 2018 Organic Growth Calculations(in thousands, except percentages)UNAUDITED
Industrial Energy Aerospace & Defense ORDERS ReportedPro FormaCombined
ReportedPro FormaCombined
ReportedPro FormaCombined
$ % $ % $ % $ % $ % $ % 2017 27,296 114,674 84,857 106,258 45,939 55,655 Organic 7,853 29 % 2,027 2 % 7,068 8 % 7,142 7 % 24,473 53 % 26,092 47 % Acquisitions 79,915 293 % — — % 19,145 23 % — — % 11,335 25 % — — % Foreign Exchange (188 ) (1 )% (1,825 ) (2 )% (83 ) — % (2,413 ) (2 )% (214 ) — % (214 ) — % Total Change 87,580 321 % 202 — % 26,130 31 % 4,729 4 % 35,594 77 % 25,878 46 % 2018 114,876 114,876 110,987 110,987 81,533 81,533 Industrial Energy Aerospace & Defense NET REVENUE ReportedPro FormaCombined
ReportedPro FormaCombined
ReportedPro FormaCombined
$ % $ % $ % $ % $ % $ % 2017 30,006 115,611 88,569 106,358 41,117 52,325 Organic (308 ) (1 )% 4,928 4 % 16,187 18 % 15,559 15 % 5,935 14 % 5,589 11 % Acquisitions 89,280 298 % — — % 16,579 19 % — — % 10,862 26 % — — % Foreign Exchange (244 ) (1 )% (1,805 ) (2 )% (311 ) — % (893 ) (1 )% (157 ) — % (157 ) — % Total Change 88,728 296 % 3,123 3 % 32,455 37 % 14,666 14 % 16,640 40 % 5,432 10 % 2018 118,734 118,734 121,023 121,023 57,757 57,757CIRCOR INTERNATIONAL, INC.Q3 2018 Organic Growth Calculations(in thousands, except percentages)UNAUDITED
CIRCOR ORDERS ReportedPro FormaCombined
$ % $ % 2017 158,092 276,587 Organic 39,394 25 % 35,261 13 % Acquisitions 110,395 70 % — — % Foreign Exchange (485 ) — % (4,452 ) (2 )% Total Change 149,304 94 % 30,809 10 % 2018 307,396 307,396 CIRCOR NET REVENUE ReportedPro FormaCombined
$ % $ % 2017 159,693 274,294 Organic 21,815 14 % 26,076 10 % Acquisitions 116,721 73 % — — % Foreign Exchange (715 ) — % (2,856 ) (1 )% Total Change 137,821 86 % 23,220 8 % 2018 297,514 297,514CIRCOR 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 ) $ 30,046
Notes
- 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/20181105005984/en/
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice President & Chief Financial Officer
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