CIRCOR Raises Earnings Guidance for the Second Quarter of 2008
July 08 2008 - 4:18PM
PR Newswire (US)
- Higher-Than-Expected Results In Both Segments Drive Estimate
Range to $1.04 to $1.10 Per Diluted Share BURLINGTON, Mass., July 8
/PRNewswire-FirstCall/ -- CIRCOR International, Inc. (NYSE:CIR), a
leading provider of valves and other fluid control devices for the
instrumentation, aerospace, thermal fluid and energy markets, today
raised its earnings guidance for the second quarter ended June 29,
2008. In its first quarter earnings announcement on April 30, 2008,
Circor had provided guidance for its second quarter 2008 results,
indicating it expected earnings to be in the range of $0.74 to
$0.83 per diluted share. The Company said today it now believes
earnings for the second quarter 2008 will be in the range of $1.04
to $1.10 per diluted share. The Company reported net earnings for
the second quarter of 2007 of $0.60 per diluted share, which
included a $0.03 per share special charge for a plant closure. Bill
Higgins, Circor's President and Chief Executive Officer, said, "Our
Energy segment had another tremendous quarter with continued strong
revenue growth and margins that exceeded the record high set in Q1,
2008. In addition, performance in our Instrumentation & Thermal
Fluid Controls segment was very strong with margins in the range of
the excellent results of Q1, 2008. Generally speaking, our markets
held strong in the quarter and our lean manufacturing efforts are
helping to transform strong sales into higher margins. We will
provide more information in our earnings press release on July 30,
2008." The Company emphasizes that the foregoing results are
preliminary and are subject to adjustment upon final closing of its
second quarter results. CIRCOR International expects to release its
second quarter results after the close of market on Wednesday, July
30, 2008, and to hold a conference call to review its results on
Thursday, July 31, 2008, at 1:00 pm ET. Interested parties may
access the call by dialing (888) 797-2994 from the US and Canada
and (913) 312-6681 from international locations. A replay of the
call will be available from 4:00 pm ET on Thursday, July 31, 2008,
through 4:00 pm ET on Thursday, August 7, 2008. To access the
replay, interested parties should dial (888) 203-1112 or (719)
457-0820 and enter confirmation code #9284343 when prompted. The
presentation slides that will be discussed in the conference call
are expected to be available on Wednesday, July 30, 2008, by 6:00
pm ET and may be downloaded from the quarterly earnings page of the
investor section on the CIRCOR website at
http://www.circor.com/quarterlyearnings. This 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. 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, 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. DATASOURCE: CIRCOR
International, Inc. CONTACT: Frederic Burditt, Chief Financial
Officer, CIRCOR International, Inc., +1-781-270-1200 Web site:
http://www.circor.com/ http://www.circor.com/quarterlyearnings
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