CIRCOR International, Inc. (NYSE: CIR), a leading provider of
flow control solutions and other highly engineered products for
markets including oil & gas, aerospace, power, process and
industrial solutions, today announced financial results for the
third quarter ended October 1, 2017.
Third-Quarter 2017 Highlights
- Revenue of $160 million; GAAP EPS of
$0.22 and Adjusted EPS of $0.43
- Orders of $158 million; up 42%
year-over-year, 23% organically
- Acquisition of Colfax Fluid Handling
expected to close by year end
“The CIRCOR team generated strong results for the third quarter,
posting double-digit growth in revenue and orders led primarily by
our Energy segment,” said Scott Buckhout, President and Chief
Executive Officer. “Robust demand for Distributed Valves drove
Energy segment orders up 26% organically. We expect to see
continued growth in Energy in the fourth quarter. We also reported
broad-based strength in our Advanced Flow Solutions segment with a
21% increase in organic orders driven by our Aerospace businesses.
We expect continued order growth and margin expansion across AFS in
the fourth quarter.”
“During the quarter we announced an agreement to acquire the
Fluid Handling business of Colfax,” added Buckhout. “This
transaction significantly enhances our overall scale and ability to
deliver severe service flow-control solutions across a
complementary set of attractive end markets. The strategic fit is
compelling and our customers are equally enthusiastic about the
transaction. In recent weeks, I have met with the Fluid Handling
teams in Europe and the U.S., and we’re excited about the strong
cultural fit between our companies. We share a common focus on
customers, innovation and accountability. We are on track to close
the acquisition by year-end.”
“As we enter the final quarter of the year, we continue to
execute our growth strategy and we remain optimistic about the
outlook across most of our end markets,” concluded Buckhout.
Fourth-Quarter 2017 GuidanceThe Company will provide its
guidance for the fourth quarter of 2017 during the conference call
later today.
Selected Consolidated Results
(unaudited)
($ millions except EPS) Q3
2017 Q3 2016 Change Revenue
$ 159.7 $ 134.8 18%
GAAP Operating
Income $ 6.9 $ 3.5 95%
Adjusted Operating
Income1 $ 11.9 $ 8.2 44%
GAAP Operating
Margin 4.3% 2.6% 170 bps
Adjusted Operating
Margin1 7.4% 6.1% 130 bps
GAAP Earnings Per
Share (Diluted) $ 0.22 $ 0.27 (18)%
Adjusted
Earnings Per Share (Diluted)1 $ 0.43 $
0.46 (7)%
Operating Cash Flow $ (16.9) $ 21.2
--
Free Cash Flow2 $ (19.2) $ 17.5 --
Orders $ 158.1 $ 111.3 42%
Segment Results
($ millions) Q3 2017
Q3 2016 Change Energy
Revenue $ 92.6 $ 68.9 34%
Segment
Operating Income $ 7.4 $ 6.8 10%
Segment
Operating Margin 8.0% 9.8% (180) bps
Orders
$ 89.0 $ 55.1 62%
Advanced Flow
Solutions Revenue $ 67.1 $ 65.9 2%
Segment Operating Income $ 9.5 $ 8.0 19%
Segment Operating Margin 14.2% 12.1% 210 bps
Orders $ 69.1 $ 56.3 23%
1. Consolidated and Segment Results for Q3 2017 exclude special
and restructuring charges and non-cash acquisition-related
intangible amortization, totaling $5.0 million (pre-tax). This net
charge includes (i) $1.8 million in transaction fees associated
with the acquisition of Colfax Fluid Handling; (ii) $2.7 million
charge for non-cash acquisition-related intangible amortization
expense; (iii) $0.2 million charge related to the sale of our
France build-to-print business; and, (iv) $0.3 million related to
previously announced restructuring actions. Consolidated and
Segment Results for Q3 2016 exclude special and restructuring
charges and non-cash acquisition-related intangible amortization,
totaling $4.7 million (pre-tax). This includes (i) $1.9 million for
non-cash acquisition-related intangible amortization expense; (ii)
$0.8 million related to the exit of the Company’s California
machine shop; (iii) $0.4 million related to the Company’s Brazil
exit; and (iv) $1.6 million related to the Company’s suspension of
manufacturing operations in China and other restructuring
programs.
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 today, October
27, 2017, at 9:00 a.m. ET. To listen to the conference call and
view the accompanying presentation slides, visit “Webcasts &
Presentations” in the “Investors” portion 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 operating
income, Adjusted operating margin, Adjusted net income, Adjusted
earnings per share (diluted), EBITDA, Adjusted EBITDA, net debt and
free cash flow 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:
- We exclude costs and tax effects
associated with restructuring activities, such as reducing overhead
and consolidating facilities. We believe that the costs related to
these restructuring activities are not indicative of our normal
operating costs.
- We exclude certain acquisition-related
costs, including significant transaction costs and amortization of
inventory 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 of 5 to 20 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 also 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.
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 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 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. 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. 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 STATEMENTS OF
INCOME
(in thousands, except per share
data)
UNAUDITED
Three Months Ended Nine
Months Ended October 1, 2017 October 2,
2016 October 1, 2017 October 2,
2016 Net revenues $ 159,693 $ 134,833 $ 456,131 $ 432,023 Cost
of revenues 112,390 92,479 314,527 298,005
GROSS PROFIT 47,303 42,354 141,604 134,018 Selling, general
and administrative expenses 38,120 36,002 116,425 110,290
Impairment charges — 208 — 208 Special and restructuring charges
(recoveries), net 2,319 2,631 (443 ) 9,165
OPERATING INCOME 6,864 3,513 25,622 14,355
Other expense (income): Interest expense, net 2,445 605
6,298 1,841 Other expense (income), net 823 163 2,022
(914 ) TOTAL OTHER EXPENSE, NET 3,268 768
8,320 927 INCOME BEFORE INCOME TAXES 3,596 2,745
17,302 13,428 (Benefit from) Provision for income taxes (21 )
(1,673 ) (57 ) 1,325 NET INCOME $ 3,617 $ 4,418
$ 17,359 $ 12,103 Earnings per common share:
Basic $ 0.22 $ 0.27 $ 1.05 $ 0.74 Diluted $ 0.22 $ 0.27 $ 1.04 $
0.73 Weighted average number of common shares outstanding: Basic
16,503 16,427 16,486 16,411 Diluted 16,709 16,629 16,721 16,568
Dividends declared per common share $ 0.0375 $ 0.0375 $ 0.1125 $
0.1125
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
UNAUDITED
Nine Months Ended OPERATING ACTIVITIES
October 1, 2017 October 2, 2016 Net
income $ 17,359 $ 12,103 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation 10,889 9,614
Amortization 9,491 7,586 Bad debt expense (recovery) 265 (928 )
Loss on write down of inventory 1,463 5,784 Compensation expense of
share-based plans 2,696 4,200 Tax effect of share-based plan
compensation — 123 Change in fair value of contingent consideration
(12,200 ) — Loss on sale of property, plant and equipment 87 3,238
Impairment charges — 208 Loss on sale of business 5,300 — Changes
in operating assets and liabilities, net of effects of acquisition
and disposition: Trade accounts receivable 8,782 15,422 Inventories
(29,703 ) 20,216 Prepaid expenses and other assets (11,424 ) 545
Accounts payable, accrued expenses and other liabilities (997 )
(39,161 ) Net cash provided by operating activities 2,008
38,950
INVESTING ACTIVITIES Purchases of property,
plant and equipment (7,773 ) (10,776 ) Proceeds from the sale of
property, plant and equipment 269 1,186 Business acquisition,
working capital adjustment 1,467 — Net cash used in
investing activities (6,037 ) (9,590 )
FINANCING ACTIVITIES
Proceeds from long-term debt 378,263 90,589 Payments of long-term
debt (361,325 ) (88,740 ) Debt issuance costs (727 ) — Dividends
paid (1,879 ) (1,873 ) Proceeds from the exercise of stock options
707 192 Tax effect of share-based plan compensation — (123 )
Net cash provided by financing activities 15,039 45
Effect of exchange rate changes on cash and cash equivalents 6,338
983 INCREASE IN CASH AND CASH EQUIVALENTS 17,348
30,388 Cash and cash equivalents at beginning of period 58,279
54,541 CASH AND CASH EQUIVALENTS AT END OF PERIOD $
75,627 $ 84,929
CIRCOR INTERNATIONAL,
INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
UNAUDITED
October 1, 2017 December 31,
2016 ASSETS CURRENT ASSETS: Cash and cash equivalents $ 75,627
$ 58,279 Trade accounts receivable, less allowance for doubtful
accounts of $4,760 and $5,056, respectively 130,177 133,046
Inventories 180,285 149,584 Prepaid expenses and other current
assets 43,054 29,557 Total Current Assets 429,143
370,466 PROPERTY, PLANT AND EQUIPMENT, NET 99,013
99,713 OTHER ASSETS: Goodwill 210,685 206,659 Intangibles, net
130,052 135,778 Other assets 10,138 8,140 TOTAL
ASSETS $ 879,031 $ 820,756 LIABILITIES AND
SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 63,690
$ 46,767 Accrued expenses and other current liabilities 50,155
50,707 Accrued compensation and benefits 15,384 20,249 Current
portion of long-term debt 5,000 — Total Current
Liabilities 134,229 117,723 LONG-TERM DEBT 264,026
251,200 DEFERRED INCOME TAXES 7,929 13,657 OTHER NON-CURRENT
LIABILITIES 20,962 33,766 SHAREHOLDERS’ EQUITY: Preferred stock,
$0.01 par value; 1,000,000 shares authorized; no shares issued and
outstanding — — Common stock 179 178 Additional paid-in capital
293,907 289,423 Retained earnings 280,441 265,543 Common treasury
stock, at cost (74,472 ) (74,472 ) Accumulated other comprehensive
loss, net of tax (48,170 ) (76,262 ) Total Shareholders’ Equity
451,885 404,410 TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY $ 879,031 $ 820,756
CIRCOR
INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Nine
Months Ended
October 1,2017
October 2,2016
October 1,2017
October 2,2016
ORDERS (1) Energy $ 89.0 $ 55.1 $ 270.7 $ 185.3 Advanced
Flow Solutions 69.1 56.3 214.4 198.1 Total
orders $ 158.1 $ 111.3 $ 485.1 $ 383.4
BACKLOG (2)
October 1,2017
October 2,2016
Energy $ 142.7 $ 84.5 Advanced Flow Solutions 135.6 135.7
Total backlog $ 278.3 $ 220.2 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, including backlog associated with acquisitions.
CIRCOR INTERNATIONAL, INC.
SEGMENT INFORMATION
(in thousands, except
percentages)
UNAUDITED
2016 2017 1ST QTR
2ND QTR 3RD QTR 4TH
QTR TOTAL 1ST QTR
2ND QTR 3RD QTR
TOTAL NET REVENUES
Energy $ 83,409 $ 80,736 $ 68,901 $ 89,000 $ 322,046 $
80,135 $ 82,586 $ 92,613 $ 255,334 Advanced Flow Solutions 67,389
65,656 65,932
69,236 268,213
65,073 68,645
67,080 $ 200,798
Total $ 150,798
$ 146,392 $ 134,833
$ 158,236 $ 590,259
$ 145,208 $ 151,231
$ 159,693 $ 456,132
SEGMENT OPERATING INCOME Energy $ 9,296 $
9,293 $ 6,755 $ 9,276 $ 34,619 $ 6,864 $ 8,858 $ 7,397 $ 23,119
Advanced Flow Solutions 8,452 8,064 8,008 8,939 33,463 7,711 8,587
9,548 25,846 Corporate expenses (6,488 ) (5,431 )
(6,522 ) (7,231 ) (25,672
) (5,479 ) (5,396 )
(5,067 ) (15,942 )
Adjusted Operating Income $
11,260 $ 11,926 $ 8,240
$ 10,984 $ 42,410
$ 9,096 $ 12,049
$ 11,878 $ 33,023
SEGMENT OPERATING MARGIN % Energy 11.1 % 11.5 % 9.8 % 10.4 %
10.7 % 8.6 % 10.7 % 8.0 % 9.1 % Advanced Flow Solutions 12.5 %
12.3 % 12.1 % 12.9 %
12.5 % 11.8 % 12.5 %
14.2 % 12.9 %
Adjusted Operating
Margin 7.5 % 8.1 % 6.1 %
6.9 % 7.2 % 6.3 %
8.0 % 7.4 % 7.2 %
CIRCOR
INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS
(in thousands, except
percentages)
UNAUDITED
2016
2017 1ST QTR 2ND QTR
3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND
QTR 3RD QTR TOTAL
NET CASH PROVIDED BY OPERATING ACTIVITIES $
7,654 $ 10,100
$ 21,196 $ 20,449
$ 59,399 $ 16,195
$ 2,667 $ (16,854
) $ 2,008 LESS: Capital
expenditures, net of sale proceeds 3,934 1,926
3,730 3,402
12,992 2,811 2,375
2,318 7,504 FREE
CASH FLOW $ 3,720 $ 8,174
$ 17,466 $ 17,047 $
46,407 $ 13,384 $ 292
$ (19,172 ) $ (5,496 )
TOTAL
DEBT $ 97,800 $ 97,600 $
92,400 $ 251,200 $ 251,200
$ 243,000 $ 252,856 $
269,026 $ 269,026 LESS: Cash & cash
equivalents 66,580 72,970
84,929 58,279 58,279
65,656 77,272
75,627 75,627 NET DEBT $
31,220 $ 24,630 $ 7,471
$ 192,921 $ 192,921
$ 177,344 $ 175,584
$ 193,399 $ 193,399
TOTAL SHAREHOLDERS' EQUITY $ 414,107 $ 411,367 $ 416,598 $
404,410 $ 404,410 $ 415,537 $ 438,097 $ 451,885 $ 451,885
TOTAL DEBT AS % OF EQUITY 24 % 24
% 22 % 62 % 62 %
58 % 58 % 60 % 60
% NET DEBT AS % OF EQUITY 8 % 6
% 2 % 48 % 48 %
43 % 40 % 43 % 43
% CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS
(in thousands, except per share
data)
UNAUDITED
2016
2017 1ST QTR 2ND QTR
3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND
QTR 3RD QTR TOTAL
NET INCOME (LOSS) $ 3,872 $ 3,813
$ 4,418 $ (2,002 ) $ 10,101 $
4,773 $ 8,970 $ 3,617 $
17,359 LESS: Restructuring related inventory charges 1,958 75 — 813
2,846 — — — — Amortization of inventory step-up — — — 1,366 1,366 —
— — — Impairment charges — — 208 — 208 — — — — Restructuring
charges, net 1,163 3,259 2,252 2,301 8,975 1,458 3,566 341 5,366
Acquisition amortization 1,868 1,911 1,888 4,234 9,901 2,552 2,599
2,694 7,844 Special charges (recoveries), net 776 1,334 379 5,707
8,196 (2,268 ) (5,520 ) 1,978 (5,809 ) Income tax impact (954 )
(1,611 ) (1,519 ) (4,487
) (8,571 ) (1,137 )
(3,124 ) (1,497 ) (5,758 )
ADJUSTED
NET INCOME $ 8,683 $ 8,781
$ 7,626 $ 7,932 $
33,022 $ 5,378 $ 6,491
$ 7,133 $ 19,002
EARNINGS (LOSS) PER COMMON SHARE (Diluted) $
0.23 $ 0.23 $ 0.27 $
(0.12 ) $ 0.61 $ 0.29
$ 0.54 $ 0.22 $ 1.04
LESS: Restructuring related inventory charges 0.12 — — 0.05 0.17 —
— — — Amortization of inventory step-up — — — 0.08 0.08 — — — —
Impairment charges — — 0.01 — 0.01 — — — — Restructuring charges,
net 0.07 0.20 0.14 0.14 0.54 0.09 0.21 0.02 0.32 Acquisition
amortization 0.11 0.12 0.11 0.26 0.60 0.15 0.16 0.16 0.47 Special
charges (recoveries), net 0.05 0.08 0.02 0.35 0.50 (0.14 ) (0.33 )
0.12 (0.35 ) Income tax impact (0.06 ) (0.10 )
(0.09 ) (0.27 ) (0.52 )
(0.07 ) (0.19 ) (0.09 )
(0.34 )
ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.52
$ 0.53 $ 0.46
$ 0.48 $ 1.99
$ 0.32 $ 0.39 $
0.43 $ 1.14
CIRCOR
INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS
(in thousands)
UNAUDITED
2016
2017 1ST QTR 2ND QTR
3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND
QTR 3RD QTR TOTAL
NET INCOME (LOSS) $ 3,872 $ 3,813
$ 4,418 $ (2,002 ) $ 10,101 $
4,773 $ 8,970 $ 3,617 $
17,359 LESS: Interest expense, net (631 ) (605 ) (605 ) (1,468 )
(3,310 ) (1,669 ) (2,184 ) (2,445 ) (6,298 ) Depreciation (3,263 )
(3,213 ) (3,138 ) (3,690 ) (13,304 ) (3,798 ) (3,547 ) (3,544 )
(10,889 ) Amortization (2,529 ) (2,569 ) (2,488 ) (4,730 ) (12,316
) (3,092 ) (3,124 ) (3,275 ) (9,491 ) (Provision for) benefit from
income taxes (1,520 ) (1,478 ) 1,673
1,746 421
(687 ) 724 21
57
EBITDA $ 11,815 $ 11,678 $ 8,976 $
6,140 $ 38,610 $ 14,019 $ 17,101 $ 12,860 $ 43,980 LESS:
Restructuring related inventory charges (1,958 ) (75 ) — (813 )
(2,846 ) — — — — Amortization of inventory step-up — — — (1,366 )
(1,366 ) — — — — Impairment charges — — (208 ) — (208 ) — — — —
Restructuring charges, net (1,163 ) (3,259 ) (2,252 ) (2,301 )
(8,975 ) (1,458 ) (3,566 ) (341 ) (5,366 ) Special (charges)
recoveries, net (776 ) (1,334 ) (379 )
(5,707 ) (8,196 ) 2,268
5,520 (1,978 )
5,809
ADJUSTED EBITDA $ 15,712
$ 16,346 $ 11,815
$ 16,327 $ 60,201 $
13,209 $ 15,147 $ 15,179
$ 43,537
CIRCOR
INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE
MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE
TERMS
(in thousands, except
percentages)
UNAUDITED
2016
2017 1ST QTR 2ND QTR
3RD QTR 4TH QTR
TOTAL 1ST QTR 2ND
QTR 3RD QTR TOTAL
GAAP OPERATING INCOME (LOSS) $ 5,495 $ 5,347
$ 3,513 $ (3,437 ) $
10,918 $ 7,354 $ 11,404 $ 6,864
$ 25,622 LESS: Restructuring related inventory charges 1,958
75 — 813 2,846 — — — — Amortization of inventory step-up — — —
1,366 1,366 — — — — Impairment charges — — 208 — 208 — — — —
Restructuring charges, net 1,163 3,259 2,252 2,301 8,975 1,458
3,566 341 5,366 Acquisition amortization 1,868 1,911 1,888 4,234
9,901 2,552 2,599 2,694 7,844 Special charges (recoveries), net 776
1,334 379
5,707 8,196 (2,268
) (5,520 ) 1,978
(5,809 )
ADJUSTED OPERATING INCOME $ 11,260
$ 11,926 $ 8,240 $
10,984 $ 42,410 $ 9,096
$ 12,049 $ 11,877
$ 33,022
GAAP OPERATING MARGIN
3.6 % 3.7 % 2.6 % (2.2 )% 1.8 % 5.1 % 7.5 % 4.3 % 5.6 % LESS:
Restructuring related inventory charges 1.3 % 0.1 % —% 0.5 % 0.5 %
— % — % — % — % Amortization of inventory step-up —% —% —% 0.9 %
0.2 % — % — % — % — % Impairment charges —% —% 0.2 % — % — % — % —
% — % — % Restructuring charges, net 0.8 % 2.2 % 1.7 % 1.5 % 1.5 %
1.0 % 2.4 % 0.2 % 1.2 % Acquisition amortization 1.2 % 1.3 % 1.4 %
2.7 % 1.7 % 1.8 % 1.7 % 1.7 % 1.7 % Special charges (recoveries),
net 0.5 % 0.9 % 0.3 % 3.6
% 1.4 % (1.6 )% (3.7 )%
1.2 % (1.3 )%
ADJUSTED OPERATING
MARGIN 7.5 % 8.1 % 6.1 %
6.9 % 7.2 % 6.3 %
8.0 % 7.4 % 7.2 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171027005337/en/
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice
President & Chief Financial Officer
CIRCOR (NYSE:CIR)
Historical Stock Chart
From Jun 2024 to Jul 2024
CIRCOR (NYSE:CIR)
Historical Stock Chart
From Jul 2023 to Jul 2024