CIRCOR Delivers Strong Second Quarter Results and Reaffirms 2021 Guidance
CIRCOR International reported its Q2 2021 financial results with orders at $210 million, marking a 9% increase, while revenue reached $190 million, up 2% year-over-year. Industrial orders surged 34% to $156 million, whereas Aerospace & Defense orders fell 29% to $54 million. Adjusted earnings per share rose 59% to $0.35, despite a GAAP loss per share of $(0.77). The company anticipates 10-12% revenue growth in Q3 2021, driven by strong Industrial and Aerospace & Defense segments, along with an adjusted EPS forecast of $0.55 to $0.60.
- Orders increased by 9%, reaching $210 million.
- Industrial orders surged 34%, reflecting robust demand.
- Free cash flow conversion improved to 115% of adjusted net income.
- Adjusted EPS rose by 59% to $0.35, indicating strong earnings growth.
- Q3 revenue is expected to grow by 10-12%, with organic revenue projected to increase by 8-10%.
- Aerospace & Defense orders fell by 29%, indicating potential demand issues in that sector.
- Revenue decreased by 2% on an organic basis, suggesting underlying challenges.
CIRCOR International, Inc. (NYSE: CIR), one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets, today announced GAAP and adjusted financial results for the second quarter ended July 4, 2021.
Second Quarter 2021 Overview:
-
Orders of
$210 million , up9% reported and4% organically-
Industrial orders of
$156 million , up34% reported and27% organically due to strength across almost all end markets and regions -
Aerospace & Defense orders of
$54 million , down (29)% reported and (31)% organically due to timing of large Defense orders
-
Industrial orders of
-
Revenue of
$190 million , up2% reported and down (2)% organically-
Industrial revenue of
$130 million , up5% reported and down (1)% organically -
Aerospace & Defense revenue of
$61 million , down (2)% reported and (5)% organically
-
Industrial revenue of
-
GAAP operating margin of (2.6)%; Adjusted operating margin of
7.7% , down 80 bps -
GAAP loss per share of
$(0.77) ; Adjusted earnings per share of$0.35 , up59% -
GAAP operating cash flow of
$11 million ; Free cash flow of$8 million ,115% of adj. net income -
Total debt reduced by
$14 million versus prior quarter driven by 2Q'21 free cash flow performance
CIRCOR President and CEO Scott Buckhout said, "Our team delivered another solid quarter highlighted by
Mr. Buckhout continued, "In addition to our financial performance, we continue to make progress on our strategic priorities. We launched 21 products in the first half of 2021 and remain on track to deliver 45 new products in 2021. In an effort to build on our simplification program and accelerate sustainable margin expansion, we kicked off 80/20 in three of our largest Industrial businesses. And finally, we used our free cash flow generated in the quarter to pay down debt. We expect greater than one turn of leverage improvement in 2021."
Mr. Buckhout concluded, "Based on our strong orders performance in the 1st half, and our
3Q'21 Guidance Update
In the third quarter of 2021, CIRCOR expects reported revenue to increase 10 to
2021 Guidance
For the full year of 2021, CIRCOR reiterated its guidance of organic revenue growth of 2 to
Presentation slides that provide supporting information to this guidance and second-quarter results are posted on the “Investors” section of the Company’s website and will be discussed during the conference call at 9:00 a.m. ET today.
Conference Call Information
CIRCOR International will hold a conference call to review its financial results at 9:00 a.m. ET today, August 10, 2021. To listen to the live conference call and view the accompanying presentation slides, please visit “Webcasts & Presentations” in the “Investors” portion of CIRCOR’s website. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. Participants are encouraged to dial in to the call at least 15 minutes prior to the start time. The webcast will be archived on the Company’s website for one year.
Selected Preliminary Consolidated Results
($ millions except EPS) |
|
Q2 2021 |
|
Q2 2020 |
|
Change |
|
Q2 YTD 2021 |
|
Q2 YTD 2020 |
|
Change |
||||||||||||||
Orders |
|
$ |
210.2 |
|
|
|
$ |
192.6 |
|
|
|
9 |
% |
|
$ |
436.9 |
|
|
|
$ |
401.1 |
|
|
|
9 |
% |
Orders - excluding divested businesses1 |
|
210.2 |
|
|
|
192.6 |
|
|
|
9 |
% |
|
436.9 |
|
|
|
396.7 |
|
|
|
10 |
% |
||||
Revenue |
|
$ |
190.3 |
|
|
|
$ |
186.1 |
|
|
|
2 |
% |
|
$ |
371.0 |
|
|
|
$ |
378.3 |
|
|
|
-2 |
% |
Revenue - excluding divested businesses1 |
|
190.3 |
|
|
|
186.1 |
|
|
|
2 |
% |
|
371.0 |
|
|
|
373.4 |
|
|
|
-1 |
% |
||||
GAAP operating (loss) income |
|
(4.9 |
) |
|
|
(1.4 |
) |
|
|
-250 |
% |
|
(4.6 |
) |
|
|
(74.8 |
) |
|
|
94 |
% |
||||
Adjusted operating income2 |
|
14.6 |
|
|
|
15.9 |
|
|
|
-8 |
% |
|
27.1 |
|
|
|
27.0 |
|
|
|
— |
% |
||||
GAAP operating margin |
|
(2.6 |
) |
% |
|
(0.7 |
) |
% |
|
-190 bps |
|
(1.2 |
) |
% |
|
(19.8 |
) |
% |
|
1860 bps |
||||||
Adjusted operating margin2 |
|
7.7 |
|
% |
|
8.5 |
|
% |
|
-80 bps |
|
7.3 |
|
% |
|
7.1 |
|
% |
|
20 bps |
||||||
Adjusted operating margin ex divestitures2 |
|
7.7 |
|
% |
|
8.5 |
|
% |
|
-80 bps |
|
7.3 |
|
% |
|
7.2 |
|
% |
|
10 bps |
||||||
GAAP loss per share (diluted) |
|
$ |
(0.77 |
) |
|
|
$ |
(1.68 |
) |
|
|
54 |
% |
|
$ |
(1.13 |
) |
|
|
$ |
(5.66 |
) |
|
|
80 |
% |
Adjusted earnings per share (diluted)2 |
|
$ |
0.35 |
|
|
|
$ |
0.22 |
|
|
|
59 |
% |
|
$ |
0.60 |
|
|
|
$ |
0.42 |
|
|
|
43 |
% |
Operating cash flow |
|
10.9 |
|
|
|
(24.9 |
) |
|
|
144 |
% |
|
(6.7 |
) |
|
|
(48.8 |
) |
|
|
86 |
% |
||||
Free cash flow3 |
|
8.3 |
|
|
|
(28.4 |
) |
|
|
129 |
% |
|
(12.8 |
) |
|
|
(55.8 |
) |
|
|
77 |
% |
||||
Segment Results
($ in millions) |
|
Q2 2021 |
|
Q2 2020 |
|
Change |
|||||
Aerospace & Defense |
|
|
|
|
|
|
|||||
Orders |
|
$ |
54.2 |
|
|
$ |
76.6 |
|
|
-29 |
% |
Revenue |
|
$ |
60.8 |
|
|
$ |
62.2 |
|
|
-2 |
% |
Segment operating income |
|
12.1 |
|
|
13.1 |
|
|
-8 |
% |
||
Segment operating margin |
|
19.9 |
% |
|
21.1 |
% |
|
-120 bps |
|||
|
|
|
|
|
|
|
|||||
Industrial |
|
|
|
|
|
|
|||||
Orders |
|
$ |
156.0 |
|
|
$ |
116.0 |
|
|
34 |
% |
Revenue |
|
$ |
129.6 |
|
|
$ |
123.8 |
|
|
5 |
% |
Segment operating income |
|
10.4 |
|
|
12.4 |
|
|
-16 |
% |
||
Segment operating margin (adjusted) |
|
8.0 |
% |
|
10.0 |
% |
|
-200 bps |
|||
- Orders and revenue excluding divested businesses are non-GAAP measures and are calculated by subtracting the orders and revenues generated by the divested businesses during the periods prior to their divestiture from reported orders and revenues. Divested businesses include Instrumentation & Sampling (all Industrial) which was sold during Q1 2020.
-
Adjusted consolidated and segment results for Q2 2021 exclude net loss from discontinued operations of
$0.9 million and net loss from non-cash acquisition-related intangible amortization, special and restructuring charges totaling$19.6 million ($21.9 million after tax). These charges include: (i)$11.8 million for non-cash acquisition-related intangible amortization and depreciation expense; (ii)$3.0 million of special charges related to the Heater & Control Valve divestiture; (iii)$3.8 million of other special and restructuring charges; and (iv)$1.0 million of restructuring related inventory charges. Adjusted consolidated and segment results for Q2 2020 exclude net loss from discontinued operations of$43.8 million and net loss from non-cash acquisition-related intangible amortization, special and restructuring charges totaling$17.3 million ($5.3 million income, net of tax). These charges include: (i)$11.7 million for non-cash acquisition-related intangible amortization and depreciation expense; (ii)$4.6 million of professional fees associated with an unsolicited tender offer to acquire all outstanding shares of the Company’s common stock; and (iii)$1.0 million of other special and restructuring charges. - 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.
Use of Non-GAAP Financial Measures
Adjusted operating income, adjusted operating margin, adjusted net income, adjusted earnings per share (diluted), EBITDA, adjusted EBITDA, net debt, free cash flow and organic growth (and such measures further excluding discontinued operations) 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:
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 and fixed-asset 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 up to 25 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. We exclude the results of discontinued operations.
We exclude goodwill impairment charges. We exclude these costs because we do not believe they are indicative of our normal operating costs.
Due to the significance of recently sold businesses and to provide a comparison of changes in our orders and revenue, we also discuss these changes on an “organic” basis. Organic is calculated assuming the divestitures completed prior to July 4, 2021 were completed on January 1, 2020 and excluding the impact of changes in foreign currency exchange rates.
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 peers. 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 press release.
Safe Harbor Statement
This press release contains certain statements that are “forward-looking statements” as that term is defined under the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “may,” “hope,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “continue,” and other expressions, which are predictions of or indicate future events and trends and which do not relate to historical matters, identify forward-looking statements, although not all forward-looking statements are accompanied by such words. We believe that it is important to communicate our future expectations to our stockholders, and we, therefore, make forward-looking statements in reliance upon the safe harbor provisions of the Act. However, there may be events in the future that we are not able to accurately predict or control and our actual results may differ materially from the expectations we describe in our forward-looking statements. Forward-looking statements, including statements about outlook for the fourth quarter, the expected and potential direct or indirect impacts of the COVID-19 pandemic on our business, the realization of cost reductions from restructuring activities and expected synergies, the number of new product launches and future cash flows from operating activities, involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: the duration and severity of the COVID-19 pandemic and its impact on the global economy; changes in the price of and demand for oil and gas in both domestic and international markets; any adverse changes in governmental policies; variability of raw material and component pricing; changes in our suppliers’ performance; fluctuations in foreign currency exchange rates; changes in tariffs or other taxes related to doing business internationally; our ability to hire and retain key personnel; our ability to operate our manufacturing facilities at efficient levels including our ability to prevent cost overruns and reduce costs; our ability to generate increased cash by reducing our working capital; our prevention of the accumulation of excess inventory; our ability to successfully implement our divestiture; restructuring or simplification strategies; fluctuations in interest rates; our ability to successfully defend product liability actions; as well as the uncertainty associated with the current worldwide economic conditions and the continuing impact on economic and financial conditions in the United States and around the world, including as a result of COVID-19, natural disasters, terrorist attacks and other similar matters. We advise you to read further about these and other risk factors set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q and Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020, which is filed with the Securities and Exchange Commission ("SEC") and is available on the SEC's website at www.sec.gov. 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 is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,200 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.
CIRCOR INTERNATIONAL, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
July 4, 2021 |
|
June 28, 2020 |
|
July 4, 2021 |
|
June 28, 2020 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net revenues |
$ |
190,346 |
|
|
$ |
186,066 |
|
|
$ |
371,001 |
|
|
$ |
378,279 |
|
|
Cost of revenues |
130,460 |
|
|
127,105 |
|
|
255,034 |
|
|
259,275 |
|
|||||
Gross profit |
59,886 |
|
|
58,961 |
|
|
115,967 |
|
|
119,004 |
|
|||||
Selling, general and administrative expenses |
58,023 |
|
|
54,738 |
|
|
114,526 |
|
|
114,296 |
|
|||||
Goodwill impairment charge |
— |
|
|
— |
|
|
— |
|
|
116,182 |
|
|||||
Special and restructuring charges (recoveries), net |
6,803 |
|
|
5,607 |
|
|
5,995 |
|
|
(36,685 |
) |
|||||
Operating income (loss) |
(4,940 |
) |
|
(1,384 |
) |
|
(4,554 |
) |
|
(74,789 |
) |
|||||
Other expense (income), net: |
|
|
|
|
|
|
|
|||||||||
Interest expense, net |
7,957 |
|
|
8,486 |
|
|
16,327 |
|
|
17,497 |
|
|||||
Other expense (income), net |
(1,173 |
) |
|
2,144 |
|
|
(2,676 |
) |
|
(536 |
) |
|||||
Total other expense, net |
6,784 |
|
|
10,630 |
|
|
13,651 |
|
|
16,961 |
|
|||||
(Loss) income from continuing operations before income taxes |
(11,724 |
) |
|
(12,014 |
) |
|
(18,205 |
) |
|
(91,750 |
) |
|||||
Provision for (benefit from) income taxes |
2,961 |
|
|
(21,769 |
) |
|
3,360 |
|
|
(13,395 |
) |
|||||
(Loss) income from continuing operations, net of tax |
(14,685 |
) |
|
9,755 |
|
|
(21,565 |
) |
|
(78,355 |
) |
|||||
Income (loss) from discontinued operations, net of tax |
(878 |
) |
|
(43,847 |
) |
|
(1,117 |
) |
|
(34,685 |
) |
|||||
Net loss |
$ |
(15,563 |
) |
|
$ |
(34,092 |
) |
|
$ |
(22,682 |
) |
|
$ |
(113,040 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
Basic income (loss) per common share: |
|
|
|
|
|
|
|
|||||||||
Basic from continuing operations |
$ |
(0.73 |
) |
|
$ |
0.49 |
|
|
$ |
(1.07 |
) |
|
$ |
(3.93 |
) |
|
Basic from discontinued operations |
$ |
(0.04 |
) |
|
$ |
(2.19 |
) |
|
$ |
(0.06 |
) |
|
$ |
(1.74 |
) |
|
Net loss |
$ |
(0.77 |
) |
|
$ |
(1.71 |
) |
|
$ |
(1.13 |
) |
|
$ |
(5.66 |
) |
|
Diluted income (loss) per common share: |
|
|
|
|
|
|
|
|||||||||
Diluted from continuing operations |
$ |
(0.73 |
) |
|
$ |
0.48 |
|
|
$ |
(1.07 |
) |
|
$ |
(3.93 |
) |
|
Diluted from discontinued operations |
$ |
(0.04 |
) |
|
$ |
(2.16 |
) |
|
$ |
(0.06 |
) |
|
$ |
(1.74 |
) |
|
Net loss |
$ |
(0.77 |
) |
|
$ |
(1.68 |
) |
|
$ |
(1.13 |
) |
|
$ |
(5.66 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of common shares outstanding: |
|
|
|
|
|
|
|
|||||||||
Basic |
20,230 |
|
|
19,987 |
|
|
20,143 |
|
|
19,962 |
|
|||||
Diluted |
20,230 |
|
|
20,286 |
|
|
20,143 |
|
|
19,962 |
|
|||||
CIRCOR INTERNATIONAL, INC. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
||||||||
|
|
Six Months Ended |
||||||
|
|
July 4, 2021 |
|
June 28, 2020 |
||||
OPERATING ACTIVITIES |
|
|
|
|||||
Net loss |
$ |
(22,682 |
) |
|
$ |
(113,040 |
) |
|
Loss from discontinued operations, net of income taxes |
(1,117 |
) |
|
(34,685 |
) |
|||
Loss from continuing operations |
(21,565 |
) |
|
(78,355 |
) |
|||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|||||
Depreciation |
11,970 |
|
|
10,079 |
|
|||
Amortization |
21,353 |
|
|
21,492 |
|
|||
Provision for bad debt expense |
(350 |
) |
|
7,768 |
|
|||
Write down of inventory |
961 |
|
|
352 |
|
|||
Compensation expense for share-based plans |
2,903 |
|
|
2,290 |
|
|||
Amortization of debt issuance costs |
2,005 |
|
|
5,488 |
|
|||
Deferred tax provision |
823 |
|
|
— |
|
|||
Goodwill impairment charge |
— |
|
|
116,182 |
|
|||
(Gain) loss on sale of businesses |
1,031 |
|
|
(54,253 |
) |
|||
Changes in operating assets and liabilities, net of effects of acquisition and disposition: |
|
|
|
|||||
Trade accounts receivable |
6,345 |
|
|
768 |
|
|||
Inventories |
(14,038 |
) |
|
(12,370 |
) |
|||
Prepaid expenses and other assets |
(17,792 |
) |
|
(25,264 |
) |
|||
Accounts payable, accrued expenses and other liabilities |
214 |
|
|
(31,475 |
) |
|||
Net cash (used in) provided by continuing operating activities |
(6,140 |
) |
|
(37,298 |
) |
|||
Net cash used in discontinued operating activities |
(579 |
) |
|
(11,532 |
) |
|||
Net cash used in operating activities |
(6,719 |
) |
|
(48,830 |
) |
|||
INVESTING ACTIVITIES |
|
|
|
|||||
Additions to property, plant and equipment |
(6,038 |
) |
|
(6,815 |
) |
|||
Proceeds from sale of property, plant and equipment |
2 |
|
|
(142 |
) |
|||
Proceeds from the sale of business |
9,993 |
|
|
169,375 |
|
|||
Proceeds from beneficial interest of factored receivables |
998 |
|
|
1,339 |
|
|||
Net cash provided by continuing investment activities |
4,955 |
|
|
163,757 |
|
|||
Net cash used in discontinued investing activities |
— |
|
|
(10,071 |
) |
|||
Net cash provided by investing activities |
4,955 |
|
|
153,686 |
|
|||
FINANCING ACTIVITIES |
|
|
|
|||||
Proceeds from long-term debt |
103,350 |
|
|
129,325 |
|
|||
Payments of long-term debt |
(100,250 |
) |
|
(191,141 |
) |
|||
Withholding tax payments on restricted and performance stock units converted |
(4,119 |
) |
|
— |
|
|||
Proceeds from the exercise of stock options |
151 |
|
|
118 |
|
|||
Net cash provided by (used) in financing activities |
(868 |
) |
|
(61,698 |
) |
|||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(1,627 |
) |
|
(2,421 |
) |
|||
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
(4,259 |
) |
|
40,737 |
|
|||
Cash, cash equivalents, and restricted cash at beginning of period |
77,696 |
|
|
85,727 |
|
|||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD |
$ |
73,437 |
|
|
$ |
126,464 |
|
|
CIRCOR INTERNATIONAL, INC. Condensed Consolidated Balance Sheets (in thousands) (unaudited) |
||||||||
|
|
July 4, 2021 |
|
December 31, 2020 |
||||
ASSETS |
|
|
|
|||||
CURRENT ASSETS: |
|
|
|
|||||
Cash and cash equivalents |
$ |
72,181 |
|
|
$ |
76,452 |
|
|
Trade accounts receivable, less allowance for doubtful accounts of |
96,591 |
|
|
102,730 |
|
|||
Inventories |
136,012 |
|
|
129,084 |
|
|||
Prepaid expenses and other current assets |
109,683 |
|
|
93,226 |
|
|||
Assets held for sale |
— |
|
|
5,073 |
|
|||
Total Current Assets |
|
414,467 |
|
|
406,565 |
|
||
PROPERTY, PLANT AND EQUIPMENT, NET |
160,817 |
|
|
168,763 |
|
|||
OTHER ASSETS: |
|
|
|
|||||
Goodwill |
156,785 |
|
|
158,944 |
|
|||
Intangibles, net |
328,957 |
|
|
353,595 |
|
|||
Deferred income taxes |
776 |
|
|
779 |
|
|||
Other assets |
40,199 |
|
|
41,882 |
|
|||
TOTAL ASSETS |
$ |
1,102,001 |
|
|
$ |
1,130,528 |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|||||
CURRENT LIABILITIES: |
|
|
|
|||||
Accounts payable |
$ |
68,224 |
|
|
$ |
61,236 |
|
|
Accrued expenses and other current liabilities |
72,294 |
|
|
75,624 |
|
|||
Accrued compensation and benefits |
29,721 |
|
|
28,332 |
|
|||
Total Current Liabilities |
|
170,239 |
|
|
165,192 |
|
||
LONG-TERM DEBT |
512,375 |
|
|
507,888 |
|
|||
DEFERRED INCOME TAXES |
27,562 |
|
|
28,980 |
|
|||
PENSION LIABILITY, NET |
156,501 |
|
|
163,642 |
|
|||
OTHER NON-CURRENT LIABILITIES |
52,284 |
|
|
58,785 |
|
|||
COMMITMENTS AND CONTINGENCIES |
|
|
|
|||||
SHAREHOLDERS' EQUITY: |
|
|
|
|||||
Preferred stock, |
— |
|
|
— |
|
|||
Common stock, |
216 |
|
|
214 |
|
|||
Additional paid-in capital |
452,512 |
|
|
452,728 |
|
|||
(Accumulated deficit) retained earnings |
(109,143 |
) |
|
(86,461 |
) |
|||
Common treasury stock, at cost (1,372,488 shares at July 4, 2021 and December 31, 2020) |
(74,472 |
) |
|
(74,472 |
) |
|||
Accumulated other comprehensive loss, net of tax |
(86,073 |
) |
|
(85,968 |
) |
|||
Total Shareholders' Equity |
|
183,040 |
|
|
206,041 |
|
||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
1,102,001 |
|
|
$ |
1,130,528 |
|
|
CIRCOR INTERNATIONAL, INC. Summary of Orders and Backlog (in millions) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
July 4, 2021 |
|
June 28, 2020 |
|
July 4, 2021 |
|
June 28, 2020 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
ORDERS (1) |
|
|
|
|
|
|
|
|
||||||||
Aerospace & Defense |
|
$ |
54.2 |
|
|
$ |
76.6 |
|
|
$ |
127.2 |
|
|
$ |
148.6 |
|
Industrial |
|
156.0 |
|
|
116.0 |
|
|
309.7 |
|
|
252.5 |
|
||||
Total Orders |
|
$ |
210.2 |
|
|
$ |
192.6 |
|
|
$ |
436.9 |
|
|
$ |
401.1 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
July 4, 2021 |
|
June 28, 2020 |
|
|
|
|
||||||||
BACKLOG (2) |
|
|
|
|
|
|
|
|
||||||||
Aerospace & Defense |
|
$ |
188.3 |
|
|
$ |
214.2 |
|
|
|
|
|
||||
Industrial |
|
248.2 |
|
|
217.8 |
|
|
|
|
|
||||||
Total Backlog |
|
$ |
436.5 |
|
|
$ |
432.0 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Note 1: Orders do not include the foreign exchange impact due to the re-measurement of customer backlog amounts denominated in foreign currencies. Orders for the six months ended June 28, 2020 include orders from businesses divested prior to June 28,2020 of
Note 2: Backlog includes unshipped customer orders for which revenue has not been recognized.
CIRCOR INTERNATIONAL, INC. Segment Information (in thousands, except percentages) UNAUDITED |
|||||||||||||||||||||||||||||
|
|
2020 |
2021 |
||||||||||||||||||||||||||
As reported |
|
1ST QTR |
2ND QTR |
3RD QTR |
4TH QTR |
TOTAL |
1ST QTR |
2ND QTR |
|||||||||||||||||||||
ORDERS |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Aerospace & Defense |
|
$ |
72,031 |
|
|
$ |
76,616 |
|
|
$ |
59,105 |
|
|
$ |
46,796 |
|
|
$ |
254,548 |
|
|
$ |
72,999 |
|
|
$ |
54,243 |
|
|
Industrial |
|
136,443 |
|
|
116,023 |
|
|
107,453 |
|
|
121,690 |
|
|
481,609 |
|
|
153,695 |
|
|
155,959 |
|
|
|||||||
Total |
|
$ |
208,474 |
|
|
$ |
192,639 |
|
|
$ |
166,558 |
|
|
$ |
168,486 |
|
|
$ |
736,157 |
|
|
$ |
226,693 |
|
|
$ |
210,203 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
NET REVENUES |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Aerospace & Defense |
|
$ |
65,493 |
|
|
$ |
62,241 |
|
|
$ |
62,249 |
|
|
$ |
77,839 |
|
|
$ |
267,822 |
|
|
$ |
60,001 |
|
|
$ |
60,761 |
|
|
Industrial |
|
126,720 |
|
|
123,825 |
|
|
124,391 |
|
|
130,513 |
|
|
505,449 |
|
|
120,654 |
|
|
129,585 |
|
|
|||||||
Total |
|
$ |
192,213 |
|
|
$ |
186,066 |
|
|
$ |
186,640 |
|
|
$ |
208,352 |
|
|
$ |
773,271 |
|
|
$ |
180,655 |
|
|
$ |
190,346 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
SEGMENT OPERATING INCOME |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Aerospace & Defense |
|
$ |
12,494 |
|
|
$ |
13,142 |
|
|
$ |
14,782 |
|
|
$ |
18,675 |
|
|
$ |
59,093 |
|
|
$ |
10,706 |
|
|
$ |
12,095 |
|
|
Industrial |
|
5,169 |
|
|
12,406 |
|
|
9,807 |
|
|
12,441 |
|
|
39,823 |
|
|
9,735 |
|
|
10,400 |
|
|
|||||||
Corporate expenses |
|
(6,588 |
) |
|
(9,664 |
) |
|
(7,244 |
) |
|
(7,789 |
) |
|
(31,285 |
) |
|
(8,002 |
) |
|
(7,850 |
) |
|
|||||||
Total |
|
$ |
11,075 |
|
|
$ |
15,884 |
|
|
$ |
17,345 |
|
|
$ |
23,327 |
|
|
$ |
67,631 |
|
|
$ |
12,439 |
|
|
$ |
14,645 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
SEGMENT OPERATING MARGIN % |
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Aerospace & Defense |
|
19.1 |
|
% |
21.1 |
|
% |
23.7 |
|
% |
24.0 |
|
% |
22.1 |
|
% |
17.8 |
|
% |
19.9 |
|
% |
|||||||
Industrial |
|
4.1 |
|
% |
10.0 |
|
% |
7.9 |
|
% |
9.5 |
|
% |
7.9 |
|
% |
8.1 |
|
% |
8.0 |
|
% |
|||||||
Total |
|
5.8 |
|
% |
8.5 |
|
% |
9.3 |
|
% |
11.2 |
|
% |
8.7 |
|
% |
6.9 |
|
% |
7.7 |
|
% |
|||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
2020 |
2021 |
||||||||||||||||||||||||||
Results of divested businesses (1) |
|
1ST QTR |
2ND QTR |
3RD QTR |
4TH QTR |
TOTAL |
1ST QTR |
2ND QTR |
|||||||||||||||||||||
ORDERS - Industrial |
|
$ |
4,449 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,449 |
|
|
$ |
— |
|
|
$ |
— |
|
|
NET REVENUES - Industrial |
|
$ |
4,900 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,900 |
|
|
$ |
— |
|
|
$ |
— |
|
|
SEGMENT OP. INC. -Industrial |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
CIRCOR INTERNATIONAL, INC. Supplemental Information Regarding Divested Businesses (in thousands, except percentages) (unaudited) |
||||||||
|
|
2020 |
2021 |
|||||
Results excluding divested businesses |
1ST QTR |
2ND QTR |
3RD QTR |
4TH QTR |
TOTAL |
1ST QTR |
2ND QTR |
|
ORDERS |
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
Industrial |
131,994 |
116,023 |
107,453 |
121,690 |
477,160 |
153,695 |
155,959 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET REVENUES |
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
Industrial |
121,820 |
123,825 |
124,391 |
130,513 |
500,549 |
120,654 |
129,585 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING INCOME |
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
Industrial |
5,169 |
12,406 |
9,807 |
12,441 |
39,823 |
9,735 |
10,400 |
|
Corporate expenses |
(6,588) |
(9,664) |
(7,244) |
(7,789) |
(31,285) |
(8,002) |
(7,850) |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEGMENT OPERATING MARGIN % |
|
|
|
|
|
|
|
|
Aerospace & Defense |
|
|
|
|
|
|
|
|
Industrial |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Divested businesses are related to the Industrial Segment and include Instrumentation & Sampling. Distributed Valves are discontinued operations and not reflected in the As Reported figures in accordance with US GAAP.
CIRCOR INTERNATIONAL, INC. Reconciliation of Key Performance Measures to Commonly Used Generally Accepted Accounting Principle Terms (in thousands, except percentages) (unaudited) |
|||||||||
|
|
2020 |
2021 |
||||||
|
|
1ST QTR |
2ND QTR |
3RD QTR |
4TH QTR |
TOTAL |
1ST QTR |
2ND QTR |
|
|
|
|
|
|
|
|
|
|
|
Net Cash (Used In) Provided By Operating Activities |
|
|
|
|
|
|
|
|
|
LESS |
|
|
|
|
|
|
|
|
|
Capital expenditures, net of sale proceeds (a) |
|
3,412 |
3,527 |
2,330 |
3,275 |
12,544 |
3,392 |
2,644 |
|
FREE CASH FLOW |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Debt |
|
|
|
|
|
|
|
|
|
Less: Cash & Cash equivalents |
|
170,861 |
125,421 |
72,772 |
76,452 |
76,452 |
75,680 |
72,181 |
|
GROSS DEBT, NET OF CASH |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS DEBT AS % OF EQUITY |
|
|
|
|
|
|
|
|
|
GROSS DEBT, NET OF CASH AS % OF EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) includes capital expenditures, net of sales proceeds of discontinued operations |
|||||||||
CIRCOR INTERNATIONAL, INC. Reconciliation of Key Performance Measures to Commonly Used Generally Accepted Accounting Principle Terms (in thousands, except percentages) (unaudited) |
||||||||||||||||||||||||||||
|
|
2020 |
|
2021 |
||||||||||||||||||||||||
|
|
1ST QTR |
|
2ND QTR |
|
3RD QTR |
|
4TH QTR |
|
TOTAL |
|
1ST QTR |
|
2ND QTR |
||||||||||||||
NET (LOSS) INCOME |
|
$ |
(78,948 |
) |
$ | (34,092 | ) | $ | (58,524 | ) | $ | (13,934 | ) | $ | (185,498 | ) | $ | (7,119 | ) | $ | (15,563 | ) | ||||||
LESS: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Restructuring related inventory charges |
|
|
(602 |
) |
|
|
— |
|
|
|
351 |
|
|
|
— |
|
|
|
(251 |
) |
|
|
— |
|
|
|
958 |
|
Restructuring charges, net |
|
|
2,883 |
|
|
|
588 |
|
|
|
502 |
|
|
|
972 |
|
|
|
4,945 |
|
|
|
2,060 |
|
|
|
2,281 |
|
Acquisition amortization |
|
|
10,218 |
|
|
|
10,681 |
|
|
|
10,625 |
|
|
|
10,939 |
|
|
|
42,463 |
|
|
|
10,487 |
|
|
|
10,498 |
|
Acquisition depreciation |
|
|
974 |
|
|
|
980 |
|
|
|
1,011 |
|
|
|
1,021 |
|
|
|
3,986 |
|
|
|
2,375 |
|
|
|
1,326 |
|
Special (recoveries) charges, net |
|
|
(45,175 |
) |
|
|
5,019 |
|
|
|
436 |
|
|
|
473 |
|
|
|
(39,247 |
) |
|
|
(2,869 |
) |
|
|
4,522 |
|
Goodwill Impairment charge |
|
|
116,182 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
116,182 |
|
|
|
— |
|
|
|
— |
|
Income tax impact |
|
|
7,704 |
|
|
|
(22,549 |
) |
|
|
53,240 |
|
|
|
13,125 |
|
|
|
51,521 |
|
|
|
(335 |
) |
|
|
2,266 |
|
Net loss (income) from discontinued operations |
|
|
(9,162 |
) |
|
|
43,847 |
|
|
|
(341 |
) |
|
|
795 |
|
|
|
35,140 |
|
|
|
239 |
|
|
|
878 |
|
ADJUSTED NET INCOME |
|
$ |
4,074 |
|
$ | 4,475 |
$ | 7,300 |
$ | 13,390 |
$ | 29,240 |
$ | 4,838 |
$ | 7,165 |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
(LOSS) EARNINGS PER COMMON SHARE (Diluted) |
|
$ |
(3.96 |
) |
$ | (1.68 |
) | $ | (2.93 |
) | $ | (0.70 |
) | $ | (9.28 |
) | $ | (0.35 |
) | $ | (0.77 |
) | ||||||
LESS: |
|
|
|
|
|
|
|
|
||||||||||||||||||||
Restructuring related inventory charges |
|
|
(0.03 |
) |
|
|
— |
|
|
|
0.02 |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
0.05 |
|
Restructuring charges, net |
|
|
0.14 |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
|
0.05 |
|
|
|
0.25 |
|
|
|
0.10 |
|
|
|
0.11 |
|
Acquisition amortization |
|
|
0.51 |
|
|
|
0.53 |
|
|
|
0.53 |
|
|
|
0.55 |
|
|
|
2.13 |
|
|
|
0.52 |
|
|
|
0.52 |
|
Acquisition depreciation |
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.05 |
|
|
|
0.20 |
|
|
|
0.12 |
|
|
|
0.07 |
|
Special (recoveries) charges, net |
|
|
(2.27 |
) |
|
|
0.25 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
(1.96 |
) |
|
|
(0.14 |
) |
|
|
0.22 |
|
Impairment charge |
|
|
5.83 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5.81 |
|
|
|
— |
|
|
|
— |
|
Income tax impact |
|
|
0.39 |
|
|
|
(1.11 |
) |
|
|
2.66 |
|
|
|
0.66 |
|
|
|
2.58 |
|
|
|
(0.02 |
) |
|
|
0.11 |
|
Earnings (Loss) per share from discontinued operations |
|
|
(0.46 |
) |
|
|
2.16 |
|
|
|
(0.02 |
) |
|
|
0.04 |
|
|
|
1.76 |
|
|
|
0.01 |
|
|
|
0.04 |
|
ADJUSTED EARNINGS PER SHARE (Diluted) |
|
$ |
0.20 |
|
$ | 0.22 |
$ | 0.36 |
$ | 0.66 |
$ | 1.43 |
$ | 0.24 |
$ | 0.35 |
||||||||||||
CIRCOR INTERNATIONAL, INC. Reconciliation of Key Performance Measures to Commonly Used Generally Accepted Accounting Principle Terms (in thousands, except percentages) (unaudited) |
||||||||||||||||||||||
|
|
2020 |
2021 |
|||||||||||||||||||
|
|
1ST QTR |
2ND QTR |
3RD QTR |
4TH QTR |
TOTAL |
1ST QTR |
2ND QTR |
||||||||||||||
NET (LOSS) INCOME |
|
$ |
(78,948 |
) |
$ |
(34,092 |
) |
$ |
(58,524 |
) |
$ |
(13,934 |
) |
$ |
(185,498 |
) |
$ |
(7,119 |
) |
$ |
(15,563 |
) |
LESS: |
|
|
|
|
|
|
|
|
||||||||||||||
Interest expense, net |
|
9,011 |
|
8,486 |
|
8,202 |
|
8,520 |
|
34,219 |
|
8,369 |
|
7,957 |
|
|||||||
Depreciation |
|
5,121 |
|
4,958 |
|
4,802 |
|
5,504 |
|
20,385 |
|
6,509 |
|
5,461 |
|
|||||||
Amortization |
|
10,516 |
|
10,976 |
|
10,925 |
|
11,245 |
|
43,662 |
|
10,696 |
|
10,657 |
|
|||||||
Provision for income taxes |
|
8,374 |
|
(21,769 |
) |
54,318 |
|
15,299 |
|
56,222 |
|
400 |
|
2,961 |
|
|||||||
Loss (income) from discontinued operations |
|
(9,162 |
) |
43,847 |
|
(341 |
) |
795 |
|
35,140 |
|
239 |
|
878 |
|
|||||||
EBITDA |
|
$ |
(55,088 |
) |
$ |
12,406 |
|
$ |
19,383 |
|
$ |
27,429 |
|
$ |
4,130 |
|
$ |
19,094 |
|
$ |
12,351 |
|
LESS: |
|
|
|
|
|
|
|
|
||||||||||||||
Restructuring related inventory charges (recoveries) |
|
(602 |
) |
— |
|
351 |
|
— |
|
(251 |
) |
— |
|
958 |
|
|||||||
Restructuring charges, net |
|
2,883 |
|
588 |
|
502 |
|
972 |
|
4,945 |
|
2,060 |
|
2,281 |
|
|||||||
Special (recoveries) charges, net |
|
(45,175 |
) |
5,019 |
|
436 |
|
473 |
|
(39,247 |
) |
(2,869 |
) |
4,522 |
|
|||||||
Goodwill impairment charge |
|
116,182 |
|
— |
|
— |
|
— |
|
116,182 |
|
— |
|
— |
|
|||||||
ADJUSTED EBITDA |
|
$ |
18,200 |
|
$ |
18,013 |
|
$ |
20,671 |
|
$ |
28,873 |
|
$ |
85,758 |
|
$ |
18,285 |
|
$ |
20,112 |
|
CIRCOR INTERNATIONAL, INC. Reconciliation of Key Performance Measures to Commonly Used Generally Accepted Accounting Principle Terms (in thousands, except percentages) (unaudited) |
||||||||||||||||||||||
|
|
2020 |
2021 |
|||||||||||||||||||
|
|
1ST QTR |
2ND QTR |
3RD QTR |
4TH QTR |
TOTAL |
1ST QTR |
2ND QTR |
||||||||||||||
GAAP OPERATING INCOME (LOSS) |
|
$ |
(73,405 |
) |
$ |
(1,384 |
) |
$ |
4,420 |
|
$ |
9,923 |
|
$ |
(60,446 |
) |
$ |
386 |
|
$ |
(4,940 |
) |
LESS: |
|
|
|
|
|
|
|
|
||||||||||||||
Restructuring related inventory charges (recoveries) |
|
|
(602 |
) |
|
— |
|
|
351 |
|
|
— |
|
|
(251 |
) |
|
— |
|
|
958 |
|
Amortization of inventory step-up |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Restructuring charges, net |
|
|
2,883 |
|
|
588 |
|
|
502 |
|
|
972 |
|
|
4,945 |
|
|
2,060 |
|
|
2,281 |
|
Acquisition amortization |
|
|
10,218 |
|
|
10,681 |
|
|
10,625 |
|
|
10,939 |
|
|
42,463 |
|
|
10,487 |
|
|
10,498 |
|
Acquisition depreciation |
|
|
974 |
|
|
980 |
|
|
1,011 |
|
|
1,021 |
|
|
3,986 |
|
|
2,375 |
|
|
1,326 |
|
Special (recoveries) charges, net |
|
|
(45,175 |
) |
|
5,019 |
|
|
436 |
|
|
473 |
|
|
(39,247 |
) |
|
(2,869 |
) |
|
4,522 |
|
Goodwill impairment charge |
|
|
116,182 |
|
|
— |
|
|
— |
|
|
— |
|
|
116,182 |
|
|
— |
|
|
— |
|
ADJUSTED OPERATING INCOME |
|
$ |
11,075 |
|
$ |
15,884 |
|
$ |
17,345 |
|
$ |
23,327 |
|
$ |
67,631 |
|
$ |
12,439 |
|
$ |
14,645 |
|
|
|
|
|
|
|
|
|
|
||||||||||||||
GAAP OPERATING MARGIN |
|
|
(38.2 |
)% |
|
(0.7 |
)% |
|
2.4 |
% |
|
4.8 |
% |
|
(7.8 |
)% |
|
0.2 |
% |
|
(2.7 |
)% |
LESS: |
|
|
|
|
|
|
|
|
||||||||||||||
Restructuring related inventory charges (recoveries) |
|
|
(0.3 |
)% |
|
— |
% |
|
0.2 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
0.5 |
% |
Amortization of inventory step-up |
|
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
— |
% |
Restructuring charges, net |
|
|
1.5 |
% |
|
0.3 |
% |
|
0.3 |
% |
|
0.5 |
% |
|
0.6 |
% |
|
1.1 |
% |
|
1.3 |
% |
Acquisition amortization |
|
|
5.3 |
% |
|
5.7 |
% |
|
5.7 |
% |
|
5.3 |
% |
|
5.5 |
% |
|
5.8 |
% |
|
5.8 |
% |
Acquisition depreciation |
|
|
0.5 |
% |
|
0.5 |
% |
|
0.5 |
% |
|
0.5 |
% |
|
0.5 |
% |
|
1.3 |
% |
|
0.7 |
% |
Special (recoveries) charges, net |
|
|
(23.5 |
)% |
|
2.7 |
% |
|
0.2 |
% |
|
0.2 |
% |
|
(5.1 |
)% |
|
(1.6 |
)% |
|
2.5 |
% |
Goodwill impairment charge |
|
|
60.4 |
% |
|
— |
% |
|
— |
% |
|
— |
% |
|
15.0 |
% |
|
— |
% |
|
— |
% |
ADJUSTED OPERATING MARGIN |
|
|
5.8 |
% |
|
8.5 |
% |
|
9.3 |
% |
|
11.2 |
% |
|
8.7 |
% |
|
6.9 |
% |
|
8.1 |
% |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210810005283/en/
FAQ
What were CIRCOR International's Q2 2021 orders and revenue results?
How did CIRCOR's Industrial and Aerospace & Defense segments perform in Q2 2021?
What is the adjusted EPS forecast for CIRCOR in Q3 2021?
What guidance did CIRCOR provide for the full year of 2021?
How did CIRCOR's free cash flow perform in Q2 2021?
