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
second quarter ended July 2, 2017.
Second Quarter 2017 Highlights
- Revenue of $151 million, GAAP EPS of
$0.54 and Adjusted EPS of $0.39
- Orders of $143 million, up 6%
year-over-year
- Completed factory consolidation and
sale of non-core business in France
“We closed the first half of the year with solid second quarter
results, including revenue of $151 million and adjusted earnings
per share of $0.39,” said Scott Buckhout, President and Chief
Executive Officer. “Orders in our Energy segment were up 8%
organically due to strong demand in our Distributed Valves
business. In our Advanced Flow Solutions segment, our year-to-date
order intake increased 5% organically over the prior year and our
strong backlog positions us to deliver revenue growth and margin
expansion in the second half of the year.”
“After the close of the second quarter, we exited one of our two
French factories, consolidated operations into our low cost
facility in Morocco, and completed the sale of our low margin
‘build-to-print’ business,” added Buckhout. “Exiting this sub-scale
factory reduces CIRCOR’s structural cost and will contribute to our
margin expansion efforts going forward.”
“We remain optimistic about the market outlook across the
majority of our end markets. Going forward, we will continue to
focus on creating long-term value for shareholders by investing in
growth, expanding margins, generating strong free cash flow, and
being disciplined with capital deployment,” concluded Buckhout.
Third-Quarter 2017 GuidanceThe Company will provide its
guidance for the third quarter of 2017 during the conference call
later today.
Selected Consolidated Results
(unaudited)
($ millions except EPS) Q2 2017 Q2
2016 Change Revenue $ 151.2 $ 146.4
3 %
GAAP Operating Income $ 11.4 $ 5.3
113 %
Adjusted Operating Income1 $ 12.0
$ 11.9 1 %
GAAP Operating Margin 7.5 % 3.7 %
380 bps
Adjusted Operating Margin1 8.0
% 8.1 % (10) bps
GAAP Earnings Per Share (Diluted)
$ 0.54 $ 0.23 135 %
Adjusted Earnings Per Share
(Diluted)1 $ 0.39 $ 0.53 (26 )%
Operating Cash Flow $ 2.7 $ 10.1 (74 )%
Free Cash Flow2 $ 0.3 $ 8.2 (96 )%
Orders $ 142.9 $ 135.3 6 %
Segment Results
($ millions) Q2 2017 Q2 2016
Change Energy Revenue $
82.6 $ 80.7 2 %
Segment Operating Income $
8.9 $ 9.3 (5 )%
Segment Operating Margin 10.7
% 11.5 % (80) bps
Orders $ 77.9 $ 58.9
32 %
Advanced Flow Solutions Revenue $
68.6 $ 65.7 5 %
Segment Operating Income $
8.6 $ 8.1 6 %
Segment Operating Margin 12.5
% 12.3 % 20 bps
Orders $ 65.1 $ 76.5
(15 )%
1. Consolidated and Segment Results for Q2 2017 exclude special
and restructuring charges and non-cash acquisition-related
intangible amortization, totaling $0.6 million (pre-tax). This net
charge includes (i) $2.6 million charge for non-cash
acquisition-related intangible amortization expense, (ii) $5.3
million charge related to the sale of our France build-to-print
business, (iii) $1.3 million of charges related to exit of
manufacturing operations in China, including $0.8 million related
to environmental clean-up costs, (iv) $1.1 of other restructuring
activities, primarily reductions-in-force, across Europe and North
America, and (v) a $9.7 million gain related to the revaluation of
the contingent consideration for purchase of Critical Flow
Solutions. Consolidated and Segment Results for Q2 2016 exclude
special and restructuring charges totaling $6.6 million (pre-tax).
The Q2 2016 charges include (i) $1.5 million charge related to the
closure of the Brazil manufacturing operations; (ii) $1.9 million
charge for non-cash acquisition-related intangible amortization
expense; (iii) $2.1 million for the closure of the California
machining facility; and (iv) $1.1 million of other restructuring
activities.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, July 28,
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 flow control solutions and
other highly engineered products and sub-systems for markets
including oil & gas, aerospace, power, process and industrial
solutions. 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 Six
Months Ended July 2, 2017 July 3,
2016 July 2, 2017 July 3, 2016 Net
revenues $ 151,231 $ 146,392 $ 296,439 $ 297,190 Cost of revenues
103,563 99,961 202,139 205,526 GROSS
PROFIT 47,668 46,431 94,300 91,664 Selling, general and
administrative expenses 38,218 36,490 78,305 74,289 Special and
restructuring (recoveries) charges, net (1,954 ) 4,594
(2,763 ) 6,533 OPERATING INCOME 11,404 5,347
18,758 10,842 Other expense (income): Interest
expense, net 2,184 605 3,853 1,236 Other expense (income), net 974
(549 ) 1,200 (1,077 ) TOTAL OTHER EXPENSE, NET 3,158
56 5,053 159 INCOME BEFORE INCOME TAXES
8,246 5,291 13,705 10,683 (Benefit from) Provision for income taxes
(724 ) 1,478 (37 ) 2,998 NET INCOME $ 8,970 $
3,813 $ 13,742 $ 7,685 Earnings per common
share: Basic $ 0.54 $ 0.23 $ 0.83 $ 0.47 Diluted $ 0.54 $ 0.23 $
0.82 $ 0.46 Weighted average number of common shares outstanding:
Basic 16,497 16,424 16,478 16,403 Diluted 16,762 16,595 16,726
16,538 Dividends declared per common share $ 0.0375 $ 0.0375 $
0.0750 $ 0.0750
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands)
UNAUDITED
Six Months Ended July 2, 2017
July 3, 2016 OPERATING ACTIVITIES Net
income $ 13,742 $ 7,685 Adjustments to reconcile net income to net
cash provided by operating activities: Depreciation 7,345 6,476
Amortization 6,216 5,098 Bad debt recovery (319 ) (853 ) Loss on
write down of inventory 1,068 4,011 Compensation expense of
share-based plans 1,386 2,909 Tax effect of share-based plan
compensation — 116 Change in fair value of contingent consideration
(12,200 ) — (Gain) Loss on sale or write down of property, plant
and equipment (66 ) 3,116 Loss on sale of business
5,300
— Changes in operating assets and liabilities, net of effects of
acquisition: Trade accounts receivable 16,478 11,555 Inventories
(12,382 ) 13,281 Prepaid expenses and other assets (8,011 ) (3,480
) Accounts payable, accrued expenses and other liabilities
305
(32,161 ) Net cash provided by operating activities 18,862
17,753
INVESTING ACTIVITIES Purchases of
property, plant and equipment (5,504 ) (6,998 ) Proceeds from the
sale of property, plant and equipment 318 1,138 Business
acquisition working capital adjustment 1,467 — Net
cash used in investing activities (3,719 ) (5,860 )
FINANCING
ACTIVITIES Proceeds from long-term debt 333,021 65,939 Payments
of long-term debt (332,233 ) (58,890 ) Debt issuance costs (450 ) —
Dividends paid (1,251 ) (1,249 ) Proceeds from the exercise of
stock options 707 180 Tax effect of share-based plan compensation —
(116 ) Net cash (used in) provided by financing activities
(206 ) 5,864 Effect of exchange rate changes on cash and
cash equivalents 4,056 672 INCREASE IN CASH AND CASH
EQUIVALENTS 18,993 18,429 Cash and cash equivalents at beginning of
period 58,279 54,541 CASH AND CASH EQUIVALENTS AT END
OF PERIOD $ 77,272 $ 72,970
CIRCOR
INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
UNAUDITED
July 2, 2017 December
31, 2016 ASSETS CURRENT ASSETS: Cash and cash equivalents $
77,272 $ 58,279 Trade accounts receivable, less allowance for
doubtful accounts of $4,761 and $5,056, respectively 121,161
133,046 Inventories 161,750 149,584 Prepaid expenses and other
current assets 38,285 29,557 Total Current Assets
398,468 370,466 PROPERTY, PLANT AND EQUIPMENT, NET
98,428 99,713 OTHER ASSETS: Goodwill 210,009 206,659 Intangibles,
net 132,057 135,778 Other assets 10,283 8,140 TOTAL
ASSETS $ 849,245 $ 820,756 LIABILITIES AND
SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 63,879
$ 46,767 Accrued expenses and other current liabilities 45,388
50,707 Accrued compensation and benefits 16,593 20,249 Notes
payable and current portion of long-term debt 5,000 —
Total Current Liabilities 130,860 117,723 LONG-TERM
DEBT 247,856 251,200 DEFERRED INCOME TAXES 10,731 13,657 OTHER
NON-CURRENT LIABILITIES 21,701 33,766 SHAREHOLDERS’ EQUITY: Common
stock 179 178 Additional paid-in capital 292,619 289,423 Retained
earnings 277,451 265,543 Common treasury stock, at cost (74,472 )
(74,472 ) Accumulated other comprehensive loss, net of tax (57,680
) (76,262 ) Total Shareholders’ Equity 438,097 404,410
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 849,245
$ 820,756
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
Three Months Ended Six
Months Ended July 2, 2017 July
3, 2016 July 2, 2017 July
3, 2016 ORDERS (1) Energy $ 77.9 $
58.9 $ 181.7 $ 130.2 Advanced Flow Solutions 65.1 76.5
145.3 141.8 Total orders $ 142.9
$ 135.3 $ 327.0 $ 272.0
BACKLOG (2) July 2, 2017 July 3,
2016 Energy $ 143.9 $ 98.1 Advanced Flow Solutions 135.7
146.0 Total backlog $ 279.6 $ 244.1
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 TOTAL NET REVENUES
Energy $ 83,409 $ 80,736 $ 68,901 $ 89,000 $ 322,046
$ 80,135 $ 82,586 $ 162,721 Advanced Flow Solutions 67,389
65,656 65,932
69,236 268,213
65,073 68,645 $ 133,718
Total $ 150,798 $ 146,392
$ 134,833 $ 158,236
$ 590,259 $ 145,208
$ 151,231 $ 296,439
SEGMENT OPERATING INCOME Energy $ 9,296 $ 9,293 $
6,755 $ 9,276 $ 34,619 $ 6,864 $ 8,858 $ 15,722 Advanced Flow
Solutions 8,452 8,064 8,008 8,939 33,463 7,711 8,587 16,298
Corporate expenses (6,488 ) (5,431 )
(6,522 ) (7,231 ) (25,672 )
(5,479 ) (5,396 ) (10,875 )
Adjusted Operating Income $ 11,260 $
11,926 $ 8,240 $ 10,984
$ 42,410 $ 9,096
$ 12,049 $ 21,145
SEGMENT OPERATING MARGIN % Energy 11.1 % 11.5 % 9.8 % 10.4 %
10.7 % 8.6 % 10.7 % 9.7 % Advanced Flow Solutions 12.5 %
12.3 % 12.1 % 12.9 %
12.5 % 11.8 % 12.5 %
12.2 %
Adjusted Operating Margin 7.5 %
8.1 % 6.1 % 6.9 % 7.2 %
6.3 % 8.0 % 7.1 %
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
TOTAL NET CASH PROVIDED BY OPERATING ACTIVITIES
$ 7,654 $ 10,100
$ 21,196 $ 20,449
$ 59,399 $ 16,195
$ 2,667 $ 18,862
LESS: Capital expenditures, net of sale proceeds 3,934
1,926 3,730
3,402 12,992 2,811
2,375 5,186 FREE CASH
FLOW $ 3,720 $ 8,174 $
17,466 $ 17,047 $ 46,407
$ 13,384 $ 292
$ 13,676
TOTAL DEBT $
97,800 $ 97,600 $ 92,400
$ 251,200 $ 251,200 $
243,000 $ 252,856 $ 252,856
LESS: Cash & cash equivalents 66,580
72,970 84,929 58,279
58,279 65,656
77,272 77,272 NET DEBT $
31,220 $ 24,630 $ 7,471
$ 192,921 $ 192,921
$ 177,344 $ 175,584
$ 175,584 TOTAL SHAREHOLDERS' EQUITY $
414,107 $ 411,367 $ 416,598 $ 404,410 $ 404,410 $ 415,537 $ 438,097
$ 438,097
TOTAL DEBT AS % OF EQUITY 24
% 24 % 22 % 62 %
62 % 58 % 58 % 58
% NET DEBT AS % OF EQUITY 8 % 6
% 2 % 48 % 48 %
43 % 40 % 40 %
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 TOTAL
NET INCOME (LOSS) $ 3,872 $ 3,813
$ 4,418 $ (2,002 ) $ 10,101 $
4,773 $ 8,970 $ 13,742 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 5,025 Acquisition
amortization 1,868 1,911 1,888 4,234 9,901 2,552 2,599 5,151
Special charges (recoveries), net 776 1,334 379 5,707 8,196 (2,268
) (5,520 ) (7,788 ) Income tax impact (954 ) (1,611 )
(1,519 ) (4,487 ) (8,571
) (1,137 ) (3,124 )
(4,261 )
ADJUSTED NET INCOME $ 8,683 $
8,781 $ 7,626 $ 7,932
$ 33,022 $ 5,378
$ 6,491 $ 11,869
EARNINGS (LOSS) PER COMMON SHARE (Diluted) $
0.23 $ 0.23 $ 0.27 $
(0.12 ) $ 0.61 $ 0.29
$ 0.54 $ 0.82 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 0.30 Acquisition amortization 0.11 0.12 0.11 0.26 0.60
0.15 0.16 0.31 Special charges (recoveries), net 0.05 0.08 0.02
0.35 0.50 (0.14 ) (0.33 ) (0.47 ) Income tax impact (0.06 )
(0.10 ) (0.09 ) (0.27 )
(0.52 ) (0.07 ) (0.19 )
(0.25 )
ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.52
$ 0.53 $ 0.46
$ 0.48 $ 1.99
$ 0.32 $ 0.39 $
0.71
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
TOTAL NET INCOME (LOSS) $ 3,872 $ 3,813
$ 4,418 $ (2,002 ) $
10,101 $ 4,773 $ 8,970 $ 13,742 LESS:
Interest expense, net (631 ) (605 ) (605 ) (1,468 ) (3,310 ) (1,669
) (2,184 ) (3,853 ) Depreciation (3,263 ) (3,213 ) (3,138 ) (3,690
) (13,304 ) (3,798 ) (3,547 ) (7,345 ) Amortization (2,529 ) (2,569
) (2,488 ) (4,730 ) (12,316 ) (3,092 ) (3,124 ) (6,216 ) (Provision
for) benefit from income taxes (1,520 ) (1,478 )
1,673 1,746
421 (687 ) 724
37
EBITDA $ 11,815 $ 11,678 $ 8,976 $ 6,140 $
38,610 $ 14,019 $ 17,101 $ 31,119 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 )
(5,025 ) Special (charges) recoveries, net (776 )
(1,334 ) (379 ) (5,707 )
(8,196 ) 2,268 5,520
7,788
ADJUSTED EBITDA $ 15,712
$ 16,346 $ 11,815
$ 16,327 $ 60,201
$ 13,209 $ 15,147 $
28,356
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
TOTAL GAAP OPERATING INCOME (LOSS) $ 5,495
$ 5,347 $ 3,513 $ (3,437 )
$ 10,918 $ 7,354 $ 11,404
$ 18,758 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 5,025 Acquisition
amortization 1,868 1,911 1,888 4,234 9,901 2,552 2,599 5,151
Special charges (recoveries), net 776 1,334
379 5,707
8,196 (2,268 ) (5,520 )
(7,788 )
ADJUSTED OPERATING INCOME $ 11,260
$ 11,926 $ 8,240
$ 10,984 $ 42,410
$ 9,096 $ 12,049 $
21,145
GAAP OPERATING MARGIN 3.6 % 3.7 % 2.6 %
(2.2 )% 1.8 % 5.1 % 7.5 % 6.3 % 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
% 1.7 % Acquisition amortization 1.2 % 1.3 % 1.4 % 2.7 % 1.7 % 1.8
% 1.7 % 1.7 % Special charges (recoveries), net 0.5 %
0.9 % 0.3 % 3.6 %
1.4 % (1.6 )% (3.7 )%
(2.6 )%
ADJUSTED OPERATING MARGIN 7.5 %
8.1 % 6.1 %
6.9 % 7.2 % 6.3 % 8.0 %
7.1 %
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CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice
President & Chief Financial Officer
CIRCOR (NYSE:CIR)
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