CIRCOR Announces Preliminary Third-Quarter 2016 Financial Results
October 06 2016 - 9:00AM
Business Wire
CIRCOR International, Inc. (NYSE: CIR), a leading provider of
valves and other highly engineered products for markets including
oil & gas, power generation and aerospace & defense, today
announced preliminary financial results for the third quarter ended
October 2, 2016.
The Company expects sales for the third quarter of 2016 to be in
the range of $133 to $135 million, compared with the previous
guidance range of $140 to $150 million. CIRCOR also expects GAAP
EPS in the range of $0.22 to $0.28 and adjusted EPS in the range of
$0.41 to $0.45, compared with the previous guidance of adjusted EPS
in the range of $0.45 to $0.55. Included in the preliminary GAAP
and adjusted EPS amounts is a benefit of approximately $0.09 for a
discrete tax item that arose after the Company provided its Q3 2016
guidance. These preliminary financial results represent the most
current information available to management and are subject to
completion of the Company’s customary quarterly closing and review
procedures.
“Our preliminary third quarter results reflect the prolonged
weakness in the Energy markets across both short cycle and long
cycle businesses,” said Scott Buckhout, President and Chief
Executive Officer of CIRCOR International. “There was a sharper
than anticipated drop in book and ship orders in our
Instrumentation and Sampling business in the quarter. In addition,
the supplier quality issues we noted in the second quarter in our
defense business continued to impact shipments in the third
quarter. Despite these adverse market conditions, we continue to
focus on our simplification and growth programs. We will provide
additional details and fourth-quarter guidance during our regular
earnings call later this month.”
Final results for the third quarter of 2016 may differ from the
preliminary estimates provided in this release. CIRCOR plans to
announce its financial results for the third quarter of 2016 on
Friday, October 28, 2016 and will provide guidance for the fourth
quarter of 2016 at that time.
Use of Non-GAAP Financial Measures
Adjusted earnings per share (diluted) is a
non-GAAP financial measure and is intended to serve as a complement
to results provided in accordance with accounting principles
generally accepted in the United States. CIRCOR believes that such
information provides an additional measurement and consistent
historical comparison of the Company’s performance. A
reconciliation of the non-GAAP financial measure to the most
directly comparable GAAP measure is shown below.
Q3 2016
Low High
Expected Adjusted Earnings Per Share $
0.41 $
0.45 Expected
Special/Restructuring Charges Per Share $
(0.19) $
(0.17) Expected GAAP
Earnings Per Share $ 0.22
$
0.28
Safe Harbor Statement
This press release contains forward-looking
statements, including its expected results for the third quarter of
2016, 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 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 web
site at http://investors.circor.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161006005768/en/
CIRCOR InternationalRajeev Bhalla, 781-270-1200Executive Vice
President & Chief Financial Officer
CIRCOR (NYSE:CIR)
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