Circor International Inc (CIR) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Circor International Inc

CIK: 1091883 Ticker: CIR

CIRCOR Reports First-Quarter 2019 Financial Results

Burlington, MA - April 25, 2019
- CIRCOR International, Inc. (NYSE: CIR), a leading provider of flow control solutions and other highly engineered products for the Industrial, Energy and Aerospace & Defense markets, today announced financial results for the first quarter ended March 31, 2019.

First-Quarter 2019 Highlights

Orders of $280 million, down 14% on a reported basis and down 6% on an organic basis
Orders in A&D segment grew nearly 50% year over year
Revenue of $270 million, down 2% on a reported basis and up 8% on an organic basis
GAAP Operating Margin of 2.9%; GAAP Loss per Share of $(0.42)
Adjusted Operating Margin of 7.6%; Adjusted Earnings per Share of $0.38
Fluid Handling integration remains on track
Completed sale of Reliability Services business for cash proceeds of $85 million
Debt pay down of $53 million

“We reported solid first-quarter 2019 results with 8% organic revenue growth,” said Scott Buckhout, President and Chief Executive Officer. “All three of our business segments grew in the quarter and the outlook for the majority of our end-markets remains positive. We anticipate improving results through the year as we benefit from higher volume, price increases and additional integration savings.

“During the quarter we made significant progress transitioning production to our low-cost manufacturing facilities around the world,” continued Mr. Buckhout. “Our Refinery Valve product line is ramping up in India; several Aerospace platforms were moved to Morocco; and our low-cost facility in Monterrey is now the primary source of production for Distributed Valves in North America.

“De-levering the Company remains a top priority. We reduced our debt by $53 million in the first quarter,” said Mr. Buckhout. “We expect strong free cash flow for the year and we continue to evaluate the sale of non-core businesses to further simplify the Company and accelerate the reduction of outstanding debt.

“Looking ahead, we continue to focus on creating long-term value for shareholders by investing in growth, expanding margins, generating strong free cash flow, and de-levering the Company,” concluded Mr. Buckhout.
Second-Quarter 2019 Guidance
For the second quarter of 2019, CIRCOR expects revenue in the range of $270 million to $280 million, and GAAP loss per share in the range of $(0.13) to $(0.03), which reflects acquisition-related amortization expense of $(0.49) and other special and restructuring charges of $(0.04) to $(0.02). Excluding the impact of amortization, special and restructuring (charges) gains, adjusted EPS is expected to be in the range of $0.40 to $0.48 per share. Presentation slides that provide supporting information to this guidance and first-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 tomorrow, April 26, 2019.


The following information was filed by Circor International Inc (CIR) on Friday, April 26, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Circor International Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Statements Of Shareholder's Equity
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income
Statements Of Consolidated Comprehensive Income
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation
Contingencies And Commitments
Contingencies And Commitments (Narrative) (Details)
Contingencies And Commitments (Standby Letters Of Credit Instruments) (Details)
Contingencies And Commitments (Tables)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Financial Instruments
Financial Instruments (Narrative) (Details)
Financial Instruments Fair Value Measurements (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Estimated Remaining Amortization Expense For Intangible Assets) (Details)
Goodwill And Intangible Assets (Goodwill, By Segment) (Details)
Goodwill And Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details)
Goodwill And Intangible Assets (Tables)
Guarantees And Indemnification Obligations
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details)
Guarantees And Indemnification Obligations (Tables)
Income Taxes
Income Taxes (Details)
Inventories (Components Of Inventory) (Details)
Inventories (Tables)
Leases (Tables)
Leases - Balance Sheet Impact Of Leases (Details)
Leases - Components Of Lease Costs (Details)
Leases - Estimated Future Minimum Operating And Finance Lease Payments (Details)
Leases - Schedule Of Future Minimum Rental Payments For Operating Leases (Details)
Leases - Schedule Of Weighted Average Remaining Lease Term And Discount Rates (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Details)
Retirement Plans
Retirement Plans (Components Of Net Pension Benefit Expense) (Details)
Retirement Plans (Tables)
Revenue Recognition (Notes)
Revenue Recognition (Tables)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Narrative (Details)
Segment Information
Segment Information (Reportable Segment Information) (Details)
Segment Information (Tables)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Schedule Of Estimated Weighted-Average Assumptions Of Stock Options) (Details)
Share-Based Compensation (Tables)
Share-Based Compensation Ceo Inducement Stock Award (Details)
Special Charges Narrative (Details)
Special Charges/Recoveries
Special Charges/Recoveries (Details)
Special Charges/Recoveries (Tables)
Special Charges/Recoveries Charges Incurred To Date (Details)
Summary Of Sign Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables)
Ticker: CIR
CIK: 1091883
Form Type: 10-Q Quarterly Report
Accession Number: 0001091883-19-000037
Submitted to the SEC: Tue May 14 2019 12:58:16 PM EST
Accepted by the SEC: Tue May 14 2019
Period: Sunday, March 31, 2019
Industry: Miscellaneous Fabricated Metal Products

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