Circor International Inc (CIR) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 28, 2020

SEC Filings

Circor International Inc

CIK: 1091883 Ticker: CIR

CIRCOR Reports Second-Quarter 2020 Financial Results

Burlington, MA - August 7, 2020

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 June 28, 2020.

Second Quarter 2020 Overview
Orders of $193 million produced a book-to-bill ratio of 1.04 and backlog increase of $7 million
Revenue of $186 million, down 24% reported, down 14% organically
Aerospace & Defense revenue of $62 million, down 4% reported, down 3% organically
Industrial revenue of $124 million, down 32% reported, down 19% organically
GAAP loss per share of $(1.68); Adjusted earnings per share of $0.22
GAAP operating margin of (0.7%); Adjusted operating margin of 8.5%
Aerospace & Defense operating margin of 21.1%, up 500 bps versus last year
Completed exit from upstream Oil & Gas: Divested loss-making Distributed Valves
All manufacturing facilities operating at level of demand
Remain on track to achieve $45 million 2020 cost reduction plan
Gross debt reduction of $156 million and net debt reduction of $205 million over last 12 months

“As we continue to navigate the COVID-19 environment, CIRCOR’s top priority remains the health and safety of our employees, customers and suppliers,” said Scott Buckhout, CIRCOR’s President and CEO. “I would like to thank the entire CIRCOR team for doing a remarkable job serving our customers during this challenging time. I am pleased to report that as of today, all of our facilities are operational, with limited direct disruption from the COVID-19 pandemic.”
Mr. Buckhout continued, “Our team has been effectively executing and building upon the 18-month strategic plan that we laid out last summer. Consistent with this plan, we completed our exit from upstream Oil & Gas, remain on track to launch 45 new products this year, and have expanded our planned 2020 cost actions to better align our cost structure with the current market environment.”
“Looking ahead, we continue to focus on creating long-term value for shareholders by positioning the Company for growth, expanding margins, generating strong free cash flow, and de-levering the balance sheet.”



The following information was filed by Circor International Inc (CIR) on Friday, August 7, 2020 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
Document And Entity Information Document
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
Statements Of Consolidated Comprehensive Income Statements Of Consolidated Comprehensive Income (Parenthetical) (Details)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Impact On Comprehensive Income) (Details)
Accumulated Other Comprehensive Loss (Tables)
Basis Of Presentation
Basis Of Presentation - Narrative (Details)
Contingencies And Commitments
Contingencies And Commitments (Narrative) (Details)
Contingencies And Commitments (Standby Letters Of Credit Instruments) (Details)
Contingencies And Commitments (Tables)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Balance Sheet Information For Assets And Liabilties Related To Discontinued Operations (Details)
Discontinued Operations - Narrative (Details)
Discontinued Operations - Summarized Components Of (Loss) Income From Discontinued Operations (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Financing Arrangements
Financing Arrangements (Narrative) (Details)
Financing Arrangements 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)
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 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: 0001091883-20-000110
Submitted to the SEC: Fri Aug 07 2020 1:13:26 PM EST
Accepted by the SEC: Fri Aug 07 2020
Period: Sunday, June 28, 2020
Industry: Miscellaneous Fabricated Metal Products

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