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Circor International Inc (CIR) SEC Filing 10-Q Quarterly Report for the period ending Sunday, October 3, 2021

SEC Filings

Circor International Inc

CIK: 1091883 Ticker: CIR


    Exhibit 99.1    
CIRCOR Reports Third Quarter 2021 Results

Burlington, MA – November 12, 2021

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 third quarter ended October 3, 2021.

Third Quarter 2021 Overview:
Backlog of $435 million, up 15% YTD, driven by strong demand across Industrial end markets
Orders of $194M, up 16% reported and 15% organically
Industrial orders of $140 million, up 30% reported and 28% organically
Aerospace & Defense orders of $54 million, down (9)% reported and (10)% organically
Revenue of $191 million, up 2% reported and 1% organically, was adversely impacted by $(10) million due to global supply chain, logistics, and labor constraints late in the third quarter
Industrial revenue of $129 million, up 4% reported and 3% organically
Aerospace & Defense revenue of $61 million, down (1)% reported and (2)% organically
GAAP operating margin of 3.5%; Adjusted operating margin of 10.1%, up 80 bps
GAAP earnings per share of $0.06; Adjusted earnings per share of $0.50, up 39%
GAAP operating cash flow of $11 million; Free cash flow of $7 million, up $7 million

CIRCOR President and CEO Scott Buckhout said, “Our team delivered solid third quarter 2021 results with 15% organic orders growth, 80 basis points of margin expansion, and a 39% increase in adjusted earnings. While global supply chain constraints adversely impacted our 3Q results and 4Q outlook, we remain encouraged by robust demand for our Industrial products and strong positions on growing Aerospace & Defense programs.”

Mr. Buckhout continued, “Despite the near term macro challenges, our focus remains on our long term strategic priorities. We plan to deliver 45 new products for our customers in 2021 that will drive future organic growth and margin expansion. In addition, our teams have accelerated price increases across product lines in order to mitigate the impact of higher inflation. And finally, we continue to use our free cash flow to pay down debt in order to achieve a net debt to adjusted EBITDA ratio of 2.0 to 2.5.”

Mr. Buckhout concluded, “Our $435 million backlog positions us well for organic revenue, earnings, and free cash flow growth, and we continue to drive long-term value creation for employees, customers, and shareholders.”









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The following information was filed by Circor International Inc (CIR) on Friday, November 12, 2021 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
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 (Parenthetical)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (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)
Discontinued Operations
Discontinued Operations (Tables)
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 (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)
Income Taxes (Tables)
Income Taxes - Provision For Income Taxes To Loss From Continuing Operations (Details)
Inventories
Inventories (Components Of Inventory) (Details)
Inventories (Tables)
Retirement Plans
Retirement Plans (Components Of Net Pension Benefit Expense) (Details)
Retirement Plans (Tables)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Asset And Liability (Details)
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 - Share-Based Compensation Arrangement Activity (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 - Illustration Of Differences In Consolidated Statement Of Income And Balance Sheet For Adoption Of Revenue Standard (Details)
Summary Of Significant Accounting Policies - Schedule Of Cumulative Effect Of Changes For Adoption Of Revenue Standard (Details)

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Circor International Inc provided additional information to their SEC Filing as exhibits

Ticker: CIR
CIK: 1091883
Form Type: 10-Q Quarterly Report
Accession Number: 0001091883-21-000027
Submitted to the SEC: Fri Nov 12 2021 3:43:41 PM EST
Accepted by the SEC: Fri Nov 12 2021
Period: Sunday, October 3, 2021
Industry: Miscellaneous Fabricated Metal Products

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