CIRCOR Reports First-Quarter 2021 Financial Results
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 first quarter ended April 4, 2021.
First Quarter 2021 Overview:
-
Strong orders of
$227 million , up35% sequentially, with improvement across end markets -
Orders up
9% reported and7% organically-
Industrial orders of
$154 million , up13% reported and11% organically -
Aerospace & Defense orders of
$73 million , up1% reported and flat organically
-
Industrial orders of
-
Revenue of
$181 million , down (6)% reported and (8)% organically-
Industrial revenue of
$121 million , down (5)% reported and (6)% organically -
Aerospace & Defense revenue of
$60 million , down (8)% reported and (10)% organically
-
Industrial revenue of
-
GAAP operating margin of
0.2% ; Adjusted operating margin of6.9% , up 110 bps -
GAAP loss per share of
$(0.35) ; Adjusted earnings per share of$0.24 , up20% -
GAAP operating cash flow of
$(18) million ; Free cash flow of$(21) million , up23%
CIRCOR President and CEO Scott Buckhout said, “Our team delivered solid first quarter 2021 results highlighted by sequential orders growth of
Mr. Buckhout continued, "We continue to make progress on our strategic priorities. With eight new product launches in the first quarter, we are on track to deliver 45 new products in 2021 that will further improve our product line vitality and support our long-term organic growth targets. In addition, we expect continued margin expansion and free cash flow improvement through the year as we drive value-based pricing, and further improve our operations using the CIRCOR Operating System.”
Mr. Buckhout concluded, "With our
2Q'21 Guidance Update
In the second quarter of 2021, CIRCOR expects reported revenue to increase from 0 to
2021 Guidance Update
For the full year of 2021, CIRCOR now expects organic revenue growth in the range of 2 to
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 today.
Conference Call Information
CIRCOR International will hold a conference call to review its financial results at 9:00 a.m. ET today, May 12, 2021. To listen to the live conference call and view the accompanying presentation slides, please visit “Webcasts & Presentations” in the “Investors” portion of CIRCOR’s website. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. Participants are encouraged to dial in to the call at least 15 minutes prior to the start time. The webcast will be archived on the Company’s website for one year.
Selected Preliminary Consolidated Results |
||||||||||||
($ millions except EPS) |
|
Q1 2021 |
|
Q1 2020 |
|
Change |
||||||
Revenue |
|
$
|