Welcome to our dedicated page for Circor Intl news (Ticker: CIR), a resource for investors and traders seeking the latest updates and insights on Circor Intl stock.
CIRCOR International, Inc. (historically NYSE: CIR) features prominently in corporate and transaction news as a provider of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. Its news flow has included earnings announcements, strategic reviews, and significant merger and acquisition developments.
Company press releases detail quarterly financial results, with separate reporting for the Industrial and Aerospace & Defense segments. These updates discuss revenue, segment operating income, segment operating margin, and orders, along with commentary on demand drivers such as commercial aerospace recovery, Naval Defense programs, and Industrial aftermarket activity. Management has also highlighted initiatives like value pricing, cost controls, and simplification actions in explaining changes in margins and operating performance.
A major theme in CIRCOR’s recent news has been its strategic review and subsequent acquisition process. The company announced that it had entered into a definitive agreement to be acquired by investment funds managed by KKR in an all‑cash transaction. Later releases describe amendments to that agreement, including higher per‑share consideration and provisions intended to increase deal certainty and clarify the regulatory approval path. Competing binding proposals from Arcline Investment Management LP are documented in separate news items, emphasizing the competitive dynamics around the acquisition of CIRCOR.
The completion of CIRCOR’s acquisition by investment affiliates of KKR, and the resulting delisting of its common stock from the New York Stock Exchange, is another key milestone covered in the news record. For readers tracking CIR‑related developments, this news page provides an organized view of historical announcements around financial performance, strategic alternatives, and the transition from a publicly traded company to a privately held business within KKR’s portfolio.
CIRCOR International reported strong growth with a 16% increase in backlog to $444 million and a 16% rise in orders to $851 million for 2021. The company has exited the Pipeline Engineering business, resulting in improved focus and cost efficiency. Despite these positives, revenue slightly declined by 1% to $759 million, with Aerospace & Defense revenue down 5%. The company aims for low single-digit order growth in Q2 2022, with expectations of a strong performance in Aerospace & Defense. Restated financials from 2019 and 2020 were filed, clarifying past accounting irregularities.
CIRCOR International, Inc. (NYSE: CIR) announced preliminary financial expectations for Q1 2022, highlighting a projected decrease in reported orders and modest revenue growth. While aerospace orders are expected to rise, industrial orders may see a slight decline. Revenue is anticipated to grow mid-single digits, driven by higher volume and improved pricing strategies. However, the company faces challenges due to accounting irregularities linked to its Pipeline Engineering unit, affecting financial reporting and necessitating a complete restatement of prior financials.
CIRCOR International (NYSE: CIR) announced preliminary financial results for Q4 and the full year ending December 31, 2021, revealing a slight revenue decline. Q4 revenues were $203.4 million, down from $206.1 million in 2020. Annual revenues totaled $756.5 million, a decline from $767.1 million. Excluding the struggling Pipeline Engineering unit, revenues for Q4 were $198.0 million, a 3% decrease. However, orders excluding this unit increased 29% to $212.8 million in Q4. The company is conducting a forensic review of accounting irregularities and has received a notice of potential delisting from the NYSE.
CIRCOR International (NYSE: CIR) announced it filed a Form 12b-25 for a 15-day extension to submit its Annual Report on Form 10-K for the year ended December 31, 2021, due to accounting irregularities found during the audit of its Pipeline Engineering unit.
The irregularities may impact $35 to $45 million in pre-tax income over five years, prompting a likely restatement of financials for 2019-2021. The Board is also reviewing strategic alternatives to enhance shareholder value amidst these challenges, having engaged financial and legal advisors for this process.
CIRCOR International (NYSE: CIR) has announced the immediate resignation of Scott Buckhout as President and CEO, with Tony Najjar stepping in as interim CEO and COO. The Board aims to enhance strategic priorities and will seek a permanent CEO. The company reaffirmed its financial outlook, expecting organic revenue growth of 1-3% for Q4 2021, adjusted EPS between $0.60 and $0.65, and full-year revenues to decline by 2% to 0%. The ongoing strategic changes are intended to drive long-term value for stakeholders.
CIRCOR International, a leading provider of flow control solutions, announced the resignation of CFO Abhishek Khandelwal effective December 31, 2021. AJ Sharma will serve as interim CFO. The company reaffirmed its 2021 financial outlook, expecting 4Q organic revenue growth of 1-3% and adjusted EPS of $0.60-$0.65. For the full year, organic revenue is projected to decrease by (2)-0%, with adjusted EPS of $1.69-$1.74. CIRCOR highlighted its commitment to maintaining operational stability during this management transition.
CIRCOR International (NYSE: CIR) reported its Q3 2021 results, showcasing a 15% year-to-date increase in backlog to $435 million driven by strong industrial demand. Total orders rose to $194 million, up 16%, with industrial orders surging 30%. Revenue reached $191 million, reflecting a slight 2% increase, although faced challenges from supply chain disruptions costing $10 million. Adjusted EPS climbed 39% to $0.50. The company anticipates organic revenue growth of 1-3% for Q4, but revised full-year EPS guidance down to $1.69 to $1.74 due to supply chain issues.
CIRCOR International, Inc. (NYSE: CIR) plans to release its third-quarter 2021 financial results on November 12, 2021, before the opening of the New York Stock Exchange. A conference call will be held at 9:00 a.m. ET with CEO Scott Buckhout and CFO Abhi Khandelwal. Investors can access the call via phone or through the company's investor relations website, where the webcast will also be archived for one year. CIRCOR is known for providing flow control products and services in the Industrial and Aerospace & Defense sectors.
CIRCOR International reported its Q2 2021 financial results with orders at $210 million, marking a 9% increase, while revenue reached $190 million, up 2% year-over-year. Industrial orders surged 34% to $156 million, whereas Aerospace & Defense orders fell 29% to $54 million. Adjusted earnings per share rose 59% to $0.35, despite a GAAP loss per share of $(0.77). The company anticipates 10-12% revenue growth in Q3 2021, driven by strong Industrial and Aerospace & Defense segments, along with an adjusted EPS forecast of $0.55 to $0.60.
CIRCOR International, Inc. (NYSE: CIR) plans to release its Q2 2021 financial results on August 10, 2021, before the NYSE opens. A conference call at 9:00 a.m. ET will be hosted by CEO Scott Buckhout and CFO Abhi Khandelwal. Investors can access the call live or through archived webcasts on the company's website. CIRCOR specializes in critical flow control products for Industrial and Aerospace & Defense markets, serving over 14,000 customers globally from its headquarters in Burlington, Massachusetts.