CIRCOR Reports Third-Quarter 2020 Financial Results

11/5/20

BURLINGTON, Mass.--(BUSINESS WIRE)--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 September 27, 2020.

Third Quarter 2020 Overview

  • Revenue of $187 million, down 21% reported, down 15% organically
    • Aerospace & Defense revenue of $62 million, down 8% reported, down 9% organically
    • Industrial revenue of $124 million, down 27% reported, down 18% organically
  • Revenue drop through to earnings of 19%
  • GAAP loss per share of $(2.93); Adjusted earnings per share of $0.36
  • GAAP operating margin of 2.4%; Adjusted operating margin of 9.3%
  • Aerospace & Defense operating margin of 23.7%, up 360 bps versus last year
  • Gross debt reduction of $119 million and net debt reduction of $122 million over last 12 months
  • Remain on track to achieve $45 million 2020 cost reduction plan
  • Free cash flow flat and in line with prior guidance

“While the COVID-19 pandemic continues to have an impact around the globe, the strength, resilience, and diversification of our portfolio – together with the outstanding work and commitment of our employees – is mitigating the effect of the weaker economic environment,” said Scott Buckhout, CIRCOR’s President and CEO. “Fortunately, the mission critical nature of our products has ensured that our pricing strategy remains on track. In addition, the CIRCOR Operating System continues to play a pivotal role in driving execution, with most operating metrics improving through the downturn. We are working with urgency to ensure CIRCOR is positioned to take full advantage of an eventual market recovery by launching a record number of new products and establishing ongoing collaboration with customers and suppliers.”

“Looking ahead, we are focused on driving value for shareholders by investing in growth, expanding margins, generating strong free cash flow, and de-levering the balance sheet,” concluded Buckhout.

About CIRCOR International, Inc.

CIRCOR International is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,200 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.