BURLINGTON, Mass.--(BUSINESS WIRE)--Oct. 6, 2016--
CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and
other highly engineered products for markets including oil & gas, power
generation and aerospace & defense, today announced preliminary
financial results for the third quarter ended October 2, 2016.
The Company expects sales for the third quarter of 2016 to be in the
range of $133 to $135 million, compared with the previous guidance range
of $140 to $150 million. CIRCOR also expects GAAP EPS in the range of
$0.22 to $0.28 and adjusted EPS in the range of $0.41 to $0.45, compared
with the previous guidance of adjusted EPS in the range of $0.45 to
$0.55. Included in the preliminary GAAP and adjusted EPS amounts is a
benefit of approximately $0.09 for a discrete tax item that arose after
the Company provided its Q3 2016 guidance. These preliminary financial
results represent the most current information available to management
and are subject to completion of the Company’s customary quarterly
closing and review procedures.
“Our preliminary third quarter results reflect the prolonged weakness in
the Energy markets across both short cycle and long cycle businesses,”
said Scott Buckhout, President and Chief Executive Officer of CIRCOR
International. “There was a sharper than anticipated drop in book and
ship orders in our Instrumentation and Sampling business in the quarter.
In addition, the supplier quality issues we noted in the second quarter
in our defense business continued to impact shipments in the third
quarter. Despite these adverse market conditions, we continue to focus
on our simplification and growth programs. We will provide additional
details and fourth-quarter guidance during our regular earnings call
later this month.”
Final results for the third quarter of 2016 may differ from the
preliminary estimates provided in this release. CIRCOR plans to announce
its financial results for the third quarter of 2016 on Friday, October
28, 2016 and will provide guidance for the fourth quarter of 2016 at
that time.
Use of Non-GAAP Financial Measures
Adjusted earnings per share (diluted) is a non-GAAP financial measure
and is intended to serve as a complement to results provided in
accordance with accounting principles generally accepted in the United
States. CIRCOR believes that such information provides an additional
measurement and consistent historical comparison of the Company’s
performance. A reconciliation of the non-GAAP financial measure to the
most directly comparable GAAP measure is shown below.
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Q3 2016
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Low
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High
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Expected Adjusted Earnings Per Share
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$
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0.41
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$
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0.45
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Expected Special/Restructuring Charges Per Share
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$
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(0.19)
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$
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(0.17)
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Expected GAAP Earnings Per Share
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$
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0.22
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$
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0.28
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Safe Harbor Statement
This press release contains forward-looking statements, including its
expected results for the third quarter of 2016, within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. Reliance should not
be placed on forward-looking statements because they involve unknown
risks, uncertainties and other factors, which are, in some cases, beyond
the control of CIRCOR. Actual events, performance or results could
differ materially from the anticipated events, performance or results
expressed or implied by such forward-looking statements. BEFORE MAKING
ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU
TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL
REPORT ON FORM 10-K AND SUBSEQUENT REPORTS ON FORMS 10-Q, WHICH CAN BE
ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM.
We undertake no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
About CIRCOR International, Inc.
CIRCOR International, Inc. designs, manufactures and markets highly
engineered products and sub-systems for markets including oil & gas,
power generation and aerospace & defense. CIRCOR has a diversified
product portfolio with recognized, market-leading brands that fulfill
its customers’ unique application needs. The Company’s strategy is to
grow organically and through complementary acquisitions; simplify
CIRCOR’s operations; achieve world class operational excellence; and
attract and retain top industry talent. For more information, visit the
Company’s investor relations web site at http://investors.circor.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161006005768/en/
Source: CIRCOR International, Inc.
CIRCOR International
Rajeev Bhalla, 781-270-1200
Executive
Vice President & Chief Financial Officer