CIRCOR International, Inc. Logo
CIRCOR International, Inc. Logo

CIRCOR Reports Financial Results for Fourth Quarter and Year Ended December 31, 2022

  • Q4 GAAP EPS of $0.27, Up 119% YoY; Adjusted EPS of $0.77, Up 67% YoY
  • Q4 GAAP Operating Income of $20.2 Million, Up 206% YoY; Adjusted Operating Income of $33.2 Million, Up 62% YoY
  • Q4 Orders up 13% Reported and 19% Organically YoY
  • President and CEO Tony Najjar Appointed to Board of Directors
  • Progressing with Review of Strategic Alternatives

BURLINGTON, Mass.--(BUSINESS WIRE)--Mar. 15, 2023-- CIRCOR International, Inc. (NYSE: CIR) (“CIRCOR” or “the Company”), one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets, today announced financial results for the fourth quarter and year ended December 31, 2022.

Q4 2022 Overview (compared with Q4 2021):

  • Revenue of $215 million up 5% reported and 11% organically
    • Aerospace & Defense revenue of $80 million, up 14% reported and 18% organically
    • Industrial revenue of $135 million, flat reported and up 7% organically
  • Orders of $249 million, up 13% and 19% organically
    • Aerospace & Defense orders of $71 million, down 4% and 1% organically
    • Industrial orders of $178 million, up 22% and 29% organically
  • GAAP operating income of $20.2 million, up 206%
  • GAAP operating margin of 9.4%, up 1860 bps
  • Adjusted operating income $33.2 million, up 62%
  • Adjusted operating margin of 15.5%, up 550 bps

FY 2022 Overview (compared with FY 2021):

  • Revenue of $787 million up 4% reported and 9% organically
    • Aerospace & Defense revenue of $283 million, up 12% reported and 15% organically
    • Industrial revenue of $504 million, flat reported and up 7% organically
  • Orders of $907 million, up 7% and 12% organically
    • Aerospace & Defense orders of $308 million, up 21% and 24% organically
    • Industrial orders of $599 million, up 1% and 7% organically
  • Backlog of $543 million at December 31, up 22% driven by strong demand in both Aerospace & Defense and Industrial segments
  • GAAP operating income of $62.8 million, up 314%
  • GAAP operating margin of 8.0%, up 1190 bps
  • Adjusted operating income $87.5 million, up 61%
  • Adjusted operating margin of 11.1%, up 390 bps

President and CEO Tony Najjar said, “Our strong fourth-quarter performance capped a solid year for CIRCOR, reflecting disciplined strategic execution by our entire team. For the fourth quarter, organic orders increased 19% driven by our Industrial segment, which benefited from aftermarket growth in core Industrial and a positive downstream market. For the full year 2022, we delivered 12% organic orders growth driven by aftermarket strength in both segments, commercial aerospace recovery, new products for defense and hydrogen applications, downstream, and value pricing. Our backlog at year end was up 22% to a record $543 million.”

Mr. Najjar continued, “Our value pricing initiatives and simplification actions continued to serve as growth and margin expansion levers during the quarter. We delivered a 62% increase in adjusted operating income and a 550 basis-point improvement in adjusted operating margin during Q4, more than offsetting the ongoing effects of inflation and supply chain constraints. The Q4 results represent another step change in margin performance for CIRCOR driven by the significant margin expansion in our Industrial segment and continued strong performance in our A&D segment. With the actions taken, and continued operating discipline and focus on our customers, we believe that we have positioned both segments to deliver sustained growth and shareholder value.”

Board Appointment

President and CEO Tony Najjar was appointed to the Company’s Board of Directors effective March 20, 2023. He is the seventh member of the Board, which includes six independent directors.

Strategic Review

Related to the Company’s previously announced review of strategic alternatives, CIRCOR’s Board of Directors, supported by external advisors and the management team, continues to progress with the review. Through its external advisors, the Board is in dialogue with a number of parties that have expressed interest in acquiring all or parts of the Company. The Company has not set a timetable for completion of the review, may suspend or terminate the review at any time and does not intend to make further announcements regarding the process unless and until the Board of Directors approves a course of action for which further disclosure is required or appropriate. The exploration of strategic alternatives may not result in any transaction or strategic change.

Conference Call Information

CIRCOR International will hold a conference call to review its fourth-quarter and full-year 2022 financial results at 9:00 a.m. ET today, March 15, 2023. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. 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. https://investors.circor.com/. 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 Consolidated Results

(unaudited)

 

($ millions except EPS)

 

Q4 2022

 

Q4 2021

 

Change

 

FY 2022

 

FY 2021

 

Change

Revenue1

 

$

214.5

 

 

$

204.9

 

 

5

%

 

$

786.9

 

 

$

758.7

 

 

4

%

GAAP operating income (loss)

 

 

20.2

 

 

 

(19.0

)

 

206

%

 

 

62.8

 

 

 

(29.3

)

 

314

%

Adjusted operating income2

 

 

33.2

 

 

 

20.5

 

 

62

%

 

 

87.5

 

 

 

54.3

 

 

61

%

GAAP operating margin

 

 

9.4

%

 

 

(9.2

)%

 

1860 bps

 

 

8.0

%

 

 

(3.9

)%

 

1190 bps

Adjusted operating margin3

 

 

15.5

%

 

 

10.0

%

 

550 bps

 

 

11.1

%

 

 

7.2

%

 

390 bps

GAAP income (loss) per share

 

$

0.27

 

 

$

(1.40

)

 

119

%

 

$

0.95

 

 

$

(3.05

)

 

131

%

Adjusted earnings per share (diluted)4

 

$

0.77

 

 

$

0.46

 

 

67

%

 

$

1.83

 

 

$

1.03

 

 

78

%

Operating cash flow

 

 

28.5

 

 

 

10.6

 

 

169

%

 

 

(0.8

)

 

 

10.4

 

 

-108

%

Adjusted free cash flow5

 

 

19.8

 

 

 

6.4

 

 

209

%

 

 

(22.7

)

 

 

(4.3

)

 

-428

%

Orders6

 

$

248.9

 

 

$

220.0

 

 

13

%

 

$

907.2

 

 

$

850.6

 

 

7

%

 

Segment Results

(unaudited)

 

($ in millions)

 

Q4 2022

 

Q4 2021

 

Change

 

FY 2022

 

FY 2021

 

Change

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

79.9

 

 

$

70.0

 

 

14

%

 

$

282.7

 

 

$

252.5

 

 

12

%

Segment operating income

 

 

21.8

 

 

 

18.4

 

 

18

%

 

 

63.6

 

 

 

56.1

 

 

13

%

Segment operating margin

 

 

27.3

%

 

 

26.3

%

 

100 bps

 

 

22.5

%

 

 

22.2

%

 

30 bps

Orders6

 

$

70.8

 

 

$

73.9

 

 

(4

)%

 

$

308.2

 

 

$

255.2

 

 

21

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Industrial

 

 

 

 

 

 

 

 

 

 

 

 

Revenue1

 

$

134.7

 

 

$

134.9

 

 

%

 

$

504.2

 

 

$

506.1

 

 

%

Segment operating income2

 

 

18.2

 

 

 

8.7

 

 

109

%

 

 

49.3

 

 

 

28.9

 

 

71

%

Segment operating margin3

 

 

13.5

%

 

 

6.4

%

 

710 bps

 

 

9.8

%

 

 

5.7

%

 

410 bps

Orders6

 

$

178.1

 

 

$

146.1

 

 

22

%

 

$

599.0

 

 

$

595.4

 

 

1

%

  1. Consolidated and Industrial segment revenues for Q4 2022 and Q4 2021 included $0.0 million and $5.2 million, respectively, relating to our Pipeline Engineering business.
  2. Adjusted operating income is a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Adjusted operating income and Industrial segment operating income for the Q4, 2022 and Q4 2021 included $0.0 million and $(3.2) million, respectively, relating to our Pipeline Engineering business.
  3. Adjusted operating margin is a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Adjusted operating margin for Q4 2022 and Q4 2021 included (61)% and 236%, respectively, relating to our Pipeline Engineering business.
  4. Adjusted earnings per share (diluted) is a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Adjusted earnings per share and our segment results for Q4 2022 exclude net loss from non-cash acquisition-related intangible amortization and special and restructuring charges of $13.1 million, consisting of (i) $9.6 million for non-cash acquisition-related intangible amortization and depreciation expense; (ii) $0.5 million of costs due to the investigation into the accounting irregularities of our Pipeline Engineering business and incremental professional services incurred due to the restatement; (iii) $1.8 million of special charges related to the evaluation of strategic alternatives for the Company; (iv) incremental loss allowance related to a contract assumed as part of the Fluid Handling acquisition of $0.5 million ; and (v) other special and restructuring charges net of $0.7 million. Adjusted consolidated and segment results for Q4 2021 exclude net income from discontinued operations and net loss from non-cash acquisition-related intangible amortization, special and restructuring charges, and goodwill impairment charge totaling $39.4 million. These charges include: (i) $11.8 million for non-cash acquisition-related intangible amortization and depreciation expense; (ii) $8.7 million of costs related to debt refinancing; (iii) $7.9 million related to incremental loss allowance for a receivable, contract asset and sub-contractor claims for a contract assumed as part of the Fluid Handling acquisition; (iv) $0.5 million other special and restructuring recoveries; and (v) $10.5 million goodwill impairment charge related to our Industrial segment.
  5. Adjusted free cash flow, a non-GAAP financial measure, is calculated by subtracting GAAP capital expenditures, net of proceeds from asset sales, from GAAP operating cash flow. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release.
  6. Orders, an operating measure, is defined as a legally binding agreement from an authorized individual at a customer requesting CIRCOR to provide goods and/or services at a fixed or determinable price and CIRCOR is capable of providing such goods and services, when the terms and conditions are firm enough to assure subsequent payment by the customer. Consolidated and Industrial segment orders for Q4 2022 and Q4 2021 included $0.0 million and $7.1 million, respectively, relating to our Pipeline Engineering business.

Use of Non-GAAP Financial Measures

In this press release, the Company uses the non-GAAP financial measures organic revenue, adjusted net income, adjusted EBITDA, adjusted operating income, adjusted operating margin, adjusted earnings per share, adjusted free cash flow, gross debt, net of cash and net debt1. Non-GAAP financial measures are used by management in our financial and operating decision making because we believe they reflect our ongoing business and facilitate period-to-period comparisons. We believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating CIRCOR’s current operating performance and future prospects in the same manner as management does if they so choose. These non-GAAP financial measures can also assist investors and others in comparing CIRCOR’s current financial results with CIRCOR’s past financial results in a consistent manner.

We exclude costs and tax effects associated with special and restructuring activities, such as reducing overhead and consolidating facilities. We believe that the costs related to special and restructuring activities are not indicative of our normal operating costs. We exclude certain acquisition-related costs, including significant transaction costs and amortization of inventory and fixed-asset step-ups and the related tax effects. We exclude these costs because we do not believe they are indicative of our normal operating costs.

We exclude the expense and tax effects associated with the non-cash amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives up to 25 years. Exclusion of the non-cash amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.

We exclude certain gains/losses and related tax effects, which are either isolated or cannot be expected to occur again with any predictability, and that we believe are not indicative of our normal operating gains and losses. For example, we exclude gains/losses from items such as the sale of a business, significant litigation-related matters and lump-sum pension plan settlements. We exclude the results of discontinued operations. We exclude goodwill impairment charges. We exclude these costs because we do not believe they are indicative of our normal operating costs.

Due to the significance of recently sold or exited businesses and to provide a comparison of changes in our revenue and orders (an operating measure), we also discuss these changes on an “organic” basis. Organic is calculated assuming the divestitures and/or exited businesses completed prior to December 31, 2022 were completed on January 1, 2021 and excluding the impact of changes in foreign currency exchange rates.

CIRCOR’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s operating performance and comparing such performance to that of prior periods and to the performance of our peers. We use such measures when publicly providing our business outlook, assessing future earnings potential, evaluating potential acquisitions and dispositions and in our financial and operating decision-making process, including for compensation purposes.

Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with accounting principles generally accepted in the United States. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is included in this news release.

1 See comment to investor presentation regarding consistency in use of terms "net debt" vs. "gross debt, net of cash"

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 3,060 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements that address expectations or projections about the future, including with respect to the Company’s expectations for its performance in 2023 or relating to the Company’s strategic review are forward-looking statements. Actual results may differ materially from the expectations the Company describes in its forward-looking statements. Substantial 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. Important factors that could cause actual results to differ materially from expectations include, but are not limited to the inability to achieve expected results in pricing and cost out actions and the related impact on margins and cash flow; the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the remediation of the material weaknesses in the Company’s internal controls over financial reporting or other potential weaknesses of which the Company is not currently aware or which have not been detected; the timing and outcome, if any, of the Company’s strategic alternatives review; the uncertainty associated with the current worldwide economic conditions and the continuing impact on economic and financial conditions in the United States and around the world, including as a result of COVID-19, rising inflation, increasing interest rates, natural disasters, military conflicts, including the conflict between Russia and Ukraine, terrorist attacks and other similar matters, and the risks detailed from time to time in the Company’s periodic reports filed with the SEC. The Company has provided additional information about the risks facing the business in its annual report on Form 10-K and subsequent periodic and current reports most recently filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

 

CIRCOR INTERNATIONAL, INC

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share data) (unaudited)

 

 

Three Months Ended

 

Twelve Months Ended

 

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

Net revenues

$

214,527

 

 

$

204,917

 

 

$

786,919

 

 

$

758,667

 

Cost of revenues

 

138,172

 

 

 

140,348

 

 

 

529,832

 

 

 

528,291

 

Gross profit

 

76,355

 

 

 

64,569

 

 

 

257,087

 

 

 

230,376

 

Selling, general and administrative expenses

 

52,777

 

 

 

55,556

 

 

 

213,294

 

 

 

224,927

 

Goodwill Impairment charges

 

 

 

 

10,500

 

 

 

 

 

 

10,500

 

Special and restructuring charges (recoveries), net

 

3,417

 

 

 

17,464

 

 

 

(19,013

)

 

 

24,272

 

Operating income (loss)

 

20,161

 

 

 

(18,951

)

 

 

62,806

 

 

 

(29,323

)

Other expense (income):

 

 

 

 

 

 

 

Interest expense, net

 

13,405

 

 

 

8,040

 

 

 

44,886

 

 

 

32,365

 

Other income, net

 

(426

)

 

 

(525

)

 

 

(5,747

)

 

 

(3,826

)

Total other expense, net

 

12,979

 

 

 

7,515

 

 

 

39,139

 

 

 

28,539

 

Income (loss) from continuing operations before income taxes

 

7,182

 

 

 

(26,466

)

 

 

23,667

 

 

 

(57,862

)

Provision for income taxes

 

1,743

 

 

 

1,976

 

 

 

4,279

 

 

 

5,182

 

Income (loss) from continuing operations, net of tax

 

5,439

 

 

 

(28,442

)

 

 

19,388

 

 

 

(63,044

)

Income from discontinued operations, net of tax

 

 

 

 

 

 

 

 

 

 

1,406

 

Net income (loss)

$

5,439

 

 

$

(28,442

)

 

$

19,388

 

 

$

(61,638

)

 

 

 

 

 

 

 

 

Basic income (loss) per common share:

 

 

 

 

 

 

 

Basic from continuing operations

$

0.27

 

 

$

(1.40

)

 

$

0.95

 

 

$

(3.12

)

Basic from discontinued operations

$

 

 

$

 

 

$

 

 

$

0.07

 

Net income (loss)

$

0.27

 

 

$

(1.40

)

 

$

0.95

 

 

$

(3.05

)

 

 

 

 

 

 

 

 

Diluted income (loss) per common share:

 

 

 

 

 

 

 

Diluted from continuing operations

$

0.27

 

 

$

(1.40

)

 

$

0.95

 

 

$

(3.12

)

Diluted from discontinued operations

$

 

 

$

 

 

$

 

 

$

0.07

 

Net income (loss)

$

0.27

 

 

$

(1.40

)

 

$

0.95

 

 

$

(3.05

)

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

Basic

 

20,366

 

 

 

20,261

 

 

 

20,350

 

 

 

20,201

 

Diluted

 

20,480

 

 

 

20,261

 

 

 

20,427

 

 

 

20,201

 

 

CIRCOR INTERNATIONAL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)

 

 

Twelve Months Ended

 

December 31, 2022

 

December 31, 2021

OPERATING ACTIVITIES

 

 

 

Net Income (loss)

$

19,388

 

 

$

(61,638

)

Income (loss) from discontinued operations, net of income taxes

 

 

 

 

1,406

 

Income (Loss) from continuing operations, net of tax

 

19,388

 

 

 

(63,044

)

Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:

 

 

 

Depreciation

 

19,691

 

 

 

22,854

 

Amortization

 

36,360

 

 

 

42,304

 

Change in provision for bad debt expense

 

(813

)

 

 

1,213

 

Write down of inventory

 

2,606

 

 

 

3,364

 

Compensation expense of share-based plans

 

1,880

 

 

 

5,252

 

Loss on debt extinguishment

 

4,977

 

 

 

8,693

 

Amortization of debt issuance costs

 

3,645

 

 

 

3,996

 

Deferred income tax (benefit) provision

 

(3,709

)

 

 

(2,992

)

Goodwill impairment charges

 

 

 

 

10,500

 

Other impairment charges

 

8,011

 

 

 

 

Loss (gain) on sale of businesses

 

 

 

 

1,919

 

Gain on sale of real estate

 

(47,977

)

 

 

 

Loss on deconsolidation charges

 

4,675

 

 

 

 

Changes in operating assets and liabilities, net of effects of acquisitions and divestitures:

 

 

 

Trade accounts receivable

 

(9,649

)

 

 

(6,308

)

Inventories

 

(26,299

)

 

 

(6,974

)

Prepaid expenses and other assets

 

(22,218

)

 

 

(23,665

)

Accounts payable, accrued expenses and other liabilities

 

8,611

 

 

 

15,820

 

Net cash (used in) provided by continuing operations

 

(821

)

 

 

12,932

 

Net cash used in discontinued operations

 

 

 

 

(2,484

)

Net cash (used in) provided by operating activities

 

(821

)

 

 

10,448

 

INVESTING ACTIVITIES

 

 

 

Additions of property, plant and equipment

 

(21,988

)

 

 

(14,747

)

Proceeds from the sale of property, plant and equipment

 

104

 

 

 

2

 

Proceeds from beneficial interest of factored receivables

 

4,484

 

 

 

2,047

 

Proceeds from sale of real estate

 

54,945

 

 

 

 

Proceeds from sale of business

 

 

 

 

9,993

 

Net cash provided by (used in) investing activities

 

37,545

 

 

 

(2,705

)

FINANCING ACTIVITIES

 

 

 

Proceeds from long-term debt

 

219,266

 

 

 

734,612

 

Payments of long-term debt

 

(227,041

)

 

 

(729,551

)

Net change in short-term borrowings

 

(1,573

)

 

 

(374

)

Equipment financing

 

894

 

 

 

 

Proceeds from the exercise of stock options

 

 

 

 

151

 

Withholding tax payments on net share settlements on equity rewards

 

(1,311

)

 

 

(4,209

)

Payment of debt issuance costs

 

(16,701

)

 

 

(12,157

)

Net cash used in financing activities

 

(26,466

)

 

 

(11,528

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(4,908

)

 

 

(3,448

)

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

 

5,350

 

 

 

(7,233

)

Cash, cash equivalents and restricted cash at beginning of year

 

61,374

 

 

 

68,607

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR

$

66,724

 

 

$

61,374

 

 

CIRCOR INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data) (unaudited)

 

 

December 31,

 

 

2022

 

 

 

2021

 

ASSETS

 

 

 

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

64,275

 

 

$

59,924

 

Trade accounts receivable, net

 

109,754

 

 

 

100,149

 

Inventories

 

139,786

 

 

 

123,343

 

Prepaid expenses and other current assets

 

117,766

 

 

 

110,749

 

Total Current Assets

 

431,581

 

 

 

394,165

 

PROPERTY, PLANT AND EQUIPMENT, NET

 

141,141

 

 

 

154,461

 

OTHER ASSETS:

 

 

 

Goodwill

 

119,847

 

 

 

122,906

 

Intangibles, net

 

256,338

 

 

 

303,476

 

Deferred income taxes

 

512

 

 

 

756

 

Lease right-of-use assets, net

 

42,491

 

 

 

21,139

 

Other assets

 

20,777

 

 

 

22,395

 

TOTAL ASSETS

$

1,012,687

 

 

$

1,019,298

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Accounts payable

$

78,778

 

 

$

83,382

 

Accrued expenses and other current liabilities

 

84,510

 

 

 

81,998

 

Accrued compensation and benefits

 

30,817

 

 

 

26,551

 

Short-term borrowings and current portion of long-term debt

 

 

 

 

1,611

 

Total Current Liabilities

 

194,105

 

 

 

193,542

 

Long-term debt

 

496,534

 

 

 

511,694

 

Deferred income taxes

 

18,238

 

 

 

21,721

 

Pension liability, net

 

85,968

 

 

 

120,881

 

Long-term lease liabilities

 

38,480

 

 

 

17,715

 

OTHER NON-CURRENT LIABILITIES

 

20,316

 

 

 

20,029

 

COMMITMENTS AND CONTINGENCIES

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

Preferred stock, $0.01 par value; 1,000,000 shares authorized; — shares issued and outstanding

 

 

 

 

 

Common stock, $0.01 par value; 29,000,000 shares authorized; 21,736,911 and 21,633,131 shares issued at December 31, 2022 and 2021, respectively

 

218

 

 

 

217

 

Additional paid-in capital

 

456,102

 

 

 

454,852

 

Accumulated deficit

 

(178,693

)

 

 

(198,081

)

Common treasury stock, at cost (1,372,488 shares at December 31, 2022 and 2021)

 

(74,472

)

 

 

(74,472

)

Accumulated other comprehensive loss

 

(44,109

)

 

 

(48,800

)

Total Shareholders’ Equity

 

159,046

 

 

 

133,716

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$

1,012,687

 

 

$

1,019,298

 

 

CIRCOR INTERNATIONAL, INC.

SUMMARY OF ORDERS AND BACKLOG

(in millions) (unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

 

 

 

 

 

 

 

 

 

ORDERS (1)

Aerospace & Defense

 

$

70.8

 

$

73.9

 

$

308.2

 

$

255.2

Industrial

 

 

178.1

 

 

146.1

 

 

599.0

 

 

595.4

Total orders

 

$

248.9

 

$

220.0

 

$

907.2

 

$

850.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

December 31, 2021

 

 

 

 

BACKLOG (2)

 

 

 

 

 

 

 

 

Aerospace & Defense

 

$

208.3

 

$

185.3

 

 

 

 

Industrial

 

 

334.8

 

 

258.4

 

 

 

 

Total backlog

 

$

543.1

 

$

443.7

 

 

 

 

1. Orders do not include the foreign exchange impact due to the re-measurement of customer backlog amounts denominated in foreign currencies. Industrial includes $0.0 million and $7.1 million orders in Pipeline Engineering for the three months ended December 31, 2022 and December 31, 2021 respectively. Industrial includes $2.3 million and $24.4 million orders for Pipeline Engineering for the twelve months ended December 31, 2022 and December 31, 2021 respectively.

 

2. Backlog includes unshipped customer orders for which revenue has not been recognized. Industrial includes $1.2 million Pipeline Engineering for 2021.

CIRCOR INTERNATIONAL, INC.

SEGMENT INFORMATION

(in thousands, except percentages) (unaudited

 

 

 

2021

2022

 

 

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

ORDERS

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

$

72,999

 

$

54,243

 

$

54,028

 

$

73,898

 

$

255,168

 

$

77,890

 

$

69,053

 

$

90,486

 

$

70,778

 

$

308,207

 

Industrial

 

 

153,695

 

 

155,959

 

 

139,691

 

 

146,065

 

 

595,410

 

 

143,727

 

 

139,370

 

 

137,848

 

 

178,069

 

 

599,014

 

Total

 

$

226,693

 

$

210,203

 

$

193,719

 

$

219,964

 

$

850,578

 

$

221,617

 

$

208,423

 

$

228,334

 

$

248,847

 

$

907,221

 

 

 

 

 

 

 

 

 

 

 

 

 

NET REVENUES

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

$

58,488

 

$

60,613

 

$

63,461

 

$

69,979

 

$

252,541

 

$

63,370

 

$

67,271

 

$

72,219

 

$

79,855

 

$

282,715

 

Industrial

 

 

117,963

 

 

126,977

 

 

126,248

 

 

134,938

 

 

506,126

 

 

122,285

 

 

124,105

 

 

123,143

 

 

134,672

 

 

504,204

 

Total

 

$

176,451

 

$

187,590

 

$

189,709

 

$

204,917

 

$

758,667

 

$

185,655

 

$

191,376

 

$

195,362

 

$

214,527

 

$

786,919

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENT OPERATING INCOME

 

 

 

 

 

 

 

 

Aerospace & Defense

 

$

9,988

 

$

11,741

 

$

15,927

 

$

18,416

 

$

56,073

 

$

11,320

 

$

13,566

 

$

16,891

 

$

21,807

 

$

63,584

 

Industrial

 

 

5,834

 

 

7,237

 

 

7,124

 

 

8,700

 

 

28,896

 

 

6,857

 

 

8,484

 

 

15,717

 

 

18,244

 

 

49,302

 

Corporate expenses

 

 

(9,035

)

 

(7,950

)

 

(7,017

)

 

(6,636

)

 

(30,638

)

 

(7,770

)

 

(5,485

)

 

(5,301

)

 

(6,828

)

 

(25,384

)

Total

 

$

6,787

 

$

11,028

 

$

16,034

 

$

20,480

 

$

54,331

 

$

10,407

 

$

16,565

 

$

27,307

 

$

33,223

 

$

87,502

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENT OPERATING MARGIN %

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

17.1

%

 

19.4

%

 

25.1

%

 

26.3

%

 

22.2

%

 

17.9

%

 

20.2

%

 

23.4

%

 

27.3

%

 

22.5

%

Industrial

 

 

4.9

%

 

5.7

%

 

5.6

%

 

6.4

%

 

5.7

%

 

5.6

%

 

6.8

%

 

12.8

%

 

13.5

%

 

9.8

%

Total

 

 

3.8

%

 

5.9

%

 

8.5

%

 

10.0

%

 

7.2

%

 

5.6

%

 

8.7

%

 

14.0

%

 

15.5

%

 

11.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

2022

Pipeline Engineering1

 

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

ORDERS - Industrial

 

$

5,531

 

$

5,192

 

$

6,575

 

$

7,121

 

$

24,419

 

$

2,260

 

$

 

$

 

$

 

$

2,260

 

NET REVENUES - Industrial

 

$

2,994

 

$

3,124

 

$

3,236

 

$

5,248

 

$

14,602

 

$

3,012

 

$

218

 

$

8

 

$

11

 

$

3,249

 

SEGMENT OP. INC. -Industrial

 

$

(2,479

)

$

(1,754

)

$

(2,470

)

$

(3,191

)

$

(9,893

)

$

(3,190

)

$

(1,074

)

$

(150

)

$

26

 

$

(4,388

)

Segment Operating Margin %

 

 

(82.8

)%

 

(56.1

)%

 

(76.3

)%

 

(60.8

)%

 

(67.8

)%

 

(105.9

)%

 

(492.7

)%

 

(1875.0

)%

 

236.4

%

 

(135.1

)%

 

 

 

 

 

 

 

 

 

 

 

 

  1. Quantifies the impact of the Pipeline Engineering business on the Industrial Segment.

CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES

(in thousands, except percentages) (unaudited)

 

 

 

2021

2022

 

 

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

Net Cash (Used In) Provided By Operating Activities

$

(19,210

)

$

8,866

 

$

10,197

 

$

10,595

 

$

10,448

 

$

(15,924

)

$

(3,593

)

$

(9,815

)

$

28,511

 

$

(821

)

LESS

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures, net of sale proceeds1

 

3,392

 

 

2,644

 

 

4,541

 

 

4,168

 

 

14,745

 

 

3,592

 

 

5,461

 

 

4,156

 

 

8,675

 

 

21,884

 

ADJUSTED FREE CASH FLOW

$

(22,602

)

$

6,222

 

$

5,656

 

$

6,427

 

$

(4,297

)

$

(19,516

)

$

(9,054

)

$

(13,971

)

$

19,836

 

$

(22,705

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Debt

 

$

538,541

 

$

524,391

 

$

518,464

 

$

526,311

 

$

526,311

 

$

547,681

 

$

543,100

 

$

522,975

 

$

516,925

 

$

516,925

 

Less: Cash & Cash equivalents

 

64,837

 

 

58,862

 

 

58,013

 

 

59,924

 

 

59,924

 

 

61,122

 

 

55,238

 

 

47,131

 

 

64,275

 

 

64,275

 

GROSS DEBT, NET OF CASH

$

473,704

 

$

465,529

 

$

460,451

 

$

466,387

 

$

466,387

 

$

486,559

 

$

487,862

 

$

475,844

 

$

452,650

 

$

452,650

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL SHAREHOLDERS' EQUITY

$

138,663

 

$

122,185

 

$

121,256

 

$

133,716

 

$

133,716

 

$

110,321

 

$

103,663

 

$

122,082

 

$

159,046

 

$

159,046

 

 

 

 

 

 

 

 

 

 

 

 

 

GROSS DEBT AS % OF EQUITY

 

388

%

 

429

%

 

428

%

 

394

%

 

394

%

 

496

%

 

524

%

 

428

%

 

325

%

 

325

%

GROSS DEBT, NET OF CASH AS % OF EQUITY

 

342

%

 

381

%

 

380

%

 

349

%

 

349

%

 

441

%

 

471

%

 

390

%

 

285

%

 

285

%

 

 

 

 

 

 

 

 

 

 

 

 

  1. Includes capital expenditures, net of proceeds of asset sales from GAAP operating cash flow.

 

 

 

CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES

(in thousands, except percentages) (unaudited)

 

 

 

2021

2022

 

 

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

NET (LOSS) INCOME

 

$

(11,796

)

$

(18,784

)

$

(2,629

)

$

(28,427

)

$

(61,638

)

$

(21,481

)

$

3,960

 

$

31,470

 

$

5,439

 

$

19,388

 

LESS:

 

 

 

 

 

 

 

 

 

 

 

Restructuring related inventory charges (recoveries), net

 

 

 

 

958

 

 

(60

)

 

(299

)

 

599

 

 

2,757

 

 

 

 

 

 

 

 

2,757

 

Restructuring charges (recoveries), net

 

 

2,060

 

 

2,281

 

 

(312

)

 

205

 

 

4,234

 

 

6,447

 

 

4,695

 

 

(173

)

 

97

 

 

11,066

 

Acquisition amortization

 

 

10,487

 

 

10,498

 

 

10,417

 

 

10,369

 

 

41,772

 

 

9,391

 

 

9,178

 

 

9,118

 

 

8,651

 

 

36,338

 

Acquisition depreciation

 

 

2,375

 

 

1,327

 

 

1,412

 

 

1,397

 

 

6,511

 

 

1,045

 

 

1,239

 

 

1,335

 

 

995

 

 

4,614

 

Special (recoveries) charges, net

 

 

(2,870

)

 

4,523

 

 

1,126

 

 

17,259

 

 

20,038

 

 

2,556

 

 

(10,425

)

 

(25,529

)

 

3,319

 

 

(30,079

)

Goodwill Impairment charge

 

 

 

 

 

 

 

 

10,500

 

 

10,500

 

 

 

 

 

 

 

 

 

 

 

Income tax impact

 

 

(44

)

 

2,425

 

 

(596

)

 

(1,622

)

 

163

 

 

384

 

 

(2,207

)

 

(2,066

)

 

(2,739

)

 

(6,628

)

Net loss (income) from discontinued operations

 

 

239

 

 

878

 

 

(2,510

)

 

(13

)

 

(1,406

)

 

 

 

 

 

 

 

 

 

 

ADJUSTED NET INCOME

 

$

451

 

$

4,106

 

$

6,848

 

$

9,369

 

$

20,773

 

$

1,099

 

$

6,440

 

$

14,155

 

$

15,762

 

$

37,456

 

 

 

 

 

 

 

 

 

 

 

 

 

(LOSS) EARNINGS PER COMMON SHARE (Diluted)

 

$

(0.59

)

$

(0.93

)

$

(0.13

)

$

(1.40

)

$

(3.05

)

$

(1.06

)

$

0.19

 

$

1.54

 

$

0.27

 

$

0.95

 

LESS:

 

 

 

 

 

 

 

 

 

 

 

Restructuring related inventory charges

 

 

 

 

0.05

 

 

 

 

(0.01

)

 

0.03

 

 

0.14

 

 

 

 

 

 

 

 

0.14

 

Restructuring charges (recoveries), net

 

 

0.10

 

 

0.11

 

 

(0.02

)

 

0.01

 

 

0.21

 

 

0.32

 

 

0.23

 

 

(0.01

)

 

 

 

0.54

 

Acquisition amortization

 

 

0.52

 

 

0.52

 

 

0.51

 

 

0.51

 

 

2.07

 

 

0.46

 

 

0.45

 

 

0.45

 

 

0.42

 

 

1.78

 

Acquisition depreciation

 

 

0.12

 

 

0.07

 

 

0.07

 

 

0.07

 

 

0.32

 

 

0.05

 

 

0.06

 

 

0.07

 

 

0.05

 

 

0.23

 

Special (recoveries) charges, net

 

 

(0.14

)

 

0.22

 

 

0.06

 

 

0.85

 

 

0.99

 

 

0.13

 

 

(0.51

)

 

(1.25

)

 

0.16

 

 

(1.47

)

Impairment charge

 

 

 

 

 

 

 

 

0.52

 

 

0.52

 

 

 

 

 

 

 

 

 

 

 

Income tax impact

 

 

 

 

0.12

 

 

(0.03

)

 

(0.08

)

 

0.01

 

 

0.02

 

 

(0.11

)

 

(0.10

)

 

(0.13

)

 

(0.32

)

(Loss) earnings) per share from discontinued operations

 

 

0.01

 

 

0.04

 

 

(0.12

)

 

 

 

(0.07

)

 

 

 

 

 

 

 

 

 

 

ADJUSTED EARNINGS PER SHARE (Diluted)

 

$

0.02

 

$

0.20

 

$

0.34

 

$

0.46

 

$

1.03

 

$

0.05

 

$

0.32

 

$

0.69

 

$

0.77

 

$

1.83

 

 

CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES

(in thousands, except percentages) (unaudited)

 

 

 

2021

2022

 

 

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

$

(11,796

)

$

(18,784

)

$

(2,629

)

$

(28,427

)

$

(61,638

)

$

(21,481

)

$

3,960

 

$

31,470

 

$

5,439

$

19,388

 

LESS:

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

8,369

 

 

7,958

 

 

7,997

 

 

8,040

 

 

32,365

 

 

9,456

 

 

10,203

 

 

11,821

 

 

13,405

 

44,886

 

Depreciation

 

 

6,509

 

 

5,460

 

 

5,536

 

 

5,348

 

 

22,854

 

 

5,000

 

 

5,056

 

 

4,956

 

 

4,679

 

19,691

 

Amortization

 

 

10,696

 

 

10,657

 

 

10,576

 

 

10,375

 

 

42,304

 

 

9,397

 

 

9,183

 

 

9,124

 

 

8,656

 

36,360

 

Provision for income taxes

 

(297

)

 

2,659

 

 

850

 

 

1,970

 

 

5,182

 

 

1,523

 

 

(647

)

 

1,661

 

 

1,742

 

4,279

 

Loss (income) from discontinued operations

 

239

 

 

878

 

 

(2,510

)

 

(13

)

 

(1,406

)

 

 

 

 

 

 

 

 

 

EBITDA

 

$

13,720

 

$

8,828

 

$

19,820

 

$

(2,707

)

$

39,661

 

$

3,895

 

$

27,755

 

$

59,032

 

$

33,921

$

124,604

 

LESS:

 

 

 

 

 

 

 

 

 

 

 

Restructuring related inventory charges (recoveries)

 

 

 

958

 

 

(60

)

 

(299

)

 

599

 

 

2,757

 

 

 

 

 

 

 

2,757

 

Restructuring charges (recoveries), net

 

2,060

 

 

2,281

 

 

(312

)

 

205

 

 

4,234

 

 

6,447

 

 

4,695

 

 

(173

)

 

97

 

11,066

 

Special (recoveries) charges, net

 

(2,870

)

 

4,523

 

 

1,126

 

 

17,259

 

 

20,038

 

 

2,556

 

 

(10,425

)

 

(25,529

)

 

3,319

 

(30,079

)

Goodwill impairment charge

 

 

 

 

 

 

 

 

10,500

 

 

10,500

 

 

 

 

 

 

 

 

 

 

ADJUSTED EBITDA

 

$

12,910

 

$

16,590

 

$

20,574

 

$

24,958

 

$

75,032

 

$

15,655

 

$

22,025

 

$

33,330

 

$

37,337

$

108,348

 

 

CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES

(in thousands, except percentages) (unaudited)

 

 

 

2021

2022

 

 

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING (LOSS) INCOME

 

$

(5,266

)

$

(8,557

)

$

3,451

 

$

(18,952

)

$

(29,323

)

$

(11,789

)

$

11,878

 

$

42,556

 

$

20,161

 

$

62,806

 

LESS:

 

 

 

 

 

 

 

 

 

 

 

Restructuring related inventory charges (recoveries)

 

 

 

 

958

 

 

(60

)

 

(299

)

 

599

 

 

2,757

 

 

 

 

 

 

 

 

2,757

 

Restructuring charges (recoveries), net

 

 

2,060

 

 

2,281

 

 

(312

)

 

205

 

 

4,234

 

 

6,447

 

 

4,695

 

 

(173

)

 

97

 

 

11,066

 

Acquisition amortization

 

 

10,487

 

 

10,498

 

 

10,417

 

 

10,370

 

 

41,772

 

 

9,391

 

 

9,178

 

 

9,118

 

 

8,651

 

 

36,338

 

Acquisition depreciation

 

 

2,375

 

 

1,326

 

 

1,412

 

 

1,397

 

 

6,511

 

 

1,045

 

 

1,239

 

 

1,335

 

 

995

 

 

4,614

 

Special (recoveries) charges, net

 

 

(2,870

)

 

4,523

 

 

1,126

 

 

17,259

 

 

20,038

 

 

2,556

 

 

(10,425

)

 

(25,529

)

 

3,319

 

 

(30,079

)

Goodwill impairment charge

 

 

 

 

 

 

 

 

10,500

 

 

10,500

 

 

 

 

 

 

 

 

 

 

 

ADJUSTED OPERATING INCOME

 

$

6,787

 

$

11,028

 

$

16,034

 

$

20,480

 

$

54,331

 

$

10,407

 

$

16,565

 

$

27,307

 

$

33,223

 

$

87,502

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING MARGIN

 

 

(3.0

)%

 

(4.6

)%

 

1.8

%

 

(9.2

)%

 

(3.9

)%

 

(6.3

)%

 

6.2

%

 

21.8

%

 

9.4

%

 

8.0

%

LESS:

 

 

 

 

 

 

 

 

 

 

 

Restructuring related inventory charges (recoveries)

 

 

0.0

%

 

0.5

%

 

0.0

%

 

(0.1

)%

 

0.1

%

 

1.5

%

 

0.0

%

 

0.0

%

 

0.0

%

 

0.4

%

Restructuring charges (recoveries), net

 

 

1.2

%

 

1.2

%

 

(0.2

)%

 

0.1

%

 

0.6

%

 

3.5

%

 

2.5

%

 

(0.1

)%

 

0.0

%

 

1.4

%

Acquisition amortization

 

 

5.9

%

 

5.6

%

 

5.5

%

 

5.1

%

 

5.5

%

 

5.1

%

 

4.8

%

 

4.7

%

 

4.0

%

 

4.6

%

Acquisition depreciation

 

 

1.3

%

 

0.7

%

 

0.7

%

 

0.7

%

 

0.9

%

 

0.6

%

 

0.6

%

 

0.7

%

 

0.5

%

 

0.6

%

Special (recoveries) charges, net

 

 

(1.6

)%

 

2.4

%

 

0.6

%

 

8.4

%

 

2.6

%

 

1.4

%

 

(5.4

)%

 

(13.1

)%

 

1.5

%

 

(3.8

)%

Goodwill impairment charge

 

 

0.0

%

 

0.0

%

 

0.0

%

 

5.1

%

 

1.4

%

 

0.0

%

 

0.0

%

 

0.0

%

 

0.0

%

 

0.0

%

ADJUSTED OPERATING MARGIN

 

 

3.8

%

 

5.9

%

 

8.5

%

 

10.0

%

 

7.2

%

 

5.6

%

 

8.7

%

 

14.0

%

 

15.5

%

 

11.1

%

 

CIRCOR INTERNATIONAL, INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES

(in thousands, except percentages) (unaudited) 

 

Q4'22 Organic Orders and Revenue

 

 

 

 

 

 

 

 

 

 

 

CIRCOR

Aerospace & Defense

Industrial

 

4Q 22

4Q 21

Variance

4Q 22

4Q 21

Variance

4Q 22

4Q 21

Variance

Orders

248,847

219,964

13

%

70,778

73,898

(4

)%

178,069

146,065

22

%

Divestitures

 

 

 

FX

13,096

 

 

2,263

 

 

10,833

 

 

Organic

261,943

219,964

19

%

73,041

73,898

(1

)%

188,902

146,065

29

%

 

 

 

 

 

 

 

 

 

 

 

CIRCOR

Aerospace & Defense

Industrial

 

4Q 22

4Q 21

Variance

4Q 22

4Q 21

Variance

4Q 22

4Q 21

Variance

Revenue

214,527

204,917

5

%

79,855

69,979

14

%

134,672

134,938

%

Divestitures

 

 

 

FX

12,360

 

 

2,516

 

 

9,844

 

 

Organic

226,887

204,917

11

%

82,371

69,979

18

%

144,516

134,938

7

%

 

 

 

 

 

 

 

 

 

 

FY'22 Organic Orders and Revenue

 

 

 

 

 

 

 

 

 

 

 

CIRCOR

Aerospace & Defense

Industrial

 

FY 22

FY 21

Variance

FY 22

FY 21

Variance

FY 22

FY 21

Variance

Orders

907,221

850,578

7

%

308,207

255,168

21

%

599,014

595,410

1

%

Divestitures

 

 

 

FX

49,518

 

 

9,241

 

 

40,277

 

 

Organic

956,739

850,578

12

%

317,448

255,168

24

%

639,291

595,410

7

%

 

 

 

 

 

 

 

 

 

 

 

CIRCOR

Aerospace & Defense

Industrial

 

FY 22

FY 21

Variance

FY 22

FY 21

Variance

FY 22

FY 21

Variance

Revenue

786,919

758,667

4

%

282,715

252,541

12

%

504,204

506,126

%

Divestitures

 

 

 

FX

42,923

 

 

8,037

 

 

34,886

 

 

Organic

829,842

758,667

9

%

290,752

252,541

15

%

539,090

506,126

7

%

Note regarding financial statements: Financial amounts are computed independently each quarter; therefore, the sum of the quarterly amounts may not equal the total amount for the respective year due to rounding.

Scott Solomon
Senior Vice President
Sharon Merrill Associates, Inc.
(857) 383-2409

Source: CIRCOR International, Inc.

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