CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for the energy, aerospace and industrial markets, today announced financial results for the fourth quarter and year ended December 31, 2011.
“We delivered another strong quarter of revenue growth and profitability,” said Chairman and Chief Executive Officer Bill Higgins. “Consistent with our guidance, revenues increased 12% year-over-year with all three segments contributing, and adjusted EPS was up 11% excluding the impact of Leslie asbestos and bankruptcy.”
Higgins continued, “As we look back at 2011, we accomplished key strategic plan initiatives:
- Permanently resolved the Leslie asbestos liability
- Won large programs in Aerospace with potential value of more than $200 million
- Expanded margins in the Flow Technology segment for the third consecutive year
- Acquired a valve business in Brazil to service Petrobras and the energy markets
- Began construction of a manufacturing plant in India to serve the power generation market
These milestones are key to our strategy, which includes growing in high-growth markets and expanding our product and service offerings into higher-margin, critical applications.”Consolidated Results Revenues for the fourth quarter of 2011 were $217.1 million, a 12% increase from $194.1 million in the fourth quarter of 2010. CIRCOR reported net income for the fourth quarter of 2011 of $10.3 million, or $0.59 per diluted share, compared with net income of $7.7 million, or $0.44 per diluted share, for the fourth quarter of 2010. Excluding Leslie asbestos and bankruptcy charges, net of tax, adjusted earnings per diluted share for the fourth quarter of 2011 and 2010 were $0.59 and $0.53, respectively. Consolidated adjusted operating earnings, which exclude Leslie asbestos and bankruptcy charges, rose 15% to $15.0 million for the fourth quarter of 2011 from $13.0 million for the fourth quarter of 2010.