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 first quarter ended April 1, 2012.
“CIRCOR performed well in the first quarter of 2012 as we exceeded our expectations for both top- and bottom-line performance,” said Chairman and Chief Executive Officer Bill Higgins. “Continued strength in the North American short-cycle Energy business and strong Aerospace segment sales helped drive year-over-year revenue growth of 5%. Bookings were up 12% year-over-year with solid gains in almost all areas excluding the market for LED equipment.”
“Earnings per diluted share were $0.49, and Energy segment operating margins were slightly better than anticipated at 8.2% in the first quarter,” said Higgins. “All in all, a good start to the year.”
Consolidated ResultsRevenues for the first quarter of 2012 were $214.3 million, a 5% increase from $203.4 million in the first quarter of 2011. Net income for the first quarter of 2012 was $8.6 million, or $0.49 per diluted share, compared with net income of $7.9 million, or $0.45 per diluted share, for the first quarter of 2011. Excluding Leslie asbestos and bankruptcy charges, net of tax, adjusted earnings per diluted share was $0.49 in the first quarter of 2011. Consolidated adjusted operating earnings, which excludes Leslie asbestos and bankruptcy charges was $13.7 million for the first quarter of 2012 down slightly from $13.8 million in the first quarter of 2011 as favorable volume was offset primarily by expenses related to future growth initiatives. The Company received orders totaling $248.7 million during the first quarter of 2012, an increase of 12% compared with the first quarter of 2011. The increase was driven primarily by increases in the Energy and Aerospace segments and was partially offset by weakness in Flow Technology’s LED equipment business. Backlog as of April 1, 2012 was $432.3 million, up 3% from backlog of $419.1 million at April 3, 2011.