This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

CIRCOR International Reports Second-Quarter 2012 Financial Results

Stocks in this article: CIR

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 second quarter ended July 1, 2012.

“We performed well in the second quarter and were especially pleased with the operational improvements and margin expansion achieved by our teams in our Energy and Flow Technologies segments,” said Chairman and Chief Executive Officer Bill Higgins. “Our strong second-quarter earnings growth was driven by Energy segment operating margins as both our North American short-cycle and international project businesses exhibited strong operational performance. Overall bookings were up year over year as a result of a significant increase in Energy orders led by a second straight quarter of strong international projects bookings, which bodes well for 2013.”

Consolidated Results

Revenues for the second quarter of 2012 were $219.9 million, a 15% increase from $191.9 million in the second quarter of 2011. Net income for the second quarter of 2012 was $11.1 million, or $0.64 per diluted share, compared with net income of $7.5 million, or $0.43 per diluted share, for the second quarter of 2011.

Consolidated adjusted operating earnings were $18.5 million for the second quarter of 2012 compared with $12.4 million in the second quarter of 2011, an increase of 49%.

The Company received orders totaling $227.3 million during the second quarter of 2012, an increase of 6% compared with the second quarter of 2011. The increase was driven primarily by the Energy segment and was partially offset by weakness in Flow Technologies’ LED equipment and Aerospace’s landing gear aftermarket. Backlog as of July 1, 2012 was $422.3 million, down 4% from backlog of $442.0 million at July 3, 2011, primarily due to foreign currency changes.

During the second quarter of 2012, the Company generated $5.1 million of free cash flow (defined as net cash from operating activities less capital expenditures). This compares with $77.2 million of free cash flow used in the second quarter of 2011, which included the payment of $76.6 million in April 2011 to fund the Leslie Controls Bankruptcy Trust.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs