CIRCOR International, Inc.
(NYSE: CIR), a leading provider of valves and other highly engineered products for the
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.”
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.