CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for the energy, industrial and aerospace markets, today announced financial results for the fourth quarter and fiscal year ended December 31, 2012.
“Our earnings this past quarter and year reflect our commitment to drive improved operating results and margin expansion,” said Wayne Robbins, CIRCOR’s Executive Vice President and Chief Operating Officer, Acting President and Chief Executive Officer. “Our fourth quarter adjusted EPS increased 17% and exceeded expectations driven by solid execution, particularly in Energy and Flow Technologies. We also generated strong free cash flow in the quarter bringing the full year to $42 million.”
“We are on schedule with the repositioning actions in California, Brazil and India that we announced last quarter, which include consolidating facilities, shifting expenses to lower cost regions and exiting certain non-strategic product lines,” said Robbins. “These initiatives are positioning all three of our segments to generate greater profitability and better focus on key strategic markets. We continue to improve efficiency through our focus on Lean principles and operational excellence and remain on target to begin realizing annualized savings of approximately $7 million from our repositioning actions in the second half of 2013.”
“Looking forward, we anticipate improved top- and bottom-line performance over 2012,” said Robbins. “We are aggressively executing our strategy with a continued focus on margin expansion, including evaluating further repositioning opportunities. We believe that the markets we serve are attractive and provide opportunities for profitable growth, both organically and through acquisitions.”“We are pleased with the Company's performance under Wayne's leadership as interim CEO,” said CIRCOR Chairman David F. Dietz. “The Board's previously announced search for a permanent CEO is on track and progress has been made to identify the right leader for the organization. We have a number of strong candidates under consideration and expect to announce our decision in the second quarter.”
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