CIRCOR International, Inc.
(NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace, today announced financial results for the second quarter ended June 30, 2013.
Second Quarter 2013 Highlights
- Adjusted operating margin up 160 basis points to 10%, highest in four years
- Adjusted EPS of $0.81 increased 27%
- Organic revenue growth of 2%
- Secured large specialty high pressure ball valve order for emerging FPSO technology
- Completed previously announced restructuring – on track to deliver annualized savings of $7 million
- Announced first step of CIRCOR simplification process
“We delivered a strong quarter due to our continued focus on growth, margin expansion and cash generation,” said
, CIRCOR’s President and Chief Executive Officer. “Revenue increased sequentially in all three segments, while our adjusted operating margin expanded to 10% -- our highest level in four years.
“Our strategy to drive growth in the most innovative parts of our markets is delivering results. During the second quarter, we won a large order for high pressure ball valves to be used for emerging floating production, storage and off-loading technology.
“We are also pleased to have completed our previously announced restructuring initiatives on time and under budget. Through these projects, we delivered more than $1 million of savings in the second quarter and are on pace to deliver the $7 million of annualized savings that we had projected.”
Added Buckhout, “Today we are announcing the first step of a new initiative to simplify CIRCOR, thereby reducing costs, growing margins and enhancing shareholder value. We are implementing three new restructuring actions designed to further reduce complexity and cost. This includes closing two facilities and downsizing another, reducing our overhead, eliminating legacy ERP systems, and increasing the utilization of our low cost manufacturing and design capabilities in India. We expect these actions will result in annualized savings of approximately $4 million.”