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
TheStreet Open House

CIRCOR Reports Third-Quarter 2013 Financial Results

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 quarter ended September 29, 2013.

Third Quarter 2013 Highlights

  • Adjusted operating margin increased 230 basis points to 11.1%
  • Adjusted EPS grew 22% to $0.93
  • Revenue growth was 2%
  • Free Cash Flow was $30 million; YTD free cash flow at 105% of net income
  • Flow Technologies segment reported record bookings, up 22% year-over-year
  • Restructuring initiatives to simplify CIRCOR on schedule
  • Announcing next step of the CIRCOR simplification process

Management Comments

“Q3 was a strong quarter resulting from our ongoing focus on growth, margin expansion, and cash generation,” said Scott Buckhout, CIRCOR’s President and Chief Executive Officer. “We delivered another quarter of double-digit adjusted operating margin, up 230 basis points from last year. On the growth side, Flow Technologies had a record quarter on orders as we benefited from robust downstream oil & gas activity and penetration into new markets and applications.

“Free cash flow was strong in the quarter as a result of improved margins and working capital performance. Year-to-date free cash flow exceeded net income.

“The restructuring actions we announced last quarter are on schedule and expected to deliver the projected annual savings of approximately $4 million beginning in 2014.

“In addition, we recently updated our 5-year strategic plan. Based on that work we are changing our organizational structure to simplify the way we manage CIRCOR and, over time, better align our businesses with end markets. As part of the organizational change, we will consolidate our group structure from three groups to two. Initially, these changes are focused on reducing management layers and combining back-office operations. Our commercial organization will remain unchanged. We expect to complete this reorganization in the fourth quarter of 2013 and anticipate a reduction in our annual expenses of approximately $5.0 million.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,139.48 -33.20 -0.19%
S&P 500 1,994.12 -0.17 -0.01%
NASDAQ 4,533.1750 +5.4860 0.12%

Brokerage Partners

Rates from Bankrate.com

  • 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