CIRCOR Reports Second-Quarter 2015 Financial Results

July 28, 2015 at 7:31 AM EDT

BURLINGTON, Mass.--(BUSINESS WIRE)--Jul. 28, 2015-- CIRCOR International, Inc. (NYSE: CIR), a leading provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, today announced financial results for the second quarter ended July 5, 2015.

Second-Quarter 2015 Highlights

  • Q2 revenue of $167 million and adjusted EPS of $0.55
  • Aerospace & Defense margins up 80 basis points sequentially
  • Solid bookings for large international projects
  • Announcing closure of an Aerospace & Defense facility
  • Restructuring and cost reduction actions remain on track
  • Repurchased 953,000 shares of common stock for $53 million

“CIRCOR delivered second-quarter financial results at the high end of our expectations for both revenue and adjusted EPS,” said Scott Buckhout, President and Chief Executive Officer. “In our Energy segment, we reported solid orders in our long-cycle international projects business, and we expect this positive trend to continue. In addition, the integration of Schroedahl is progressing well and the team is focused on our growth opportunities.”

“We are turning the corner operationally in our Aerospace & Defense business with adjusted operating margins approaching 9%, up sequentially and versus prior year,” said Buckhout. “Consistent with our margin expansion and simplification strategy, we are announcing the closure of one of the two aerospace manufacturing facilities in Corona, California.”

The restructuring actions CIRCOR announced earlier this year in response to the Energy-related downturn are complete.

“During the quarter, we repurchased more than 953,000 shares for $53 million under our previously announced share repurchase program. We remain focused on increasing shareholder value by driving growth, expanding margins and improving cash flow with disciplined capital deployment,” concluded Buckhout.

Third-Quarter 2015 Guidance

For the third quarter of 2015, the Company will provide its guidance during the conference call later today.

 

Selected Consolidated Results

     
($ millions except EPS)     Q2 2015 Q2 20142

Change

Revenue $ 166.9 $ 207.9 (20)%
Adjusted Operating Income1 $ 15.0 $ 22.2 (32)%
Adjusted Operating Margin1 9.0% 10.7% (170) bps
GAAP Earnings Per Share (Diluted) $ 0.26 $ 0.67 (61)%
Adjusted Earnings Per Share (Diluted)1 $ 0.55 $ 0.91 (40)%
Free Cash Flow $ 4.5 $ 7.4 (39)%
Orders $ 141.7 $ 203.7 (30)%
 
 

Segment Results

 
($ millions except EPS)     Q2 2015   Q2 20142  

Change

Energy    
Revenue $ 127.2 $ 160.6 (21)%
Adjusted Operating Margin1 13.4% 14.6% (120) bps
Orders $ 111.4 $ 160.4 (31)%
 
Aerospace & Defense
Revenue $ 39.7 $ 47.3 (16)%
Adjusted Operating Margin1 8.8% 7.1% 170 bps
Orders $ 30.3 $ 43.4 (30)%
 

1. Consolidated and Segment Results for Q2 2015 exclude special charges of $3.3 million, restructuring-related inventory charges of $2.0 million and Schroedahl intangible amortization expense of $2.1 million. Q2 2014 results exclude special charges of $1.3 million and restructuring-related inventory charges of $5.1 million.

2. Q2 2014 amounts have not been adjusted for divestitures or foreign currency impacts.

Conference Call Information

CIRCOR International will hold a conference call to review its financial results today, July 28, 2015, at 9:00 a.m. ET. To listen to the conference call and view the accompanying presentation slides, visit “Webcasts & Presentations” in the “Investors” portion of the CIRCOR website. The call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. The webcast will be archived for one year on the Company’s website.

Use of Non-GAAP Financial Measures

Adjusted net income, adjusted earnings per share (diluted), adjusted operating margin, and free cash flow are non-GAAP financial measures and are intended to serve as a complement to results provided in accordance with accounting principles generally accepted in the United States. CIRCOR believes that such information provides an additional measurement and consistent historical comparison of the Company’s performance. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is available in this news release.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which are, in some cases, beyond the control of CIRCOR. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to CIRCOR’s future performance, including the realization of cost reductions from restructuring activities. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED "RISK FACTORS" IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K AND SUBSEQUENT REPORTS ON FORMS 10-Q, WHICH CAN BE ACCESSED UNDER THE "INVESTORS" LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

About CIRCOR International, Inc.

CIRCOR International, Inc. designs, manufactures and markets highly engineered products and sub-systems for markets including oil & gas, power generation and aerospace & defense. CIRCOR has a diversified product portfolio with recognized, market-leading brands that fulfill its customers’ unique application needs. The Company’s strategy is to grow organically and through complementary acquisitions; simplify CIRCOR’s operations; achieve world class operational excellence; and attract and retain top industry talent. For more information, visit the Company’s investor relations web site at http://investors.circor.com.

 
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
UNAUDITED
 
    Three Months Ended   Six Months Ended
July 5, 2015   June 29, 2014 July 5, 2015   June 29, 2014
Net revenues $ 166,906 $ 207,884 $ 332,766 $ 419,070
Cost of revenues 116,112   148,184   229,323   294,731  
GROSS PROFIT 50,794 59,700 103,443 124,339
Selling, general and administrative expenses 39,885 42,609 77,973 87,498
Special charges, net 3,310   1,257   4,821   100  
OPERATING INCOME 7,599   15,834   20,649   36,741  
Other expense (income):
Interest expense, net 805 891 1,446 1,809
Other (income), net (104 ) (384 ) (610 ) (853 )
TOTAL OTHER EXPENSE, NET 701   507   836   956  
INCOME BEFORE INCOME TAXES 6,898 15,328 19,813 35,785
Provision for income taxes 2,517   3,402   5,800   9,227  
NET INCOME $ 4,381   $ 11,926   $ 14,013   $ 26,558  
Earnings per common share:
Basic $ 0.26 $ 0.68 $ 0.81 $ 1.51
Diluted $ 0.26 $ 0.67 $ 0.81 $ 1.50
Weighted average number of common shares outstanding:
Basic 16,828 17,665 17,245 17,643
Diluted 16,900 17,767 17,306 17,754
Dividends paid per common share $ 0.0375 $ 0.0375 $ 0.0750 $ 0.0750
 
 
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(UNAUDITED)
 
    Six Months Ended
July 5, 2015   June 29, 2014
OPERATING ACTIVITIES
Net income $ 14,013 $ 26,558
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation 7,150 8,185
Amortization 3,537 1,591
Compensation expense of share-based plans 4,122 4,020
Tax effect of share-based plan compensation (287 ) (971 )
Loss (gain) on sale of property, plant and equipment 377 (54 )
(Gain) on sale of business (972 )
Changes in operating assets and liabilities:
Trade accounts receivable, net 10,913 (23,705 )
Inventories (27,875 ) 3,600
Prepaid expenses and other assets (10,475 ) 143
Accounts payable, accrued expenses and other liabilities (8,869 ) 7,988  
Net cash (used in) provided by operating activities (8,366 ) 27,355  
INVESTING ACTIVITIES
Additions to property, plant and equipment (5,567 ) (5,603 )
Proceeds from the sale of property, plant and equipment 32
Proceeds from the sale of affiliate 2,759
Business acquisition, net of cash acquired (79,983 )  
Net cash used in investing activities (82,791 ) (5,571 )
FINANCING ACTIVITIES
Proceeds from long-term debt 202,380 81,910
Payments of long-term debt (100,533 ) (88,776 )
Dividends paid (1,308 ) (1,341 )
Proceeds from the exercise of stock options 70 237
Tax effect of share-based plan compensation 287 971
Purchases of common stock (69,517 )  
Net cash provided by (used in) financing activities 31,379   (6,999 )
Effect of exchange rate changes on cash and cash equivalents (6,567 ) (639 )
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (66,345 ) 14,146
Cash and cash equivalents at beginning of year 121,372   102,266  
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 55,027   $ 116,412  
 
 
CIRCOR INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
 
    July 5, 2015  

December 31,
2014

ASSETS (unaudited)
CURRENT ASSETS:
Cash, cash equivalents and short term investments $ 55,027 $ 121,372
Trade accounts receivable, less allowance for doubtful accounts of $10,195 and $9,536, respectively 144,183 156,738
Inventories 211,382 183,434
Prepaid expenses and other current assets 24,571 21,626
Deferred income tax asset 24,854   22,861  
Total Current Assets 460,017   506,031  
PROPERTY, PLANT AND EQUIPMENT, NET 91,779 96,212
OTHER ASSETS:
Goodwill 122,797 72,430
Intangibles, net 57,094 26,887
Deferred income tax asset 14,634 19,048
Restricted cash 904 1,255
Other assets 2,472   2,859  
TOTAL ASSETS $ 749,697   $ 724,722  
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable $ 82,061 $ 87,112
Accrued expenses and other current liabilities 61,339 65,223
Accrued compensation and benefits 19,336 24,728
Notes payable and current portion of long-term debt 7,450   8,423  
Total Current Liabilities 170,186   185,486  
LONG-TERM DEBT, NET OF CURRENT PORTION 106,628 5,261
DEFERRED INCOME TAXES 17,941 7,771
OTHER NON-CURRENT LIABILITIES 30,640 32,111
SHAREHOLDERS’ EQUITY:
Common stock 177 177
Additional paid-in capital 281,191 277,227
Retained earnings 263,341 250,635
Treasury stock (69,517 )
Accumulated other comprehensive loss, net of taxes (50,890 ) (33,946 )
Total Shareholders’ Equity 424,302   494,094  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 749,697   $ 724,722  
 
 
CIRCOR INTERNATIONAL, INC.
SUMMARY OF ORDERS AND BACKLOG
(in millions)
UNAUDITED
 
    Three Months Ended   Six Months Ended
July 5,
2015
  June 29,
2014
July 5,
2015
  June 29,
2014
ORDERS (1)(3)
Energy $ 111.4 $ 148.8 $ 254.5 $ 296.1
Aerospace & Defense 30.3   40.3   69.5   77.5
Total orders $ 141.7   $ 189.1   $ 324.0   $ 373.6
 
BACKLOG (2)(3) July 5,
2015
June 29,
2014
Energy $ 248.0 $ 260.3
Aerospace & Defense 96.3   131.7  
Total backlog $ 344.3   $ 392.0  
 

Note 1: Orders do not include the foreign exchange impact due to the re-measurement of
customer order backlog amounts denominated in foreign currencies.

Note 2: Backlog includes unshipped customer orders.

Note 3: Three and six months ended June 29, 2014 orders and backlog amounts exclude
business divestitures in both the Energy and Aerospace & Defense segments.

 
 
CIRCOR INTERNATIONAL, INC.
SUMMARY REPORT BY SEGMENT
(in thousands, except percentages)
UNAUDITED
                   
2014 2015
1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR TOTAL
NET REVENUES
Energy $ 162,587 $ 160,580 $ 157,658 $ 172,432 $ 653,257 $ 127,586 $ 127,230 $ 254,816
Aerospace & Defense 48,599   47,304   46,160   46,126   188,189   38,274   39,676   77,950  
Total $ 211,186 $ 207,884 $ 203,818 $ 218,558 $ 841,446 $ 165,860 $ 166,906 $ 332,766
ADJUSTED OPERATING MARGIN
Energy 13.8 % 14.6 % 16.9 % 14.3 % 14.9 % 13.8 % 13.4 % 13.6 %
Aerospace & Defense 9.1 % 7.1 % 5.0 % 5.3 % 6.6 % 8.0 % 8.8 % 8.4 %
Segment operating margin 12.7 % 12.9 % 14.2 % 12.4 % 13.0 % 12.4 % 12.3 % 12.4 %

Corporate expenses

(3.4 )% (2.2 )% (2.8 )% (2.7 )% (2.8 )% (3.6 )% (3.3 )% (3.5 )%
Adjusted operating margin 9.4 % 10.7 % 11.4 % 9.6 % 10.2 % 8.8 % 9.0 % 8.9 %

Restructuring related inventory charges

% 2.5 % 1.4 % % 0.9 % % 1.2 % 0.6 %
Impairment charges % % % 0.3 % 0.1 % % % %
Special restructuring charges 0.4 % 0.6 % 0.2 % 1.2 % 0.6 % 0.9 % 1.9 % 1.4 %
Special acquisition amortization % % % % % % 1.3 % 0.6 %
Special other charges, net of recoveries (0.9 )% % % 4.3 % 0.9 % % % %
Total GAAP operating margin 9.9 % 7.6 % 9.7 % 3.7 % 7.7 % 7.9 % 4.6 % 6.2 %
 
               
2014 2015
1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR TOTAL
ADJUSTED OPERATING INCOME
Energy $ 22,462 $ 23,502 $ 26,577 $ 24,575 $ 97,117 $ 17,550 $ 17,008 $ 34,558
Aerospace & Defense 4,426   3,362   2,295   2,425   12,508   3,045   3,494   6,539  
Segment operating income 26,888 26,864 28,872 27,000 109,625 20,595 20,502 41,097
Corporate expenses (7,137 ) (4,634 ) (5,678 ) (5,965 ) (23,415 ) (6,034 ) (5,478 ) (11,512 )
Adjusted operating income 19,750 22,231 23,194 21,035 86,210 14,561 15,024 29,585
Restructuring related inventory charges 5,139 2,850 7,989 2,005 2,005
Impairment charges 726 726
Special restructuring charges 786 1,257 478 2,725 5,246 1,512 3,231 4,743
Special acquisition amortization 2,110 2,110
Special other charges, net of recoveries (1,943 )     9,434   7,491   (1 ) 79   78  
Total GAAP operating income 20,907   15,835   19,866   8,150   64,757   13,050   7,599   20,649  
INTEREST EXPENSE, NET (918 ) (891 ) (436 ) (407 ) (2,652 ) (640 ) (805 ) (1,446 )
OTHER INCOME (EXPENSE), NET 468   384   (419 ) 722   1,156   506   104   610  
PRETAX INCOME 20,457 15,328 19,012 8,465 63,261 12,916 6,898 19,813
(PROVISION) FOR BENEFIT FROM INCOME TAXES (5,825 ) (3,402 ) (4,337 ) 690   (12,875 ) (3,284 ) (2,517 ) (5,800 )
EFFECTIVE TAX RATE 28.5 % 22.2 % 22.8 % (8.2 )% 20.4 % 25.4 % 36.5 % 29.3 %
NET INCOME $ 14,632   $ 11,926   $ 14,675   $ 9,155   $ 50,386   $ 9,632   $ 4,381   $ 14,013  
Weighted Average Common Shares Outstanding (Diluted) 17,741 17,767 17,779 17,782 17,768 17,712 16,900 17,306
EARNINGS PER COMMON SHARE (Diluted) $ 0.82   $ 0.67   $ 0.83   $ 0.51   $ 2.84   $ 0.54   $ 0.26   $ 0.81  
ADJUSTED EBITDA $ 25,073   $ 27,536   $ 27,530   $ 26,789   $ 106,927   $ 19,298   $ 19,495   $ 38,793  
ADJUSTED EBITDA AS A % OF SALES 11.9 % 13.2 % 13.5 % 12.3 % 12.7 % 11.6 % 11.7 % 11.7 %
CAPITAL EXPENDITURES $ 2,670 $ 2,933 $ 3,297 $ 3,910 $ 12,810 $ 1,983 $ 3,584 $ 5,567
 
 
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except percentages)
UNAUDITED
       
2014 2015
1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR TOTAL
FREE CASH FLOW AS % OF NET INCOME 98 % 62 % 96 % 243 % 115 % (191 )% 102 % (99 )%
FREE CASH FLOW $ 14,387 $ 7,365 $ 14,015 $ 22,249 $ 58,016 $ (18,415 ) $ 4,482 $ (13,933 )
ADD:
Capital Expenditures 2,670   2,933   3,297   3,910   12,810   1,983   3,584   5,567  
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES $ 17,057   $ 10,298   $ 17,312   $ 26,159   $ 70,826   $ (16,432 ) $ 8,066   $ (8,366 )
NET DEBT (CASH) $ (66,056 ) $ (72,982 ) $ (80,829 ) $ (107,688 ) $ (107,688 ) $ (66,417 ) $ 59,051 $ 59,051
ADD:
Cash & Cash Equivalents 122,189   116,421   114,671   121,372   121,372   103,963   55,027   55,027  
TOTAL DEBT $ 56,133   $ 43,439   $ 33,842   $ 13,684   $ 13,684   $ 37,546   $ 114,078   $ 114,078  
DEBT AS % OF EQUITY 11 % 9 % 7 % 3 % 3 % 8 % 27 % 27 %
TOTAL DEBT 56,133   43,439   33,842   13,684   13,684   37,546   114,078   114,078  
TOTAL SHAREHOLDERS' EQUITY $ 492,601   $ 507,363   $ 508,035   $ 494,093   $ 494,093   $ 463,103   $ 424,302   $ 424,302  
               
2014 2015
1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR TOTAL
ADJUSTED OPERATING INCOME $ 19,750 $ 22,230 $ 23,194 $ 21,035 $ 86,210 $ 14,561 $ 15,024 $ 29,585
LESS:
Restructuring related inventory charges 5,139 2,850 7,989 2,005 2,005
Impairment charges 726 726
Special restructuring charges 786 1,257 478 2,725 5,246 1,512 3,231 4,743
Special acquisition amortization 2,110 2,110
Special other charges, net of recoveries (1,943 )     9,434   7,491   (1 ) 79   78  
OPERATING INCOME $ 20,907   $ 15,834   $ 19,866   $ 8,150   $ 64,757   $ 13,050   $ 7,599   $ 20,649  
 
ADJUSTED NET INCOME $ 13,916 $ 16,090 $ 16,827 $ 19,188 $ 66,019 $ 10,564 $ 9,357 $ 19,921
LESS:
Restructuring related inventory charges, net of tax 3,316 1,839 5,155 1,339 1,339
Impairment charges, net of tax 726 726
Special restructuring charges, net of tax 508 848 313 1,763 3,432 1,079 2,175 3,254
Special acquisition amortization, net of tax 1,409 1,409
Special other charges, net of recoveries, net of tax (1,224 )     7,544   6,320   (147 ) 53   (94 )
NET INCOME $ 14,632   $ 11,926   $ 14,675   $ 9,155   $ 50,386   $ 9,632   $ 4,381   $ 14,013  
 
ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.78 $ 0.91 $ 0.95 $ 1.08 $ 3.72 $ 0.60 $ 0.55 $ 1.15
LESS:
Restructuring related inventory charges, net of tax 0.19 0.10 0.29 0.08 0.08
Impairment charges, net of tax 0.04 0.04
Special restructuring charges, net of tax 0.03 0.05 0.02 0.10 0.20 0.06 0.13 0.19
Special acquisition amortization, net of tax 0.08 0.08
Special other charges, net of recoveries, net of tax (0.07 )     0.42   0.35        
EARNINGS PER COMMON SHARE (Diluted) $ 0.82   $ 0.67   $ 0.83   $ 0.51   $ 2.84   $ 0.54   $ 0.26   $ 0.81  
 
               
2014 2015
1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL 1ST QTR 2ND QTR TOTAL
EBITDA $ 26,230 $ 21,140 $ 24,202 $ 13,904 $ 85,475 $ 17,787 $ 14,180 $ 31,966
LESS:
Interest expense, net (918 ) (891 ) (436 ) (407 ) (2,652 ) (640 ) (805 ) (1,445 )
Depreciation (4,069 ) (4,116 ) (3,978 ) (4,283 ) (16,446 ) (3,521 ) (3,650 ) (7,171 )
Amortization (786 ) (805 ) (776 ) (749 ) (3,116 ) (710 ) (2,827 ) (3,537 )
(Provision) for benefit from income taxes (5,825 ) (3,402 ) (4,337 ) 690   (12,875 ) (3,284 ) (2,517 ) (5,800 )
NET INCOME $ 14,632   $ 11,926   $ 14,675   $ 9,155   $ 50,386   $ 9,632   $ 4,381   $ 14,013  
ADJUSTED EBITDA $ 25,073 $ 27,536 $ 27,530 $ 26,789 $ 106,927 $ 19,298 $ 19,495 $ 38,792
LESS:
Restructuring related inventory charges, net of tax (5,139 ) (2,850 ) (7,989 ) (2,005 ) (2,005 )
Impairment charges (726 ) (726 )
Special restructuring charges (786 ) (1,257 ) (478 ) (2,725 ) (5,246 ) (1,512 ) (3,231 ) (4,743 )
Special other charges, net of recoveries 1,943 (9,434 ) (7,491 ) 1 (79 ) (78 )
Interest expense, net (918 ) (891 ) (436 ) (407 ) (2,652 ) (640 ) (805 ) (1,445 )
Depreciation (4,069 ) (4,116 ) (3,978 ) (4,283 ) (16,446 ) (3,521 ) (3,650 ) (7,171 )
Amortization (786 ) (805 ) (776 ) (749 ) (3,116 ) (710 ) (2,827 ) (3,537 )
(Provision) for benefit from income taxes (5,825 ) (3,402 ) (4,337 ) 690   (12,875 ) (3,284 ) (2,517 ) (5,800 )
NET INCOME $ 14,632   $ 11,926   $ 14,675   $ 9,155   $ 50,386   $ 9,632   $ 4,381   $ 14,013  
 
 
CIRCOR INTERNATIONAL, INC.
RECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS
(in thousands, except per share data)
UNAUDITED
 
     
2014
1ST QTR 2ND QTR 3RD QTR 4TH QTR TOTAL
NET REVENUES EXCLUDING DIVESTITURES $ 198,204 $ 194,349 $ 189,705 $ 207,970 $ 790,228
ADD:
Energy divestiture 10,554 10,037 10,667 8,465 39,723
Aerospace & Defense divestiture 2,428   3,498   3,446   2,123   11,495
NET REVENUES $ 211,186   $ 207,884   $ 203,818   $ 218,558   $ 841,446
ADJUSTED EARNINGS PER SHARE EXCLUDING DIVESTITURES (Diluted) 0.79 0.88 0.89 1.05 3.61
ADD:
Divestitures (0.01 ) 0.03   0.06   0.03   0.11
ADJUSTED EARNINGS PER SHARE (Diluted) $ 0.78   $ 0.91   $ 0.95   $ 1.08   $ 3.72
 

Source: CIRCOR International, Inc.

CIRCOR International
Rajeev Bhalla, 781-270-1200
Executive Vice President & Chief Financial Officer