CIRCOR Sees Prelim. Q3 Adj. EPS $0.48 vs $0.47 Est.. Sales $252M vs $251.93M Est.

Third-Quarter 2019 Highlights Results including Distributed Valves (consistent with guidance) Revenue of $252 million Adjusted Earnings per Share of $0.48 Results from continuing

Benzinga · 11/06/2019 13:02

Third-Quarter 2019 Highlights

  • Results including Distributed Valves (consistent with guidance)
    • Revenue of $252 million
    • Adjusted Earnings per Share of $0.48
  • Results from continuing operations excluding divestitures
    • Revenue of $237 million
    • Preliminary GAAP Loss per Share of ($1.05)
    • Adjusted Earnings per Share of $0.63
    • Preliminary GAAP operating margin of (1.0)%
    • Adjusted Operating Margin of 11.0% (excluding divestitures)
  • Completed divestiture of non-core Engineered Valves
  • Completed divestiture of non-core Spence and Nicholson Product lines for ~$85M
  • Announced intention to exit non-core Distributed Valves now classified as discontinued operations
  • Debt Paydown of $89 million in the quarter; $148 million YTD
  • On track to deliver 2019 and 2020 targets communicated in 18-month plan