CIRCOR (CIR) Tops Q4 EPS by 5c, Revenues Beat; Offers Q1 EPS Mid-Point Guidance Below Consensus, Q1 Revenue Outlook Below Consensus

CIRCOR (NYSE: CIR) reported Q4 EPS of $0.82, $0.05 better than the analyst estimate of $0.77. Revenue for the quarter came in at $242.6 million versus the consensus estimate of $241.36 million.

“We ended the year with another solid quarter, delivering a record 13.3% adjusted operating margin from continuing operations, up 190 basis points from a year ago,” said Scott Buckhout, President and Chief Executive Officer. “In January we sold our Instrumentation and Sampling business for $172 million with net proceeds going to further reduce debt.”

“We delivered on our 2019 goal to achieve substantial earnings growth while deleveraging the Company,” Mr. Buckhout continued. “Since January 2019, we have generated over $340 million in proceeds from non-core asset sales, enabling CIRCOR to accelerate the reduction of debt."

“Looking ahead, we are on track to deliver our 2020 commitments. We continue to focus on driving long-term growth, expanding margins, generating strong free cash flow, and deleveraging as we drive value for our shareholders,” concluded Mr. Buckhout.

GUIDANCE:

CIRCOR sees Q1 2020 EPS of $0.50-$0.60, versus the consensus of $0.59. CIRCOR sees Q1 2020 revenue of $190-205 million, versus the consensus of $220.29 million.

• For the first quarter of 2020, CIRCOR expects revenue in the range of $190 million to $205 million, and GAAP loss per share in the range of $(0.25) to $(0.05), which reflects acquisition-related amortization expense of $(0.48) and other special and restructuring (charges) gains of $(0.27) to $(0.17). Excluding the impact of amortization, special and restructuring (charges) gains, adjusted EPS is expected to be in the range of $0.50 to $0.60 per share.

For earnings history and earnings-related data on CIRCOR (CIR) click here.

You May Also Be Interested In

• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• Western Digital (WDC) posts FQ3 earnings, revenue beat; shares down
• Central Securities (CET) Releases Report to Stockholders