CIRCOR (CIR) Reports In-Line Q1 EPS, Offers Q2 and FY Guidance

May 12, 2021 6:11 AM EDT

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CIRCOR (NYSE: CIR) reported Q1 EPS of $0.24, in-line with the analyst estimate of $0.24. Revenue for the quarter came in at $181 million versus the consensus estimate of $187.95 million.

GUIDANCE:

CIRCOR sees Q2 2021 EPS of $0.30-$0.35, versus the consensus of $0.54.

  • In the second quarter of 2021, CIRCOR expects reported revenue to increase from 0 to 2% and organic revenue to decline (2) - (4)%. On a reported basis, Industrial revenue is expected to grow 1 to 4% led by our shorter cycle businesses and Aerospace & Defense revenue is expected to decrease 0 to (5)% driven by continued lower demand in Commercial Aerospace and timing of Defense shipments. In both businesses, strong orders in the first quarter will lead to higher deliveries in the second half of 2021. In addition, CIRCOR expects adjusted EPS of $0.30 to $0.35 and free cash flow is expected to be breakeven to slightly negative.

CIRCOR sees FY2021 EPS of $2.10-$2.30, versus the consensus of $2.11.

  • For the full year of 2021, CIRCOR now expects organic revenue growth in the range of 2 to 4% (previously 0 to 4%) and Adjusted EPS of $2.10 to $2.30 (previously $2.00 to $2.20). This updated guidance reflects our latest view of the Industrial business, which is now expected to grow low to mid-single digits, and increased confidence in our Aerospace & Defense outlook. We continue to expect adjusted net income to free cash flow conversion to be 85% to 95% and will use 2021 free cash flow to deleverage CIRCOR.

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



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