CIRCOR International Inc. (CIR, Financial) filed Quarterly Report for the period ended 2012-09-30.
Circor International, Inc. has a market cap of $599.8 million; its shares were traded at around $38.11 with a P/E ratio of 14.7 and P/S ratio of 0.7. The dividend yield of Circor International, Inc. stocks is 0.4%.
Aerospace segment revenues decreased by $0.9 million, or 3%, for the three months ended September 30, 2012 compared to the same period in 2011. The decrease was primarily due to lower landing gear shipments and unfavorable foreign currency fluctuations of $1.0 million, partially offset by gains in the other areas. Orders for this segment decreased $19.9 million to $42.9 million for the three months ended September 30, 2012 compared to $62.8 million for the same period in 2011. This order decline was primarily due to a $26.0 million multi-year military landing gear order placed in the third quarter of 2011. Order backlog increased $2.3 million to $162.7 million as of September 30, 2012 compared to $160.4 million million as of October 2, 2011.
Flow Technologies segment revenues decreased by $5.9 million, or 8%, for the three months ended September 30, 2012 compared to the same period in 2011. The revenue decrease was due to net organic declines of $4.4 million and unfavorable foreign currency fluctuations of $1.5 million. The organic revenue decline was primarily due to lower light emitting diode (“LED”) equipment shipments, partially offset by organic growth across other businesses. This segment s customer orders decreased $6.4 million to $64.5 million for the three months ended September 30, 2012 compared to $70.9 million for the same period in 2011 primarily due to weakness in the LED equipment market and market slowdown in Europe. Order backlog decreased $6.6 million to $71.2 million as of September 30, 2012 compared to $77.8 million as of October 2, 2011, primarily driven by the shipment of Navy backlog and lower LED equipment orders.
Gross profit for the Energy segment increased $8.5 million, or 38%, for the three months ended September 30, 2012 compared to the same period in 2011. The gross profit increase was primarily due to $10.0 million of organic increases, partially offset by $0.9 million in inventory repositioning charges at our Brazil operations and $0.6 million in unfavorable foreign exchange rates compared to the U.S. dollar. Gross margins improved 640 basis points to 27.8% for the three months ended September 30, 2012 compared to 21.4% for the same period in 2011. This increase was primarily driven by favorable penalty reserve adjustments and pricing within our large international project business.
Energy segment revenues increased by $48.3 million, or 17%, for the nine months ended September 30, 2012 compared to the nine months ended October 2, 2011. The increase was primarily driven by $60.4 million of organic growth across most markets with large increases in both the short-cycle North American market and in large international project shipments partially offset by lower pipeline shipments. In addition, this year over year increase was due to $1.5 million in additional revenue from the first quarter 2011 acquisition of Valvulas S.F. Industria e Comercio Ltda. (“SF Valves”) located in Brazil, partially offset by unfavorable foreign currency fluctuations of $13.6 million. Energy segment orders increased $71.4 million to $382.0 million for the nine months ended September 30, 2012 compared to $310.6 million for the same period in 2011, primarily due to improvements in mostly large international projects and North American short-cycle orders.
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Circor International, Inc. has a market cap of $599.8 million; its shares were traded at around $38.11 with a P/E ratio of 14.7 and P/S ratio of 0.7. The dividend yield of Circor International, Inc. stocks is 0.4%.
Highlight of Business Operations:
Energy segment revenues increased by $6.7 million, or 6%, for the three months ended September 30, 2012 compared to the three months ended October 2, 2011. The increase was primarily driven by $11.7 million of organic growth across most markets with increases in the short-cycle North American and large international project markets, partially offset by lower pipeline shipments. The increase was also partially offset by unfavorable foreign currency fluctuations of $5.1 million. Energy segment orders increased $24.5 million to $118.1 million for the three months ended September 30, 2012 compared to $93.6 million for the same period in 2011 primarily due to higher international project and pipeline orders. Backlog for our Energy segment has increased $8.4 million to $210.4 million as of September 30, 2012 compared to $202.0 million as of October 2, 2011. The increases in backlog was primarily due to higher order levels within our large international project business, partially offset by ongoing shipments of a large pipeline project booked in 2010 and slightly lower short-cycle backlog.Aerospace segment revenues decreased by $0.9 million, or 3%, for the three months ended September 30, 2012 compared to the same period in 2011. The decrease was primarily due to lower landing gear shipments and unfavorable foreign currency fluctuations of $1.0 million, partially offset by gains in the other areas. Orders for this segment decreased $19.9 million to $42.9 million for the three months ended September 30, 2012 compared to $62.8 million for the same period in 2011. This order decline was primarily due to a $26.0 million multi-year military landing gear order placed in the third quarter of 2011. Order backlog increased $2.3 million to $162.7 million as of September 30, 2012 compared to $160.4 million million as of October 2, 2011.
Flow Technologies segment revenues decreased by $5.9 million, or 8%, for the three months ended September 30, 2012 compared to the same period in 2011. The revenue decrease was due to net organic declines of $4.4 million and unfavorable foreign currency fluctuations of $1.5 million. The organic revenue decline was primarily due to lower light emitting diode (“LED”) equipment shipments, partially offset by organic growth across other businesses. This segment s customer orders decreased $6.4 million to $64.5 million for the three months ended September 30, 2012 compared to $70.9 million for the same period in 2011 primarily due to weakness in the LED equipment market and market slowdown in Europe. Order backlog decreased $6.6 million to $71.2 million as of September 30, 2012 compared to $77.8 million as of October 2, 2011, primarily driven by the shipment of Navy backlog and lower LED equipment orders.
Gross profit for the Energy segment increased $8.5 million, or 38%, for the three months ended September 30, 2012 compared to the same period in 2011. The gross profit increase was primarily due to $10.0 million of organic increases, partially offset by $0.9 million in inventory repositioning charges at our Brazil operations and $0.6 million in unfavorable foreign exchange rates compared to the U.S. dollar. Gross margins improved 640 basis points to 27.8% for the three months ended September 30, 2012 compared to 21.4% for the same period in 2011. This increase was primarily driven by favorable penalty reserve adjustments and pricing within our large international project business.
Energy segment revenues increased by $48.3 million, or 17%, for the nine months ended September 30, 2012 compared to the nine months ended October 2, 2011. The increase was primarily driven by $60.4 million of organic growth across most markets with large increases in both the short-cycle North American market and in large international project shipments partially offset by lower pipeline shipments. In addition, this year over year increase was due to $1.5 million in additional revenue from the first quarter 2011 acquisition of Valvulas S.F. Industria e Comercio Ltda. (“SF Valves”) located in Brazil, partially offset by unfavorable foreign currency fluctuations of $13.6 million. Energy segment orders increased $71.4 million to $382.0 million for the nine months ended September 30, 2012 compared to $310.6 million for the same period in 2011, primarily due to improvements in mostly large international projects and North American short-cycle orders.
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