CIRCOR Reports Financial Results for First Quarter Ended April 2, 2023

Q1 Orders up 9% Reported and 13% Organically YoY
Q1 GAAP Operating Income of $17.9 Million, Up 252% YoY; Adjusted Operating Income of $28.4 Million, Up 173% YoY
Q1 GAAP EPS of $(0.02), Up $1.04 YoY Increases +98 %; Adjusted EPS of $0.53, Up $0.48 YoY Increases +960%
Progressing with Review of Strategic Alternatives

CIRCOR International, Inc. (NYSE: CIR) (“CIRCOR” or “the Company”), one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets, today announced financial results for the first quarter ended April 2, 2023.

Q1 2023 Overview (compared with Q1 2022):

Revenue of $203 million up 9% reported and 13% organically
- Aerospace & Defense revenue of $69 million, up 8% reported and 10% organically
- Industrial revenue of $135 million, up 10% reported and up 15% organically
Orders of $242 million, up 9% and 13% organically
- Aerospace & Defense orders of $84 million, up 8% and 12% organically
- Industrial orders of $158 million, up 10% and 14% organically
GAAP operating income of $17.9 million, up 252%
GAAP operating margin of 8.8%, up 1510 bps
Adjusted operating income of $28.4 million, up 173%
Adjusted operating margin of 14.0%, up 840 bps

President and CEO Tony Najjar said, "Strong orders momentum continued in the first quarter, reflecting our focus on customers and the execution of our growth strategy. Our team delivered organic orders growth of 13%, which was supported by both segments. We benefited from the continued recovery in the commercial aerospace market, strength in our Naval Defense programs, Industrial aftermarket, and value pricing in both the foremarket and aftermarket. Our backlog at the end of Q1 2023 was up 22% to a record $584 million.”

“Our value pricing initiatives, cost controls, and simplification actions continued to serve as growth and margin expansion levers during the quarter," Mr. Najjar continued. "We delivered a 173% increase in first-quarter adjusted operating income and an 840 basis-point improvement in adjusted operating margin supported by both segments. Our year-over-year results represented another step change in margin performance driven by the significant margin expansion in our Industrial and A&D segments. With the actions taken, and our team’s continued operating discipline and focus on our customers, we believe we are well positioned to deliver sustained growth and shareholder value.”

Strategic Review

Related to the Company’s previously announced review of strategic alternatives, CIRCOR’s Board of Directors, supported by external advisors and the management team, continues to progress with the review. Through its external advisors, the Board is in dialogue with a number of parties that have expressed interest in acquiring all or parts of the Company. The Company may suspend or terminate the review at any time and does not intend to make further announcements regarding the process unless and until the Board of Directors approves a course of action for which further disclosure is required or appropriate. The exploration of strategic alternatives may not result in any transaction or strategic change.

Conference Call Information

CIRCOR International will hold a conference call to review its first quarter 2023 financial results at 9:00 a.m. ET today, May 11, 2023. The call may also include discussion of Company developments, and forward-looking and other material information about business and financial matters. To listen to the live conference call and view the accompanying presentation slides, please visit “Webcasts & Presentations” in the “Investors” portion of CIRCOR’s website. https://investors.circor.com/. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. Participants are encouraged to dial in to the call at least 15 minutes prior to the start time. The webcast will be archived on the Company’s website for one year.

Selected Consolidated Results (unaudited)

($ millions except EPS)

Q1 2023

Q1 2022

Change

Revenue1

203.1

185.7

GAAP operating income (loss)

17.9

(11.8

)

252%

Adjusted operating income2

28.4

10.4

173%

GAAP operating margin

8.8

(6.3

1510 bps

Adjusted operating margin3

14.0

5.6

840 bps

GAAP (loss) per share

(0.02

)

(1.06

)

98%

Adjusted earnings per share (diluted)4

0.53

0.05

960%

Operating cash flow

(13.9

)

(15.9

)

14%

Adjusted free cash flow5

(16.6

)

(19.5

)

15%

Orders6

242.1

221.6

Segment Results (unaudited)

($ in millions)

Q1 2023

Q1 2022

Change

Aerospace & Defense

Revenue

68.6

63.4

Segment operating income

14.7

11.3

30%

Segment operating margin

21.5

17.9

360 bps

Orders6

84.4

77.9

Industrial

Revenue1

134.5

122.3

10%

Segment operating income2

20.4

6.9

196%

Segment operating margin3

15.2

5.6

960 bps

Orders6

157.7

143.7

10%

Consolidated and Industrial segment revenues for Q1 2023 and Q1 2022 included $0.0 million and $3.0 million, respectively, relating to our Pipeline Engineering business.
Adjusted operating income is a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Adjusted operating income and Industrial segment operating income for the Q1 2023 and Q1 2022 included $0.1 million and $(3.2) million, respectively, relating to our Pipeline Engineering business.
Adjusted operating margin is a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Adjusted operating margin for Q1 2023 and Q1 2022 included 0% and (61)%, respectively, relating to our Pipeline Engineering business.
Adjusted earnings per share (diluted) is a non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Adjusted earnings per share and our segment results for Q1 2023 exclude net loss from non-cash acquisition-related intangible amortization and special and restructuring charges of $10.5 million, consisting of (i) $9.0 million for non-cash acquisition-related intangible amortization and depreciation expense; (ii) $1.3 million of special charges related to the evaluation of strategic alternatives for the Company; and (iii) other special and restructuring charges net of $0.2 million. Adjusted consolidated and segment results for Q1 2022 exclude net loss from non-cash acquisition-related intangible amortization and special and restructuring charges of $22.2 million. These charges include: (i) $10.4 million for non-cash acquisition-related intangible amortization and depreciation expense; (ii) $8.7 million of restructuring costs associated with the exit of the Pipeline Engineering business; (iii) $1.3 million costs due to the investigation into the accounting irregularities of the Pipeline Engineering business; (iv) $0.9 million charge for severance related to the former CEO; and (v) $0.9 million of other special and restructuring costs.
Adjusted free cash flow, a non-GAAP financial measure, is calculated by subtracting GAAP capital expenditures, net of proceeds from asset sales and third party funding, from GAAP operating cash flow. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release. Refer to “Use of Non-GAAP Financial Measures” for an explanation of our non-GAAP financial measures and to the reconciliations included in this press release.
Orders, an operating measure, is defined as a legally binding agreement from an authorized individual at a customer requesting CIRCOR to provide goods and/or services at a fixed or determinable price and CIRCOR is capable of providing such goods and services, when the terms and conditions are firm enough to assure subsequent payment by the customer. Consolidated and Industrial segment orders for Q1 2023 and Q1 2022 included $0.0 million and $2.3 million, respectively, relating to our Pipeline Engineering business.

Use of Non-GAAP Financial Measures

In this press release, the Company uses the non-GAAP financial measures adjusted net income, adjusted EBITDA, adjusted operating income, adjusted operating margin, adjusted earnings per share, adjusted free cash flow, and gross debt, net of cash. Non-GAAP financial measures are used by management in our financial and operating decision making because we believe they reflect our ongoing business and facilitate period-to-period comparisons. We believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating CIRCOR’s current operating performance and future prospects in the same manner as management does if they so choose. These non-GAAP financial measures can also assist investors and others in comparing CIRCOR’s current financial results with CIRCOR’s past financial results in a consistent manner.

We exclude costs and tax effects associated with special and restructuring activities, such as reducing overhead and consolidating facilities. We believe that the costs related to special and restructuring activities are not indicative of our normal operating costs. We exclude certain acquisition-related costs, including significant transaction costs and amortization of inventory and fixed-asset step-ups and the related tax effects. We exclude these costs because we do not believe they are indicative of our normal operating costs.

We exclude the expense and tax effects associated with the non-cash amortization of acquisition-related intangible assets because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have lives up to 25 years. Exclusion of the non-cash amortization expense allows comparisons of operating results that are consistent over time for both our newly acquired and long-held businesses and with both acquisitive and non-acquisitive peer companies.

We exclude certain gains/losses and related tax effects, which are either isolated or cannot be expected to occur again with any predictability, and that we believe are not indicative of our normal operating gains and losses. For example, we exclude gains/losses from items such as the sale of a business, significant litigation-related matters and lump-sum pension plan settlements. We exclude the results of discontinued operations. We exclude goodwill impairment charges. We exclude these costs because we do not believe they are indicative of our normal operating costs.

Due to the significance of recently sold or exited businesses and to provide a comparison of changes in our revenue and orders (an operating measure), we also discuss these changes on an “organic” basis. Organic is calculated assuming the divestitures and/or exited businesses completed prior to April 2, 2023 were completed on January 1, 2022 and excluding the impact of changes in foreign currency exchange rates.

CIRCOR’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring the Company’s operating performance and comparing such performance to that of prior periods and to the performance of our peers. We use such measures when publicly providing our business outlook, assessing future earnings potential, evaluating potential acquisitions and dispositions and in our financial and operating decision-making process, including for compensation purposes.

Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition and not as a substitute for or superior to, any measure of performance, cash flow or liquidity prepared in accordance with accounting principles generally accepted in the United States. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is included in this news release.

About CIRCOR International, Inc.

CIRCOR International is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,060 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements that address expectations or projections about the future, including with respect to the Company’s expectations for its performance in 2023 or relating to the Company’s strategic review are forward-looking statements. Actual results may differ materially from the expectations the Company describes in its forward-looking statements. Substantial 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. Important factors that could cause actual results to differ materially from expectations include, but are not limited to the inability to achieve expected results in pricing and cost out actions and the related impact on margins and cash flow; the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the remediation of the material weaknesses in the Company’s internal controls over financial reporting or other potential weaknesses of which the Company is not currently aware or which have not been detected; the timing and outcome, if any, of the Company’s strategic alternatives review; the uncertainty associated with the current worldwide economic conditions and the continuing impact on economic and financial conditions in the United States and around the world, including as a result of COVID-19, rising inflation, increasing interest rates, natural disasters, military conflicts, including the conflict between Russia and Ukraine, terrorist attacks and other similar matters, and the risks detailed from time to time in the Company’s periodic reports filed with the Securities Exchange Commission. Before making any investment decisions regarding CIRCOR, the Company strongly advises you to read the section entitled “Risk Factors” in its 2022 annual report on Form 10-K, which can be accessed under the “Investors” link of the Company’s website at www.circor.com. These forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

CIRCOR INTERNATIONAL, INC CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except per share data) (unaudited)

Three Months Ended

April 2, 2023

April 3, 2022

Net revenues

203,097

185,655

Cost of revenues

129,031

130,372

Gross profit

74,066

55,283

Selling, general and administrative expenses

54,666

58,069

Special and restructuring charges, net

1,484

9,003

Operating income (loss)

17,916

(11,789

)

Other expense (income):

Interest expense, net

14,528

9,456

Other expense (income), net

214

(1,287

)

Total other expense, net

14,742

8,169

Income (loss) before income taxes

3,174

(19,958

)

Provision for income taxes

3,581

1,523

Net loss

(407

)

(21,481

)

Net loss per share (basic and diluted)

(0.02

)

(1.06

)

Weighted-average common shares (basic and diluted)

20,368

20,310

CIRCOR INTERNATIONAL, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

Three Months Ended

April 2, 2023

April 3, 2022

OPERATING ACTIVITIES

Net loss

(407

)

(21,481

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation

4,712

5,000

Amortization

7,925

9,397

Change in provision for bad debt expense

(350

)

(89

)

Write down of inventory

1,497

439

Compensation expense for share-based plans

1033

(84

)

Amortization of debt issuance costs

975

514

Other impairment charges

—

8,011

Changes in operating assets and liabilities:

Trade accounts receivable

237

4,242

Inventories

(17,971

)

(15,465

)

Prepaid expenses and other assets

(4,811

)

(5,671

)

Accounts payable, accrued expenses and other liabilities

(6,766

)

(737

)

Net cash used in operating activities

(13,926

)

(15,924

)

INVESTING ACTIVITIES

Additions to property, plant and equipment

(5,045

)

(3,607

)

Proceeds from the sale of property, plant and equipment

Supplier funding

2,370

—

Proceeds from beneficial interest of factored receivables

1,097

927

Net cash used in investing activities

(1,540

)

(2,665

)

FINANCING ACTIVITIES

Proceeds from long-term debt

53,475

51,325

Payments of long-term debt

(50,800

)

(30,875

)

Net change in short-term borrowings

—

925

Withholding tax payments on net share settlements on equity awards

(450

)

(821

)

Net cash used in continuing financing activities

2,225

—

Net cash provided by financing activities

2,225

20,554

Effect of exchange rate changes on cash, cash equivalents and restricted cash

537

(712

)

(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

(12,704

)

1,253

Cash, cash equivalents, and restricted cash at beginning of period

66,724

61,374

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD

54,020

62,627

CIRCOR INTERNATIONAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data) (unaudited)

April 2, 2023

December 31, 2022

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

52,080

64,275

Trade accounts receivable, net

111,557

109,754

Inventories

156,967

139,786

Prepaid expenses and other current assets

120,124

117,766

Total Current Assets

440,728

431,581

PROPERTY, PLANT AND EQUIPMENT, NET

142,147

141,141

OTHER ASSETS:

Goodwill

120,114

119,847

Intangibles, net

249,379

256,338

Lease right-of-use assets, net

41,389

42,491

Deferred income taxes

507

512

Other assets

21,465

20,777

TOTAL ASSETS

1,015,729

1,012,687

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

80,224

78,778

Accrued expenses and other current liabilities

83,695

84,510

Accrued compensation and benefits

28,100

30,817

Total Current Liabilities

192,019

194,105

LONG-TERM DEBT

500,042

496,534

DEFERRED INCOME TAXES

18,422

18,238

PENSION LIABILITY, NET

87,090

85,968

LONG-TERM LEASE LIABILITIES

37,618

38,480

OTHER NON-CURRENT LIABILITIES

19,300

20,316

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY:

Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding at April 2, 2023 and December 31, 2022

—

Common stock, $0.01 par value; 29,000,000 shares authorized; 21,762,933 and 21,736,911 issued at April 2, 2023 and December 31, 2022, respectively

218

Additional paid-in capital

456,685

456,102

Accumulated deficit

(179,100

)

(178,693

)

Common treasury stock, at cost (1,372,488 shares at April 2, 2023 and December 31, 2022)

(74,472

)

(74,472

)

Accumulated other comprehensive loss, net of tax

(42,093

)

(44,109

)

Total Shareholders’ Equity

161,238

159,046

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

1,015,729

1,012,687

CIRCOR INTERNATIONAL, INC. SUMMARY OF ORDERS AND BACKLOG (in millions) (unaudited)

Three Months Ended

April 2, 2023

April 3, 2022

ORDERS (1)

Aerospace & Defense

84.4

77.9

Industrial

157.7

143.7

Total orders

242.1

221.6

April 2, 2023

April 3, 2022

BACKLOG (2)

Aerospace & Defense

224.8

199.7

Industrial

358.8

276.8

Total backlog

583.6

476.5

1. Orders do not include the foreign exchange impact due to the re-measurement of customer backlog amounts denominated in foreign currencies. Industrial includes $0.0 million and $2.3 million orders in Pipeline Engineering for the three months ended April 2, 2023 and April 3, 2022 respectively.

2. Backlog includes unshipped customer orders for which revenue has not been recognized.

CIRCOR INTERNATIONAL, INC. SEGMENT INFORMATION (in thousands, except percentages) (unaudited)

2022

2023

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

TOTAL

ORDERS

Aerospace & Defense

77,890

69,053

90,486

70,778

308,207

84,400

Industrial

143,727

139,370

137,848

178,069

599,014

157,705

Total

221,617

208,423

228,334

248,847

907,221

242,105

NET REVENUES

Aerospace & Defense

63,370

67,271

72,219

79,855

282,715

68,551

Industrial

122,285

124,105

123,143

134,672

504,204

134,546

Total

185,655

191,376

195,362

214,527

786,919

203,097

SEGMENT OPERATING INCOME

Aerospace & Defense

11,320

13,566

16,891

21,807

63,584

14,714

Industrial

6,857

8,484

15,717

18,244

49,302

20,402

Corporate expenses

(7,770

)

(5,485

)

(5,301

)

(6,828

)

(25,384

)

(6,743

)

(6,743

)

Total

10,407

16,565

27,307

33,223

87,502

28,373

SEGMENT OPERATING MARGIN %

Aerospace & Defense

17.9

20.2

23.4

27.3

22.5

21.5

Industrial

5.6

6.8

12.8

13.5

9.8

15.2

Total

5.6

8.7

14.0

15.5

11.1

14.0

2022

2023

Pipeline Engineering1

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

TOTAL

ORDERS - Industrial

2,260

—

2,260

—

NET REVENUES - Industrial

3,012

218

3,249

—

SEGMENT OP. INC. -Industrial

(3,190

)

(1,074

)

(150

)

(4,388

)

125

Segment Operating Margin %

(105.9

(492.7

(1875.0

236.4

(135.1

Quantifies the impact of the Pipeline Engineering business on the Industrial Segment.

CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)

2022

2023

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

TOTAL

Net Cash (Used In) Provided By Operating Activities

(15,924

)

(3,593

)

(9,815

)

28,511

(821

)

(13,926

)

(13,926

)

LESS

Capital expenditures, net of sale proceeds1

3,592

5,461

4,156

8,675

21,884

2,637

ADJUSTED FREE CASH FLOW

(19,516

)

(9,054

)

(13,971

)

19,836

(22,705

)

(16,563

)

(16,563

)

Gross Debt

547,681

543,100

522,975

516,925

519,600

Less: Cash & Cash equivalents

61,122

55,238

47,131

64,275

52,080

GROSS DEBT, NET OF CASH

486,559

487,862

475,844

452,650

467,520

TOTAL SHAREHOLDERS' EQUITY

110,321

103,663

122,082

159,046

161,238

GROSS DEBT AS % OF EQUITY

496

524

428

325

322

GROSS DEBT, NET OF CASH AS % OF EQUITY

441

471

390

285

290

Includes capital expenditures, net of proceeds of asset sales and third party funding for asset purchases from GAAP operating cash flow.

CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)

2022

2023

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

TOTAL

NET (LOSS) INCOME

(21,481

)

3,960

31,470

5,439

19,388

(407

)

(407

)

LESS:

Restructuring related inventory charges (recoveries), net

2,757

—

2,757

—

Restructuring charges (recoveries), net

6,447

4,695

(173

)

11,066

(216

)

(216

)

Acquisition amortization

9,391

9,178

9,118

8,651

36,338

7,920

Acquisition depreciation

1,045

1,239

1,335

995

4,614

1,053

Special (recoveries) charges, net

2,556

(10,425

)

(25,529

)

3,319

(30,079

)

1,700

Income tax impact

384

(2,207

)

(2,066

)

(2,739

)

(6,628

)

843

ADJUSTED NET INCOME

1,099

6,440

14,155

15,762

37,456

10,893

(LOSS) EARNINGS PER COMMON SHARE (Diluted)

(1.06

)

0.19

1.54

0.27

0.95

(0.02

)

(0.02

)

LESS:

Restructuring related inventory charges

0.14

—

0.14

—

Restructuring charges (recoveries), net

0.32

0.23

(0.01

)

—

0.54

(0.01

)

(0.01

)

Acquisition amortization

0.46

0.45

0.42

1.78

0.39

Acquisition depreciation

0.05

0.06

0.07

0.05

0.23

0.05

Special (recoveries) charges, net

0.13

(0.51

)

(1.25

)

0.16

(1.47

)

0.08

Income tax impact

0.02

(0.11

)

(0.10

)

(0.13

)

(0.32

)

0.04

ADJUSTED EARNINGS PER SHARE (Diluted)

0.05

0.32

0.69

0.77

1.83

0.53

CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)

2022

2023

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

TOTAL

NET INCOME (LOSS)

(21,481

)

3,960

31,470

5,439

19,388

(407

)

(407

)

LESS:

Interest expense, net

9,456

10,203

11,821

13,405

44,886

14,528

Depreciation

5,000

5,056

4,956

4,679

19,691

4,712

Amortization

9,397

9,183

9,124

8,656

36,360

7,925

Provision for income taxes

1,523

(647

)

1,661

1,742

4,279

3,581

EBITDA

3,895

27,755

59,032

33,921

124,604

30,339

LESS:

Restructuring related inventory charges (recoveries)

2,757

—

2,757

—

Restructuring charges (recoveries), net

6,447

4,695

(173

)

11,066

(216

)

(216

)

Special (recoveries) charges, net

2,556

(10,425

)

(25,529

)

3,319

(30,079

)

1,700

ADJUSTED EBITDA

15,655

22,025

33,330

37,337

108,348

31,823

CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)

2022

2023

1ST QTR

2ND QTR

3RD QTR

4TH QTR

TOTAL

1ST QTR

TOTAL

OPERATING (LOSS) INCOME

(11,789

)

11,878

42,556

20,161

62,806

17,916

LESS:

Restructuring related inventory charges (recoveries)

2,757

—

2,757

—

Restructuring charges (recoveries), net

6,447

4,695

(173

)

11,066

(216

)

(216

)

Acquisition amortization

9,391

9,178

9,118

8,651

36,338

7,920

Acquisition depreciation

1,045

1,239

1,335

995

4,614

1,053

Special (recoveries) charges, net

2,556

(10,425

)

(25,529

)

3,319

(30,079

)

1,700

ADJUSTED OPERATING INCOME

10,407

16,565

27,307

33,223

87,502

28,373

OPERATING MARGIN

(6.3

) %

6.2

21.8

9.4

8.0

8.8

LESS:

Restructuring related inventory charges (recoveries)

1.5

0.0

0.4

0.0

Restructuring charges (recoveries), net

3.5

2.5

(0.1

0.0

1.4

(0.1

) %

(0.1

Acquisition amortization

5.1

4.8

4.7

4.0

4.6

3.9

Acquisition depreciation

0.6

0.7

0.5

0.6

0.5

Special (recoveries) charges, net

1.4

(5.4

) %

(13.1

1.5

(3.8

0.8

ADJUSTED OPERATING MARGIN

5.6

8.7

14.0

15.5

11.1

14.0

CIRCOR INTERNATIONAL, INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE MEASURES (in thousands, except percentages) (unaudited)

Q1'23 Organic Orders and Revenue

CIRCOR

Aerospace & Defense

Industrial

1Q 23

1Q 22

Variance

1Q 23

1Q 22

Variance

1Q 23

1Q 22

Variance

Orders

242,105

221,617

84,400

77,890

157,705

143,727

10%

Divestitures

—

8,291

2,499

5,792

Organic

250,395

221,617

13%

86,899

77,890

12%

163,497

143,727

14%

CIRCOR

Aerospace & Defense

Industrial

1Q 23

1Q 22

Variance

1Q 23

1Q 22

Variance

1Q 23

1Q 22

Variance

Revenue

203,097

185,655

68,551

63,370

134,546

122,285

10%

Divestitures

—

6,709

1,191

5,518

Organic

209,806

185,655

13%

69,742

63,370

10%

140,064

122,285

15%

Note regarding financial statements: Financial amounts are computed independently each quarter; therefore, the sum of the quarterly amounts may not equal the total amount for the respective year due to rounding.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510005972/en/

Scott Solomon Senior Vice President Sharon Merrill Associates, Inc. (857) 383-2409

CIRCOR (NYSE:CIR)
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