Circor International Q1 Profit Increases; Tops Estimate - Quick Facts

(RTTNews) - Circor International, Inc. (CIR), a provider of valves and other highly engineered products for markets including oil & gas, power generation and aerospace & defense, reported that net income first quarter ended March 30, 2014 increased to $14.63 million or $0.82 per share, from $7.91 million or $0.45 per share in the same quarter last year.

Adjusted earnings per share grew to $0.78 from $0.52 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter rose to $211.19 million from $205.40 million in the prior year quarter. Four analysts had consensus revenue estimate of $208.06 million for the quarter.

"Q1 order intake was down over last year primarily due to orders from our project businesses, which can vary significantly from quarter to quarter. We remain bullish on our energy end markets and expect solid order intake for the full year," said Scott Buckhout, President and Chief Executive Officer.

"Today we are announcing an investment program to accelerate organic growth. We intend to invest approximately $7 million to increase the size our sales force in growing markets, open international sales offices in Brazil and Malaysia, and increase our investment in new products. These actions will be entirely funded with a reduction in G&A expenses and the closure of three small facilities," concluded Buckhout.

For the second quarter of 2014, the company expects adjusted earnings per share, excluding special charges, to be in the range of $0.88 to $0.94; and, Restructuring related costs of approximately $5 million to $6 million. Revenues is expected to be in the range of $220 million to $230 million. Analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share and revenues of $228.99 million for the second-quarter.