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ERROR: type should be string, got "https://apnews.com/Business%2520Wire/fda0d71fa14b444793be13e4883d28bd\nCIRCOR Reports Preliminary Third-Quarter 2019 Financial Results\nBURLINGTON, Mass.--(BUSINESS WIRE)--Nov 6, 2019--\nCIRCOR International, Inc. (NYSE: CIR), a leading provider of flow control solutions and other highly engineered products for the Industrial, Aerospace & Defense, and Energy markets, today announced adjusted and preliminary GAAP financial results for the third quarter ended September 29, 2019.\nThe results presented in this press release are considered preliminary, as the Company has not completed its review procedures related to reporting discontinued operations and related impairments and associated tax effects. As the Company completes its review, material adjustments may arise between the date of this press release and the date the Company files with the Securities and Exchange Commission its Quarterly Report on Form 10-Q for the quarter ended September 29, 2019.\nThird-Quarter 2019 Highlights\n“We had a solid third-quarter 2019 with continuing operations delivering 7% organic revenue growth and 11.0% adjusted operating margin, up 160 basis points from a year ago,” said Scott Buckhout, President and Chief Executive Officer. “Consistent with our stated strategy to exit commodity businesses, simplify the Company, and accelerate the deleveraging process, we completed divestures of two non-core businesses and reduced our debt by $89 million during the quarter. In October, we announced our intention to sell our Distributed Valves business, in-line with our strategic shift away from upstream oil and gas and focus on more attractive end markets with enhanced growth and earnings potential.\n“Our third quarter performance and outlook for the remainder of the year are in-line with the targets communicated in our 18-month plan. We remain committed to driving long-term growth, expanding margins, generating strong free cash flow, and deleveraging the Company as we drive value for shareholders,” concluded Mr. Buckhout.\nFourth-Quarter 2019 Guidance\nFor the fourth quarter of 2019, CIRCOR expects revenue in the range of $238 million to $248 million, and GAAP earnings per share from continuing operations in the range of $0.03 to $0.19, which reflects acquisition-related amortization expense of $(0.49), and other special and restructuring charges of $(0.24) to $(0.20). Excluding the impact of amortization and special and restructuring (charges) gains, adjusted EPS is expected to be in the range of $0.78 to $0.88 per share. The revenue and adjusted EPS exclude the results from the Company’s Distributed Valves business, which will continue to be reported as discontinued operations until a sale is completed. Presentation slides that provide supporting information to this guidance and third-quarter results are posted on the “Investors” section of the Company’s website, http://investors.circor.com, and will be discussed during the conference call at 9:00 a.m. ET today, November 6, 2019.\nSelected Preliminary Consolidated Results (unaudited)\n($ millions except EPS)\n(4)%\nRevenue excluding divested businesses 1\nGAAP Operating (Loss) Income\nAdjusted Operating Income 2\nGAAP Operating Margin\n(1.0)%\n(450) bps\nAdjusted Operating Margin 2\n70 bps\nAdjusted Operating Margin excluding divestitures 2\n160 bps\nGAAP (Loss) Earnings Per Share (Diluted)\nAdjusted Earnings Per Share (Diluted) 2\nFree Cash Flow 3\n(21)%\nOrders excluding divested businesses 1\nSegment Results\n($ millions)\nRevenue excluding divested business 1\nSegment Operating Income 2\nSegment Operating Margin 2\nOrders excluding divested business 1\nAerospace & Defense\n0 bps\nConference Call Information\nCIRCOR International will hold a conference call to review its financial results at 9:00 a.m. ET today, November 6, 2019. 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. The live call also can be accessed by dialing (877) 407-5790 or (201) 689-8328. The webcast will be archived on the Company’s website for one year.\nAdjusted operating income, Adjusted operating margin, Adjusted net income, Adjusted earnings per share (diluted), EBITDA, Adjusted EBITDA, net debt, free cash flow and organic growth, (and such measures further excluding divested businesses) are non-GAAP financial measures. These 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 these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating the Company’s current operating performance and future prospects in the same manner as management does, if they so choose. These non-GAAP financial measures also allow investors and others to compare the Company’s current financial results with the Company’s past financial results in a consistent manner.\nCIRCOR’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 competitors. 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.\nInvestors 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.\nThis press release contains forward-looking statements within the meaning of Section 27 A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. 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. Any statements in this press release that are not statements of historical fact are forward-looking statements, including, but not limited to, those relating to CIRCOR’s fourth-quarter 2019 guidance, our future performance, including future growth and profitability, increase in shareholder value, realization of cost reductions from restructuring activities and expected synergies, plans to reduce our outstanding debt and our corporate priorities. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. Important factors that could cause actual results to vary from expectations include, but are not limited to: our ability to respond to competitive developments and to grow our business, both domestically and internationally; changes in the cost, quality or supply of raw materials; our ability to comply with our debt obligations; our ability to successfully implement our acquisition, divestiture or restructuring strategies, including our integration of the Fluid Handling business; changes in industry standards, trade policies or government regulations, both in the United States and internationally; our ability to operate our manufacturing facilities at current or higher levels and respond to increases in manufacturing costs; and any actions of stockholders or other in response to expiration of the recent unsolicited tender offer and the cost and disruption of responding to those actions. BEFORE MAKING ANY INVESTMENT DECISIONS REGARDING OUR COMPANY, WE STRONGLY ADVISE YOU TO READ THE SECTION ENTITLED “RISK FACTORS” IN OUR MOST RECENT ANNUAL REPORT ON FORM 10-K AND SUBSEQUENT REPORTS ON FORMS 10-Q, WHICH CAN BE ACCESSED UNDER THE “INVESTORS” LINK OF OUR WEBSITE AT WWW.CIRCOR.COM. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.\nAbout CIRCOR International, Inc.\nCIRCOR International, Inc. designs, manufactures and markets differentiated technology products and sub-systems for markets including oil & gas, industrial, aerospace & defense and commercial marine. CIRCOR has a diversified flow and motion control product portfolio with recognized, market-leading brands that fulfill its customers’ mission critical needs. For more information, visit the Company’s investor relations website at http://investors.circor.com.\nPreliminary Condensed Consolidated Statement of Operations\nCost of revenues\nSelling, general and administrative expenses\nSpecial and restructuring charges, net\nOPERATING (LOSS) INCOME\n(2.3\nOther expense (income):\nOther income, net\nLOSS FROM CONTINUING OPEARTIONS BEFORE INCOME TAXES\n(13.3\nLoss from continuing operations, net of tax\nLoss from discontinued operations, net of tax\n(105.5\nBasic loss per common share:\nBasic loss from continuing operations\n(1.05\nBasic loss from discontinuing operations\nDiluted loss per common share:\nDiluted loss from continuing operations\nDiluted loss from discontinuing operations\nWeighted average number of common shares outstanding:\nNumbers may not add due to rounding.\nThe results presented in this press release are considered preliminary, as the Company has not completed its review procedures related to reporting discontinued operations and related impairments and associated tax effects. As the Company completes its review, material adjustments may arise between the date of this press release and the date the Company files with the SEC its Quarterly Report on Form 10-Q for the quarter ended September 29, 2019.\n(in millions, except percentages)\nUNAUDITED\nAs Reported\nDIVESTED BUSINESSES (a)\nBACKLOG (b)\nDebt & Cash\nGross Debt\nCash & Equivalents\n(a) Divested businesses include Reliability Services (Energy), Spence / Nicholson (Industrial) and Delden (Industrial) which were sold before September 29, 2019. Engineered Valves and Distributed Valves are discontinued operations and not reflected in the As Reported figures in accordance with US GAAP.\n(b) Backlog at Q3 2018 includes $21.6 million and $15.0 million for Energy and Industrial, respectively related to divested businesses. A&D 2018 backlog has been adjusted to conform to current period reporting methodology.\nTotal orders\nSEGMENT OPERATING INCOME\nCorporate expenses\nCIRCOR Adjusted Operating Income\nSEGMENT OPERATING MARGIN %\nCIRCOR Adjusted Operating Margin\nEXCLUDING DIVESTITURES (a)\nCIRCOR\nRECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS\nNET (LOSS) INCOME\nLESS:\nRestructuring related inventory charges\nAmortization of inventory step-up\nRestructuring charges, net\nAcquisition amortization\nAcquisition depreciation\nSpecial charges, net\nIncome tax impact\nNet Income from discontinued operations\nADJUSTED NET INCOME\nEARNINGS (LOSS) PER COMMON SHARE (Diluted)\nEarnings Per Share from discontinued Operations\nADJUSTED EARNINGS PER SHARE (Diluted)\nRECONCILIATION OF KEY PERFORMANCE MEASURES TO COMMONLY USED GENERALLY ACCEPTED ACCOUNTING PRINCIPLE TERMS CONTINUED\nDepreciation & Amortization\nBenefit from (provision for) income taxes\nLoss From Discontinued Operations\nADJUSTED EBITDA\nGAAP OPERATING INCOME (LOSS)\nADJUSTED OPERATING INCOME\n)%\nADJUSTED OPERATING MARGIN\nImpact of Divestitures (a)\nADJUSTED OPERATING MARGIN EXCLUDING DIVESTITURES\nCONTACT: David F. Mullen\nSenior Vice President Finance\nKEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA\nINDUSTRY KEYWORD: DEFENSE AEROSPACE OIL/GAS MANUFACTURING ENERGY OTHER MANUFACTURING OTHER DEFENSE\nSOURCE: CIRCOR International, Inc."