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CIRCOR INTERNATIONAL INC

circor.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 10, 2023. Its latest SEC filing is a 15-12G from Oct 30, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Makes pumps, valves and other flow-control products for industrial and marine customers, and fluid- and motion-control components for aircraft makers and defense customers.

How Did They Make Money?

Customers pay for engineered products and custom project work. Product revenue is tied to shipping; longer contracts are billed around milestones or shipment as the work progresses.

FY2022 revenue

Who Were Their Customers?

Industrial end users and equipment makers buy directly or through engineering and construction firms and sales partners. Aerospace and defense products go to aircraft makers and suppliers, military buyers and commercial aviation customers through direct and indirect sales.

Did Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2022, but spent more cash than it brought in: free cash flow was −$22.8M.

Operating income, FY2022
8% of revenue
▲ Now profitable vs FY2021 (−$29.3M, −4%)
Net income, FY2022
2% of revenue
▲ Now profitable vs FY2021 (−$61.6M, −8%)
Free cash flow, FY2022
−3% of revenue
▲ +431% (Loss) vs FY2021 (−$4.3M, −1%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q2 FY2023, the three months to Jul 2, 2023
Revenue
▲ +9%
vs $191.4M in Q2 FY2022
Net income
▼ Now a loss
vs $4M in Q2 FY2022
  • Oct 18, 2023 KKR completed its acquisition of CIRCOR Each eligible share converted into the right to receive $56.00 in cash.

Shrank. Revenue fell 22% in 4 years, from $1B in FY2018 to $786.9M in FY2022, about 6% a year.

Exit from upstream valves The older report described a sale of its engineered-valves business and a planned sale of its distributed-valves business; the latest says it completed the distributed-valves divestiture and exited upstream oil and gas valves.

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