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Circor International (CIR)

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 3,200 employees and is headquartered in Burlington, Massachusetts.

Company profile

Ticker
CIR
Exchange
Website
CEO
Scott Buckhout
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
CIRCOR Dutch Holdings B.V. • CIRCOR (Jersey) Ltd. • CIRCOR Aerospace, Inc. • CIRCOR Energy, LLC • CIRCOR France SAS • Leslie Controls, Inc. • Spence Engineering Company, Inc. • CIRCOR German Holdings Management GmbH • Downstream Holding, LLC • CIRCOR Naval Solutions, LLC ...
IRS number
43477276

CIR stock data

Analyst ratings and price targets

Last 3 months

Calendar

12 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Apr 22 Dec 21 Oct 21 Jul 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 62.63M 62.63M 62.63M 62.63M 62.63M 62.63M
Cash burn (monthly) (no burn) 301.92K 6.65M 5.5M 5.31M (no burn)
Cash used (since last report) n/a 1.76M 38.74M 32.01M 30.91M n/a
Cash remaining n/a 60.87M 23.89M 30.62M 31.72M n/a
Runway (months of cash) n/a 201.6 3.6 5.6 6.0 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Aug 22 Chapin Samuel R. RSU Common Stock Grant Acquire A No No 0 5,840 0 5,840
15 Aug 22 Arjun Sharma RSU Common Stock Grant Acquire A No No 0 5,249 0 5,249
15 Aug 22 Arjun Sharma RSU Common Stock Grant Acquire A No No 0 11,124 0 11,124
15 Aug 22 Tony S. Najjar RSU Common Stock Grant Acquire A No No 0 2,040 0 2,040
15 Aug 22 Tony S. Najjar RSU Common Stock Grant Acquire A No No 0 13,905 0 13,905
15 Aug 22 Tony S. Najjar RSU Common Stock Grant Acquire A No No 0 13,905 0 13,905
15 Aug 22 Jessica Wiley Wenzell RSU Common Stock Grant Acquire A No No 0 10,431 0 10,431
15 Aug 22 Amit Goel RSU Common Stock Grant Acquire A No No 0 8,343 0 8,343
93.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 116 119 -2.5%
Opened positions 16 15 +6.7%
Closed positions 19 15 +26.7%
Increased positions 43 40 +7.5%
Reduced positions 42 48 -12.5%
13F shares Current Prev Q Change
Total value 311.41M 513.75M -39.4%
Total shares 19M 19.3M -1.5%
Total puts 0 8.6K EXIT
Total calls 0 13.3K EXIT
Total put/call ratio 0.6
Largest owners Shares Value Change
BLK Blackrock 3.15M $51.7M +1.8%
TROW T. Rowe Price 2.84M $46.48M 0.0%
Vanguard 1.8M $29.47M -19.3%
Segall Bryant & Hamill 1.32M $21.7M +1.4%
Royce & Associates 1.22M $20.01M -0.7%
GBL Gamco Investors 1.14M $18.74M +7.6%
Dimensional Fund Advisors 744.21K $12.2M -6.1%
STT State Street 701K $11.49M +1.8%
Cardinal Capital Management 592.3K $9.71M -36.4%
Gabelli Funds 512.87K $8.41M +13.3%
Largest transactions Shares Bought/sold Change
Vanguard 1.8M -429.25K -19.3%
Cardinal Capital Management 592.3K -339.17K -36.4%
Millennium Management 233.64K +225.06K +2620.3%
Rothschild & Co Asset Management Us 216.73K -142.55K -39.7%
Invenomic Capital Management 139.1K +139.1K NEW
MS Morgan Stanley 157.65K +87.87K +125.9%
Parametric Portfolio Associates 0 -84.82K EXIT
GBL Gamco Investors 1.14M +80.73K +7.6%
Citadel Advisors 130.68K +73.34K +127.9%
Frontier Capital Management 225.1K -69.59K -23.6%

Financial report summary

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Risks
  • We face significant competition and, if we are not able to respond, our revenues may decrease.
  • We, along with our customers and vendors, face the uncertainty in the public and private credit markets and in general economic conditions in the United States and around the world.
  • Implementation of our acquisition strategy may not be successful, which could affect our ability to increase our revenues, reduce our profitability or lead to significant impairment charges.
  • If we cannot continue operating our manufacturing facilities at current or higher levels, our results of operations could be adversely affected.
  • If we cannot pass on higher raw material or manufacturing costs to our customers, we may become less profitable.
  • The inability of our suppliers to provide us with adequate quantities of materials to meet our customers’ demands on a timely basis has had, and may continue to have, an adverse effect on our business; in addition, if the quality of the materials provided does not meet our standards, we may lose customers or experience lower profitability.
  • If we experience delays in introducing new products or if our existing or new products do not achieve or maintain market acceptance, our revenues may decrease.
  • If we fail to manufacture and deliver high quality products in accordance with industry standards, we will lose customers.
  • We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business, financial condition, cash flows and results of operations.
  • Terrorist activity, acts of war, and/or political instability around the world could cause economic conditions to deteriorate and adversely impact our businesses.
  • The impact of the COVID-19 pandemic has adversely impacted, and continues to pose risks to, our business, results of operations and financial condition.
  • If we are unable to continue operating successfully overseas or to successfully expand into new international markets, our revenues may decrease.
  • Our international activities expose us to fluctuations in currency exchange rates that could adversely affect our results of operations and cash flows.
  • A change in international governmental policies or restrictions could result in decreased availability and increased costs for certain components and finished products that we purchase from sources in foreign countries, which could adversely affect our profitability.
  • Our ability to execute our strategy is dependent upon our ability to attract, train and retain qualified personnel.
  • Recent changes in the Company’s executive management team may be disruptive to, or cause uncertainty in, our business, results of operations and the price of the Company’s common stock.
  • Our review of strategic alternatives may not result in the identification or completion of a transaction, or create additional value for our stockholders.
  • We face risks from product liability lawsuits that may adversely affect our business.
  • The costs of complying with existing or future governmental regulations on importing and exporting practices and of curing any violations of these regulations, could increase our expenses, reduce our revenues or reduce our profitability.
  • If we incur higher costs as a result of trade policies, treaties, government regulations or tariffs, we may become less profitable.
  • The costs of complying with existing or future environmental regulations and curing any violations of these regulations could increase our expenses or reduce our profitability.
  • Regulations related to “conflict minerals” may cause us to incur additional expenses and could limit the supply and increase the cost of certain metals used in manufacturing our products.
  • The trading price of our common stock continues to be volatile, and investors in our common stock may experience substantial losses.
  • If we are unable to generate sufficient cash flow, we may not be able to service our debt obligations, including making payments on our outstanding term loan.
  • Our credit agreement requires that we maintain certain ratios and limits our ability to make acquisitions, incur debt, pay dividends, make investments, sell assets or merge.
Management Discussion
  • Net revenues for the three months ended April 3, 2022 were $185.7 million, an increase of $9.2 million, or 5%, as compared to the three months ended April 4, 2021, driven by operational increases of 8% and unfavorable currency fluctuations of 3%.
  • In accordance with GAAP, a company's segment reporting should follow how the business is reviewed by its CODM, which is the function that allocates the resources of the enterprise and assesses the performance of the Company’s reportable operating segments. CIRCOR has determined that the CODM is its Chief Executive Officer (“CEO”), as the CEO has the ultimate responsibility for CIRCOR’s strategic decision-making and resource allocation.
  • Our CODM evaluates segment operating performance using segment operating income. Segment operating income is defined as GAAP operating income excluding intangible amortization and amortization of fair value step-ups of inventory and fixed assets from acquisitions completed subsequent to December 31, 2011, the impact of restructuring related inventory write-offs, impairment charges and special charges or gains. The Company also refers to this measure as adjusted operating income. The

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