CIRCOR International, a leading provider of valves and other highly engineered products for energy, oil & gas, power generation and aerospace markets, announced financial results for the first quarter ended March 31, 2013.
Revenues for the first quarter of 2013 were USD 205.4M, a 4% decrease from USD 214.3M in the first quarter of 2012, primarily due to lower energy shipments as a result of lower North American rig counts. Net income for the first quarter of 2013, including special charges, was USD 7.9M, or USD 0.45 per diluted share, compared with net income of USD 8.6M, or USD 0.49 per diluted share, for the first quarter of 2012.
The company received orders totalling USD 226.8M during the first quarter of 2013, a 9% decrease compared with the first quarter of 2012 primarily due to lower Energy orders in both the North American short cycle and large international project businesses. This was partially offset by growth in both Aerospace and Flow Technologies. Backlog as of March 31, 2013 was USD 457.3M, up 6% from backlog of USD 432.3M at April 1, 2012.
During the first quarter of 2013, the company generated USD 1.1M of free cash flow, up USD 8.2M from the same period in 2012 due primarily to improved working capital. For the second quarter of 2013 the company expects revenues to be in the range of USD 214 to USD 220M, up sequentially from the first quarter of 2013, led by Energy.