BURLINGTON, Mass., April 18 /PRNewswire-FirstCall/ -- CIRCOR International, Inc. (NYSE:CIR), a leading provider of valves and other fluid control devices for the instrumentation, aerospace, thermal fluid and energy markets, today raised its earnings guidance for the first quarter ended March 30, 2008.
In its fourth quarter and full-year earnings announcement on February 20, 2008, Circor had provided guidance for its first quarter 2008 results, indicating it expected earnings to be in the range of $0.54 to $0.58 per diluted share, including an expected $0.02 special charge related to facility closures. The company said today it now believes earnings will be in the range of $0.74 to $0.77 per diluted share, including $0.01 of special charges.
The company reported net earnings for the first quarter of 2007 of $0.45 per diluted share, including a $0.03 per share special charge for a plant closure.
Bill Higgins, Circor's President and Chief Executive Officer, said, "Margins in both our Energy and Instrumentation & Thermal Fluid Controls segments were much higher than expected due to multiple factors including margins on some large projects, product & business mix, volume and currency. We will provide more information in our earnings press release on April 30, 2008."
The Company emphasizes that the foregoing results are preliminary and are subject to adjustment upon final closing of its first quarter results.
CIRCOR International will release its first quarter results after the close of market on Wednesday, April 30, 2008 and hold a conference call to review its results on Thursday, May 1, 2008 at 1:00 pm ET. Interested parties may access the call by dialing 888-244-2511 from the US and Canada and (913) 312-1418 from international locations. A replay of the call will be available from 4:00 pm ET on Thursday, May 1, 2008, through 4:00 pm ET on Thursday, May 8, 2008. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code # 4902483 when prompted. The presentation slides that will be discussed in the conference call are expected to be available on Wednesday, April 30, 2008, by 6:00 pm ET and may be downloaded from the quarterly earnings page of the investor section on the CIRCOR website at http://www.circor.com/quarterlyearnings.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E 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. Actual events, performance or results could differ materially from the anticipated events, performance or results expressed or implied by such forward-looking statements. 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, 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.
Source: CIRCOR International, Inc.