BURLINGTON, Mass., July 8 /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 second quarter ended June 29, 2008. In its first quarter earnings announcement on April 30, 2008, Circor had provided guidance for its second quarter 2008 results, indicating it expected earnings to be in the range of $0.74 to $0.83 per diluted share. The Company said today it now believes earnings for the second quarter 2008 will be in the range of $1.04 to $1.10 per diluted share.
The Company reported net earnings for the second quarter of 2007 of $0.60 per diluted share, which included a $0.03 per share special charge for a plant closure.
Bill Higgins, Circor's President and Chief Executive Officer, said, "Our Energy segment had another tremendous quarter with continued strong revenue growth and margins that exceeded the record high set in Q1, 2008. In addition, performance in our Instrumentation & Thermal Fluid Controls segment was very strong with margins in the range of the excellent results of Q1, 2008. Generally speaking, our markets held strong in the quarter and our lean manufacturing efforts are helping to transform strong sales into higher margins. We will provide more information in our earnings press release on July 30, 2008."
The Company emphasizes that the foregoing results are preliminary and are subject to adjustment upon final closing of its second quarter results.
CIRCOR International expects to release its second quarter results after the close of market on Wednesday, July 30, 2008, and to hold a conference call to review its results on Thursday, July 31, 2008, at 1:00 pm ET. Interested parties may access the call by dialing (888) 797-2994 from the US and Canada and (913) 312-6681 from international locations. A replay of the call will be available from 4:00 pm ET on Thursday, July 31, 2008, through 4:00 pm ET on Thursday, August 7, 2008. To access the replay, interested parties should dial (888) 203-1112 or (719) 457-0820 and enter confirmation code #9284343 when prompted. The presentation slides that will be discussed in the conference call are expected to be available on Wednesday, July 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 http://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.