($ millions except EPS) | Q2 2021 | Q2 2020 | Change | Q2 YTD 2021 | Q2 YTD 2020 | Change | ||||||
Orders | $ | 210.2 | $ | 192.6 | 9 | % | $ | 436.9 | $ | 401.1 | 9 | % |
Orders - excluding divested businesses1
| 210.2 | 192.6 | 9 | % | 436.9 | 396.7 | 10 | % | ||||
Revenue | $ | 190.3 | $ | 186.1 | 2 | % | $ | 371.0 | $ | 378.3 | -2 | % |
Revenue - excluding divested businesses1
| 190.3 | 186.1 | 2 | % | 371.0 | 373.4 | -1 | % | ||||
GAAP operating (loss) income | (4.9) | (1.4) | -250 | % | (4.6) | (74.8) | 94 | % | ||||
Adjusted operating income2
| 14.6 | 15.9 | -8 | % | 27.1 | 27.0 | - | % | ||||
GAAP operating margin | (2.6) | % | (0.7) | % | -190 bps | (1.2) | % | (19.8) | % | 1860 bps | ||
Adjusted operating margin2
| 7.7 | % | 8.5 | % | -80 bps | 7.3 | % | 7.1 | % | 20 bps | ||
Adjusted operating margin ex divestitures2
| 7.7 | % | 8.5 | % | -80 bps | 7.3 | % | 7.2 | % | 10 bps | ||
GAAP loss per share (diluted) | $ | (0.77) | $ | (1.68) | 54 | % | $ | (1.13) | $ | (5.66) | 80 | % |
Adjusted earnings per share (diluted)2
| $ | 0.35 | $ | 0.22 | 59 | % | $ | 0.60 | $ | 0.42 | 43 | % |
Operating cash flow | 10.9 | (24.9) | 144 | % | (6.7) | (48.8) | 86 | % | ||||
Free cash flow3
| 8.3 | (28.4) | 129 | % | (12.8) | (55.8) | 77 | % |
($ in millions) | Q2 2021 | Q2 2020 | Change | |||
Aerospace & Defense | ||||||
Orders | $ | 54.2 | $ | 76.6 | -29 | % |
Revenue | $ | 60.8 | $ | 62.2 | -2 | % |
Segment operating income | 12.1 | 13.1 | -8 | % | ||
Segment operating margin | 19.9 | % | 21.1 | % | -120 bps | |
Industrial | ||||||
Orders | $ | 156.0 | $ | 116.0 | 34 | % |
Revenue | $ | 129.6 | $ | 123.8 | 5 | % |
Segment operating income | 10.4 | 12.4 | -16 | % | ||
Segment operating margin (adjusted) | 8.0 | % | 10.0 | % | -200 bps |
Three Months Ended | Six Months Ended | |||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | |||||
Net revenues | $ | 190,346 | $ | 186,066 | $ | 371,001 | $ | 378,279 |
Cost of revenues | 130,460 | 127,105 | 255,034 | 259,275 | ||||
Gross profit | 59,886 | 58,961 | 115,967 | 119,004 | ||||
Selling, general and administrative expenses | 58,023 | 54,738 | 114,526 | 114,296 | ||||
Goodwill impairment charge | - | - | - | 116,182 | ||||
Special and restructuring charges (recoveries), net | 6,803 | 5,607 | 5,995 | (36,685) | ||||
Operating income (loss) | (4,940) | (1,384) | (4,554) | (74,789) | ||||
Other expense (income), net: | ||||||||
Interest expense, net | 7,957 | 8,486 | 16,327 | 17,497 | ||||
Other expense (income), net | (1,173) | 2,144 | (2,676) | (536) | ||||
Total other expense, net | 6,784 | 10,630 | 13,651 | 16,961 | ||||
(Loss) income from continuing operations before income taxes | (11,724) | (12,014) | (18,205) | (91,750) | ||||
Provision for (benefit from) income taxes | 2,961 | (21,769) | 3,360 | (13,395) | ||||
(Loss) income from continuing operations, net of tax | (14,685) | 9,755 | (21,565) | (78,355) | ||||
Income (loss) from discontinued operations, net of tax | (878) | (43,847) | (1,117) | (34,685) | ||||
Net loss | $ | (15,563) | $ | (34,092) | $ | (22,682) | $ | (113,040) |
Basic income (loss) per common share: | ||||||||
Basic from continuing operations | $ | (0.73) | $ | 0.49 | $ | (1.07) | $ | (3.93) |
Basic from discontinued operations | $ | (0.04) | $ | (2.19) | $ | (0.06) | $ | (1.74) |
Net loss | $ | (0.77) | $ | (1.71) | $ | (1.13) | $ | (5.66) |
Diluted income (loss) per common share: | ||||||||
Diluted from continuing operations | $ | (0.73) | $ | 0.48 | $ | (1.07) | $ | (3.93) |
Diluted from discontinued operations | $ | (0.04) | $ | (2.16) | $ | (0.06) | $ | (1.74) |
Net loss | $ | (0.77) | $ | (1.68) | $ | (1.13) | $ | (5.66) |
Weighted average number of common shares outstanding: | ||||||||
Basic | 20,230 | 19,987 | 20,143 | 19,962 | ||||
Diluted | 20,230 | 20,286 | 20,143 | 19,962 |
Six Months Ended | ||||
July 4, 2021 | June 28, 2020 | |||
OPERATING ACTIVITIES | ||||
Net loss | $ | (22,682) | $ | (113,040) |
Loss from discontinued operations, net of income taxes | (1,117) | (34,685) | ||
Loss from continuing operations | (21,565) | (78,355) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||
Depreciation | 11,970 | 10,079 | ||
Amortization | 21,353 | 21,492 | ||
Provision for bad debt expense | (350) | 7,768 | ||
Write down of inventory | 961 | 352 | ||
Compensation expense for share-based plans | 2,903 | 2,290 | ||
Amortization of debt issuance costs | 2,005 | 5,488 | ||
Deferred tax provision | 823 | - | ||
Goodwill impairment charge | - | 116,182 | ||
(Gain) loss on sale of businesses | 1,031 | (54,253) | ||
Changes in operating assets and liabilities, net of effects of acquisition and disposition: | ||||
Trade accounts receivable | 6,345 | 768 | ||
Inventories | (14,038) | (12,370) | ||
Prepaid expenses and other assets | (17,792) | (25,264) | ||
Accounts payable, accrued expenses and other liabilities | 214 | (31,475) | ||
Net cash (used in) provided by continuing operating activities | (6,140) | (37,298) | ||
Net cash used in discontinued operating activities | (579) | (11,532) | ||
Net cash used in operating activities | (6,719) | (48,830) | ||
INVESTING ACTIVITIES | ||||
Additions to property, plant and equipment | (6,038) | (6,815) | ||
Proceeds from sale of property, plant and equipment | 2 | (142) | ||
Proceeds from the sale of business | 9,993 | 169,375 | ||
Proceeds from beneficial interest of factored receivables | 998 | 1,339 | ||
Net cash provided by continuing investment activities | 4,955 | 163,757 | ||
Net cash used in discontinued investing activities | - | (10,071) | ||
Net cash provided by investing activities | 4,955 | 153,686 | ||
FINANCING ACTIVITIES | ||||
Proceeds from long-term debt | 103,350 | 129,325 | ||
Payments of long-term debt | (100,250) | (191,141) | ||
Withholding tax payments on restricted and performance stock units converted | (4,119) | - | ||
Proceeds from the exercise of stock options | 151 | 118 | ||
Net cash provided by (used) in financing activities | (868) | (61,698) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,627) | (2,421) | ||
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (4,259) | 40,737 | ||
Cash, cash equivalents, and restricted cash at beginning of period | 77,696 | 85,727 | ||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF PERIOD | $ | 73,437 | $ | 126,464 |
July 4, 2021 | December 31, 2020 | |||
ASSETS | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents
| $ | 72,181 | $ | 76,452 |
Trade accounts receivable, less allowance for doubtful accounts of $8,596 and $9,035 at July 4, 2021 and December 31, 2020, respectively | 96,591 | 102,730 | ||
Inventories
| 136,012 | 129,084 | ||
Prepaid expenses and other current assets
| 109,683 | 93,226 | ||
Assets held for sale
| - | 5,073 | ||
Total Current Assets
| 414,467 | 406,565 | ||
PROPERTY, PLANT AND EQUIPMENT, NET | 160,817 | 168,763 | ||
OTHER ASSETS: | ||||
Goodwill
| 156,785 | 158,944 | ||
Intangibles, net
| 328,957 | 353,595 | ||
Deferred income taxes
| 776 | 779 | ||
Other assets
| 40,199 | 41,882 | ||
TOTAL ASSETS | $ | 1,102,001 | $ | 1,130,528 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
CURRENT LIABILITIES: | ||||
Accounts payable
| $ | 68,224 | $ | 61,236 |
Accrued expenses and other current liabilities
| 72,294 | 75,624 | ||
Accrued compensation and benefits
| 29,721 | 28,332 | ||
Total Current Liabilities
| 170,239 | 165,192 | ||
LONG-TERM DEBT | 512,375 | 507,888 | ||
DEFERRED INCOME TAXES | 27,562 | 28,980 | ||
PENSION LIABILITY, NET | 156,501 | 163,642 | ||
OTHER NON-CURRENT LIABILITIES | 52,284 | 58,785 | ||
COMMITMENTS AND CONTINGENCIES | ||||
SHAREHOLDERS' EQUITY: | ||||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding
| - | - | ||
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,620,528 and 21,373,813 issued at July 4, 2021 and December 31, 2020 respectively | 216 | 214 | ||
Additional paid-in capital
| 452,512 | 452,728 | ||
(Accumulated deficit) retained earnings
| (109,143) | (86,461) | ||
Common treasury stock, at cost (1,372,488 shares at July 4, 2021 and December 31, 2020) | (74,472) | (74,472) | ||
Accumulated other comprehensive loss, net of tax
| (86,073) | (85,968) | ||
Total Shareholders' Equity
| 183,040 | 206,041 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,102,001 | $ | 1,130,528 |
Three Months Ended | Six Months Ended | |||||||
July 4, 2021 | June 28, 2020 | July 4, 2021 | June 28, 2020 | |||||
ORDERS (1) | ||||||||
Aerospace & Defense | $ | 54.2 | $ | 76.6 | $ | 127.2 | $ | 148.6 |
Industrial | 156.0 | 116.0 | 309.7 | 252.5 | ||||
Total Orders | $ | 210.2 | $ | 192.6 | $ | 436.9 | $ | 401.1 |
July 4, 2021 | June 28, 2020 | |||||||
BACKLOG (2) | ||||||||
Aerospace & Defense | $ | 188.3 | $ | 214.2 | ||||
Industrial | 248.2 | 217.8 | ||||||
Total Backlog | $ | 436.5 | $ | 432.0 | ||||
Note 1: Orders do not include the foreign exchange impact due to the re-measurement of customer backlog amounts denominated in foreign currencies. Orders for the six months ended June 28, 2020 include orders from businesses divested prior to June 28,2020 of $4.4 million. | ||||||||
Note 2: Backlog includes unshipped customer orders for which revenue has not been recognized. |
2020 | 2021 | |||||||||||||
As reported | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | |||||||
ORDERS | ||||||||||||||
Aerospace & Defense | $ | 72,031 | $ | 76,616 | $ | 59,105 | $ | 46,796 | $ | 254,548 | $ | 72,999 | $ | 54,243 |
Industrial | 136,443 | 116,023 | 107,453 | 121,690 | 481,609 | 153,695 | 155,959 | |||||||
Total | $ | 208,474 | $ | 192,639 | $ | 166,558 | $ | 168,486 | $ | 736,157 | $ | 226,693 | $ | 210,203 |
NET REVENUES | ||||||||||||||
Aerospace & Defense | $ | 65,493 | $ | 62,241 | $ | 62,249 | $ | 77,839 | $ | 267,822 | $ | 60,001 | $ | 60,761 |
Industrial | 126,720 | 123,825 | 124,391 | 130,513 | 505,449 | 120,654 | 129,585 | |||||||
Total | $ | 192,213 | $ | 186,066 | $ | 186,640 | $ | 208,352 | $ | 773,271 | $ | 180,655 | $ | 190,346 |
SEGMENT OPERATING INCOME | ||||||||||||||
Aerospace & Defense | $ | 12,494 | $ | 13,142 | $ | 14,782 | $ | 18,675 | $ | 59,093 | $ | 10,706 | $ | 12,095 |
Industrial | 5,169 | 12,406 | 9,807 | 12,441 | 39,823 | 9,735 | 10,400 | |||||||
Corporate expenses | (6,588) | (9,664) | (7,244) | (7,789) | (31,285) | (8,002) | (7,850) | |||||||
Total | $ | 11,075 | $ | 15,884 | $ | 17,345 | $ | 23,327 | $ | 67,631 | $ | 12,439 | $ | 14,645 |
SEGMENT OPERATING MARGIN % | ||||||||||||||
Aerospace & Defense | 19.1 | % | 21.1 | % | 23.7 | % | 24.0 | % | 22.1 | % | 17.8 | % | 19.9 | % |
Industrial | 4.1 | % | 10.0 | % | 7.9 | % | 9.5 | % | 7.9 | % | 8.1 | % | 8.0 | % |
Total | 5.8 | % | 8.5 | % | 9.3 | % | 11.2 | % | 8.7 | % | 6.9 | % | 7.7 | % |
2020 | 2021 | |||||||||||||
Results of divested businesses (1) | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | |||||||
ORDERS - Industrial | $ | 4,449 | $ | - | $ | - | $ | - | $ | 4,449 | $ | - | $ | - |
NET REVENUES - Industrial | $ | 4,900 | $ | - | $ | - | $ | - | $ | 4,900 | $ | - | $ | - |
SEGMENT OP. INC. -Industrial | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
2020 | 2021 | ||||||
Results excluding divested businesses | 1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR |
ORDERS | |||||||
Aerospace & Defense | $72,031 | $76,616 | $59,105 | $46,796 | $254,548 | $72,999 | $54,243 |
Industrial | 131,994 | 116,023 | 107,453 | 121,690 | 477,160 | 153,695 | 155,959 |
Total | $204,025 | $192,639 | $166,558 | $168,486 | $731,708 | $226,693 | $210,203 |
NET REVENUES | |||||||
Aerospace & Defense | $65,493 | $62,241 | $62,249 | $77,839 | $267,822 | $60,001 | $60,761 |
Industrial | 121,820 | 123,825 | 124,391 | 130,513 | 500,549 | 120,654 | 129,585 |
Total | $187,313 | $186,066 | $186,640 | $208,352 | $768,371 | $180,655 | $190,346 |
SEGMENT OPERATING INCOME | |||||||
Aerospace & Defense | $12,494 | $13,142 | $14,782 | $18,675 | $59,093 | $10,706 | $12,095 |
Industrial | 5,169 | 12,406 | 9,807 | 12,441 | 39,823 | 9,735 | 10,400 |
Corporate expenses | (6,588) | (9,664) | (7,244) | (7,789) | (31,285) | (8,002) | (7,850) |
Total | $11,075 | $15,884 | $17,345 | $23,327 | $67,631 | $12,439 | $14,645 |
SEGMENT OPERATING MARGIN % | |||||||
Aerospace & Defense | 19.1% | 21.1% | 23.7% | 24.0% | 22.1% | 17.8% | 19.9% |
Industrial | 4.2% | 10.0% | 7.9% | 9.5% | 8.0% | 8.1% | 8.0% |
Total | 5.9% | 8.5% | 9.3% | 11.2% | 8.8% | 6.9% | 7.7% |
(1) Divested businesses are related to the Industrial Segment and include Instrumentation & Sampling. Distributed Valves are discontinued operations and not reflected in the As Reported figures in accordance with US GAAP. |
2020 | 2021 | |||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | ||
Net Cash (Used In) Provided By Operating Activities | $(23,947) | $(24,883) | $2,465 | $23,641 | $(22,724) | $(17,703) | $ | 10,984 |
LESS | ||||||||
Capital expenditures, net of sale proceeds (a)
| 3,412 | 3,527 | 2,330 | 3,275 | 12,544 | 3,392 | 2,644 | |
FREE CASH FLOW | $(27,359) | $(28,410) | $135 | $20,366 | $(35,268) | $(21,095) | $ | 8,340 |
Gross Debt | $602,288 | $592,038 | $540,463 | $519,938 | $519,938 | $536,938 | $ | 523,038 |
Less: Cash & Cash equivalents | 170,861 | 125,421 | 72,772 | 76,452 | 76,452 | 75,680 | 72,181 | |
GROSS DEBT, NET OF CASH | $431,427 | $466,617 | $467,691 | $443,486 | $443,486 | $461,258 | $ | 450,857 |
TOTAL SHAREHOLDERS' EQUITY | $290,845 | $273,351 | $220,814 | $206,041 | $206,041 | $196,106 | $ | 183,039 |
GROSS DEBT AS % OF EQUITY | 207% | 217% | 245% | 252% | 252% | 274% | 286 | % |
GROSS DEBT, NET OF CASH AS % OF EQUITY | 148% | 171% | 212% | 215% | 215% | 235% | 246 | % |
(a) includes capital expenditures, net of sales proceeds of discontinued operations |
2020 | 2021 | |||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | ||||||||
NET (LOSS) INCOME | $ | (78,948) | $ | (34,092) | $ | (58,524) | $ | (13,934) | $ | (185,498) | $ | (7,119) | $ | (15,563) |
LESS: | ||||||||||||||
Restructuring related inventory charges | (602) | - | 351 | - | (251) | - | 958 | |||||||
Restructuring charges, net | 2,883 | 588 | 502 | 972 | 4,945 | 2,060 | 2,281 | |||||||
Acquisition amortization | 10,218 | 10,681 | 10,625 | 10,939 | 42,463 | 10,487 | 10,498 | |||||||
Acquisition depreciation | 974 | 980 | 1,011 | 1,021 | 3,986 | 2,375 | 1,326 | |||||||
Special (recoveries) charges, net | (45,175) | 5,019 | 436 | 473 | (39,247) | (2,869) | 4,522 | |||||||
Goodwill Impairment charge | 116,182 | - | - | - | 116,182 | - | - | |||||||
Income tax impact | 7,704 | (22,549) | 53,240 | 13,125 | 51,521 | (335) | 2,266 | |||||||
Net loss (income) from discontinued operations | (9,162) | 43,847 | (341) | 795 | 35,140 | 239 | 878 | |||||||
ADJUSTED NET INCOME | $ | 4,074 | $ | 4,475 | $ | 7,300 | $ | 13,390 | $ | 29,240 | $ | 4,838 | $ | 7,165 |
(LOSS) EARNINGS PER COMMON SHARE (Diluted) | $ | (3.96) | $ | (1.68) | $ | (2.93) | $ | (0.70) | $ | (9.28) | $ | (0.35) | $ | (0.77) |
LESS: | ||||||||||||||
Restructuring related inventory charges | (0.03) | - | 0.02 | - | (0.01) | - | 0.05 | |||||||
Restructuring charges, net | 0.14 | 0.03 | 0.02 | 0.05 | 0.25 | 0.10 | 0.11 | |||||||
Acquisition amortization | 0.51 | 0.53 | 0.53 | 0.55 | 2.13 | 0.52 | 0.52 | |||||||
Acquisition depreciation | 0.05 | 0.05 | 0.05 | 0.05 | 0.20 | 0.12 | 0.07 | |||||||
Special (recoveries) charges, net | (2.27) | 0.25 | 0.02 | 0.02 | (1.96) | (0.14) | 0.22 | |||||||
Impairment charge | 5.83 | - | - | - | 5.81 | - | - | |||||||
Income tax impact | 0.39 | (1.11) | 2.66 | 0.66 | 2.58 | (0.02) | 0.11 | |||||||
Earnings (Loss) per share from discontinued operations | (0.46) | 2.16 | (0.02) | 0.04 | 1.76 | 0.01 | 0.04 | |||||||
ADJUSTED EARNINGS PER SHARE (Diluted) | $ | 0.20 | $ | 0.22 | $ | 0.36 | $ | 0.66 | $ | 1.43 | $ | 0.24 | $ | 0.35 |
2020 | 2021 | |||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | ||||||||
NET (LOSS) INCOME | $ | (78,948) | $ | (34,092) | $ | (58,524) | $ | (13,934) | $ | (185,498) | $ | (7,119) | $ | (15,563) |
LESS: | ||||||||||||||
Interest expense, net | 9,011 | 8,486 | 8,202 | 8,520 | 34,219 | 8,369 | 7,957 | |||||||
Depreciation | 5,121 | 4,958 | 4,802 | 5,504 | 20,385 | 6,509 | 5,461 | |||||||
Amortization | 10,516 | 10,976 | 10,925 | 11,245 | 43,662 | 10,696 | 10,657 | |||||||
Provision for income taxes | 8,374 | (21,769) | 54,318 | 15,299 | 56,222 | 400 | 2,961 | |||||||
Loss (income) from discontinued operations | (9,162) | 43,847 | (341) | 795 | 35,140 | 239 | 878 | |||||||
EBITDA | $ | (55,088) | $ | 12,406 | $ | 19,383 | $ | 27,429 | $ | 4,130 | $ | 19,094 | $ | 12,351 |
LESS: | ||||||||||||||
Restructuring related inventory charges (recoveries) | (602) | - | 351 | - | (251) | - | 958 | |||||||
Restructuring charges, net | 2,883 | 588 | 502 | 972 | 4,945 | 2,060 | 2,281 | |||||||
Special (recoveries) charges, net | (45,175) | 5,019 | 436 | 473 | (39,247) | (2,869) | 4,522 | |||||||
Goodwill impairment charge | 116,182 | - | - | - | 116,182 | - | - | |||||||
ADJUSTED EBITDA | $ | 18,200 | $ | 18,013 | $ | 20,671 | $ | 28,873 | $ | 85,758 | $ | 18,285 | $ | 20,112 |
2020 | 2021 | |||||||||||||
1ST QTR | 2ND QTR | 3RD QTR | 4TH QTR | TOTAL | 1ST QTR | 2ND QTR | ||||||||
GAAP OPERATING INCOME (LOSS) | $ | (73,405) | $ | (1,384) | $ | 4,420 | $ | 9,923 | $ | (60,446) | $ | 386 | $ | (4,940) |
LESS: | ||||||||||||||
Restructuring related inventory charges (recoveries) | (602) | - | 351 | - | (251) | - | 958 | |||||||
Amortization of inventory step-up | - | - | - | - | - | - | - | |||||||
Restructuring charges, net | 2,883 | 588 | 502 | 972 | 4,945 | 2,060 | 2,281 | |||||||
Acquisition amortization | 10,218 | 10,681 | 10,625 | 10,939 | 42,463 | 10,487 | 10,498 | |||||||
Acquisition depreciation | 974 | 980 | 1,011 | 1,021 | 3,986 | 2,375 | 1,326 | |||||||
Special (recoveries) charges, net | (45,175) | 5,019 | 436 | 473 | (39,247) | (2,869) | 4,522 | |||||||
Goodwill impairment charge | 116,182 | - | - | - | 116,182 | - | - | |||||||
ADJUSTED OPERATING INCOME | $ | 11,075 | $ | 15,884 | $ | 17,345 | $ | 23,327 | $ | 67,631 | $ | 12,439 | $ | 14,645 |
GAAP OPERATING MARGIN | (38.2) | % | (0.7) | % | 2.4 | % | 4.8 | % | (7.8) | % | 0.2 | % | (2.7) | % |
LESS: | ||||||||||||||
Restructuring related inventory charges (recoveries) | (0.3) | % | - | % | 0.2 | % | - | % | - | % | - | % | 0.5 | % |
Amortization of inventory step-up | - | % | - | % | - | % | - | % | - | % | - | % | - | % |
Restructuring charges, net | 1.5 | % | 0.3 | % | 0.3 | % | 0.5 | % | 0.6 | % | 1.1 | % | 1.3 | % |
Acquisition amortization | 5.3 | % | 5.7 | % | 5.7 | % | 5.3 | % | 5.5 | % | 5.8 | % | 5.8 | % |
Acquisition depreciation | 0.5 | % | 0.5 | % | 0.5 | % | 0.5 | % | 0.5 | % | 1.3 | % | 0.7 | % |
Special (recoveries) charges, net | (23.5) | % | 2.7 | % | 0.2 | % | 0.2 | % | (5.1) | % | (1.6) | % | 2.5 | % |
Goodwill impairment charge | 60.4 | % | - | % | - | % | - | % | 15.0 | % | - | % | - | % |
ADJUSTED OPERATING MARGIN | 5.8 | % | 8.5 | % | 9.3 | % | 11.2 | % | 8.7 | % | 6.9 | % | 8.1 | % |
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Circor International Inc. published this content on 10 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2021 10:11:43 UTC.