CIRCOR cuts Q3 adjusted EPS view to 41c-45c, below prior view of 45c-55c
CIRCOR International announced preliminary financial results for the third quarter. The company expects Q3 sales of $133M-$135M, compared with the previous guidance range of $140M-$150M. "Our preliminary third quarter results reflect the prolonged weakness in the Energy markets across both short cycle and long cycle businesses. There was a sharper than anticipated drop in book and ship orders in our Instrumentation and Sampling business in the quarter. In addition, the supplier quality issues we noted in the second quarter in our defense business continued to impact shipments in the third quarter. Despite these adverse market conditions, we continue to focus on our simplification and growth programs. We will provide additional details and fourth-quarter guidance during our regular earnings call later this month," said Scott Buckhout, President and Chief Executive Officer of CIRCOR.