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Text: I'm joined today by Scott Buckhout, CIRCOR's president and CEO; and Abhi Khandelwal, the company's chief financial officer.
These expectations are subject to known and unknown risks, uncertainties and other factors and actual results could differ materially from those anticipated or implied by today's remarks.
You can find a full discussion of these factors in CIRCOR's Form 10-K, 10-Qs and other SEC filings also located on our website.
CIRCOR delivered solid first-quarter results as our portfolio of mission-critical products continues to perform.
While our end markets are not fully back to pre-pandemic levels, strong orders performance in the quarter gives us the confidence to raise our 2021 earnings guidance.
Starting with some financial highlights on Slide 2.
We booked orders of $227 million in the quarter, which were up 34% sequentially and 7% versus prior year on an organic basis.
We saw strong sequential increases in demand in both businesses, with industrial up 25% and A&D up 55%.
We ended the quarter with $421 million of backlog, up 11% versus prior quarter.
Revenue in the quarter was $181 million, down 8% organically, driven by lower industrial backlog entering 2021, the timing of large defense order shipments and slowly recovering demand in commercial aerospace.
Adjusted operating income was $12 million, representing a margin of 6.9%, up 110 basis points from prior year.
We expect strong margin expansion as we progress through 2021, driven by higher volume in virtually all regions and end markets, our continued actions on pricing, ongoing simplification across the company, and productivity.
The company delivered $0.24 of adjusted earnings per share and generated free cash flow of negative $21 million, both in line with our expectations.
Our cash performance in the quarter is consistent with typical seasonality due to the concentration of annual disbursements in the first quarter.
Starting with industrial on Slide 3.
Industrial organic orders were up 11% versus last year and 25% sequentially.
We're seeing recovery in virtually all of our end markets.
Regionally, we saw particular strength in EMEA, China and rest of Asia.
Notably, we booked two large international downstream orders in the quarter, which we will deliver over the next 12 months.
We delivered a strong book-to-bill ratio of 1.3 in the quarter.
Industrial revenue was $121 million, down 6% versus last year and 9% from prior quarter.
The year-over-year decline was a result of starting the year with a lower backlog and some COVID-related customer issues.
The sequential decline was largely driven by normal seasonality.
Adjusted operating margin was 8.1%, an improvement of 380 basis points versus last year.
The margin improvement was driven by the non-repeat of the COVID-related write-off from Q1 2020, partially offset by lower sales volume.
Adjusting for the impact of this receivable write off, organic decrementals in the quarter were 32%.
We expect industrial margins to expand through the year as volume increases and our price and productivity initiatives cut in.
Turning to Slide 4.
Our aerospace and defense segment booked orders of $73 million in the quarter, flat versus last year and up 55% sequentially.
Versus prior year, favorable defense orders offset the ongoing COVID-19 impact on our commercial business.
The sequential improvement was driven by the timing of large defense program orders for the Joint Strike Fighter, as well as the CVN-80 and 81 aircraft carriers.
Revenue in the quarter was $60 million, down 10% year over year and 23% from prior quarter.
Versus prior year, sales were down due to lower commercial revenue.
Sequential sales were lower due to seasonality and the timing of defense shipments for the Joint Strike Fighter, Dreadnought submarines and F-16 spares.
Orders and revenue in our defense business will continue to be lumpy, but we have a strong backlog, and we are well-positioned on growing platforms.
We're excited about the growth trajectory of the business.
Finally, operating margin was 18% in the quarter, down 130 basis points year over year.
The margin decline was driven by lower sales volume and unfavorable mix.
Organic decremental margins in the quarter were 29%.
We remain confident in our ability to expand operating margins throughout the year with higher volume, ongoing price actions and productivity.
Turning to Slide 5.
Our free cash flow was negative $21 million in the quarter.
As Scott mentioned, this was in line with the typical seasonality of our cash flow and timing of annual disbursements.
While capex was relatively flat, our cash flow from operations improved versus prior year as a result of our exit from upstream oil and gas.
We ended the quarter with $461 million of net debt, up slightly, driven by our cash flow in the quarter.
In 2021, we will continue to use free cash flow generated from operations to further pay down debt.
We expect to improve net debt to adjusted EBITDA leverage by greater than one turn by end of the year.
Now I'd like to share our expectations for second quarter and update our outlook for the full year.
In the second quarter, we expect revenue to be down 2% to 4% organically.
Scott will cover this in more detail in the upcoming slides, but let me provide the key highlights.
While we are seeing industrial demand recover across virtually all of our end markets, we expect deliveries to be heavily weighted to Q3 and Q4.
Similarly, in aerospace and defense, we expect a large portion of our recent orders in backlog to ship in the second half of the year.
Commercial aerospace will continue to recover slowly, as aircraft production rates and fleet utilization improves throughout the year.
We're expecting adjusted earnings per share of $0.30 to $0.35 in the second quarter, which implies approximately 75% of our full-year earnings that are expected in the second half.
This earnings profile was directionally in line with last year and was driven by the natural seasonality in our businesses.
Markets recovering from COVID-19 through the year and project shipment timing in aerospace and defense and industrial.
Finally, 2Q free cash flow is expected to be breakeven to slightly negative, driven by the timing of milestone payments on large projects.
Based on our first-quarter performance and expectations for second quarter, we have high confidence in delivering our 2021 commitments.
We now expect organic revenue growth at the high end of our original guidance and higher adjusted earnings per share of $2.10 to $2.30.
The increase is mostly driven by industrial, which is now expected to grow low to mid-single digits and increase confidence in our aerospace and defense outlook.
Free cash flow generation remains a top priority.
And we still expect to convert 85% to 95% of adjusted net income into free cash flow for the year.
Now I'll hand it back to Scott.
Let's start with our industrial outlook on Slide 7.
As Abhi mentioned, we saw recovery in the first quarter across virtually all industrial end markets with orders back to pre-COVID levels.
Geographically, we saw sequential improvement in North America and EMEA, while orders growth in China, India and rest of Asia remains strong.
We saw strong sequential and year-over-year orders growth in our short-cycle end markets.
In addition, we saw strength in our long-cycle businesses, with activity increasing overall and several large project orders across the portfolio.
So far in Q2, we continue to see momentum in our end markets with quoting activities at high levels and strong orders so far in the quarter.
For Q2 industrial revenue, we expect a moderate improvement year over year, with growth ranging between 1% and 4%.
We continue to see improvement across our short-cycle end markets as consumer demand increases.
In addition, the aftermarket remains strong with a mid-single-digit increase expected in the second quarter.
Our longer cycle end markets, including downstream, commercial marine and midstream oil and gas, are showing positive momentum, and we're encouraged by our deal pipeline and quoting activity.
Finally, pricing is expected to be a benefit of roughly 1%, consistent with prior quarters.
Moving to aerospace and defense.
Orders in Q1 were up sequentially and flat versus prior year, driven by timing of large defense program orders, which are inherently lumpy.
For the aftermarket, we expect improvements in defense spares and MRO activity through the year.
In our commercial aerospace business, we saw a modest improvement sequentially and expect a slow recovery to continue.
Revenue in the second quarter is expected to be flat to down 5% versus prior year.
Defense revenue is expected to be up 0% to 5% with strong volume on our top OEM programs.
Revenue from our other OEM programs and defense spares is expected to be relatively flat in the quarter.
Based on customer orders and timing of requirements, we expect stronger shipments in all major defense categories in the second half of the year.
Commercial revenue is expected to be down between 10% and 15%.
Our market position with Boeing and Airbus remains strong, and we expect revenue to improve through the year, in line with aircraft production rates and fleet utilization.
Finally, pricing is expected to be a benefit of 3% in the quarter with additional price increases coming in the second half.
We expect full-year pricing to be in line with last year.
Before we get into Q&A, I'd like to close by providing an update on the strategic priorities that I've shared for 2021, investing in people, accelerating growth, expanding margins and allocating capital effectively.
These strategic priorities guide what our team works on every day, and I wanted to take a moment to highlight some actions we've taken in the first quarter.
We remain focused on investing in growth.
Air Force T-X trainer jet and a high-speed impact kinetic switch module for a next-generation missile system for the U.S. Navy.
On the industrial side, we launched the CIRCORSmart app, our first mobile application and the start of a significant digital solution offering for our customers.
The mobile app allows a customer to scan a QR code affixed to the product, pull up performance data, user guides and contact information for technical support and aftermarket orders.
Over time, we'll add more capabilities to the app.
We expect more than 50% of industrial's product shipments to have a QR code attached by the end of the second quarter.
This enhances the customer experience and provides an opportunity for incremental high-margin aftermarket growth.
We're expecting to launch 45 new products in 2021, with revenue generated from new products launched in the last three years accounting for approximately 10% of our total 2021 revenue.
We're also expanding our aftermarket presence in aerospace and defense.
We're in the process of opening a Waterfront Service Center in Virginia.
This will improve customer support and increase our operational efficiency.
Finally, the CIRCOR operating system is driving operational improvements across the company.
For example, I recently visited one of our aerospace and defense sites, which produces components for the Joint Strike Fighter.
By implementing the CIRCOR operating system, the team has improved on-time delivery to 95%, improved product quality and cost and significantly lowered working capital as a percentage of sales.
Over the last three years, the business has grown 55% and expanded operating margins by 670 basis points.
This is just one example of the power of the CIRCOR operating system and our efforts to enhance operations.
Continued execution on our strategic priorities will deliver long-term value to our customers, employees, suppliers and shareholders.

user
compname reports q1 loss per share of $0.35.
q1 adjusted earnings per share $0.24.
q1 gaap loss per share $0.35.
q1 revenue $181 million versus refinitiv ibes estimate of $187.9 million.
sees q2 adjusted earnings per share $0.30 to $0.35.
sees fy adjusted earnings per share $2.10 to $2.30.
expects q2 reported revenue to increase from 0%-2% and q2 organic revenue to decline 2%-4%.
now expects 2021 organic revenue growth in range of 2 to 4%.

assistant