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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 another solid quarter, and we're entering the back half of the year with high confidence that we'll achieve our 2021 guidance.
Our Q2 performance was highlighted by 27% organic orders growth in our Industrial business as both short- and long-cycle demand remained strong.
We saw continued recovery across virtually all Industrial regions and end markets with orders exceeding pre-COVID levels.
Book-to-bill in Industrial was 1.2, consistent with the first quarter.
Despite some headwinds from inflation and COVID-related supplier issues, we delivered revenue and earnings in line with guidance.
Our free cash flow conversion was 115%, a sign that our efforts to improve working capital are taking hold.
Based on our strong orders performance in the first half, our $436 million backlog and all the work we've done to streamline our operations, we're well-positioned for a very strong second half.
And finally, we made significant progress on our strategic priorities.
I'll talk more about this later.
I'm excited about the momentum the team is building, especially around growth and margin expansion.
Let's start with the financial highlights on Slide 2.
Organic orders of $210 million in the quarter were up 4% versus prior year.
We saw a strong year-over-year increase of 27% in Industrial driven by improvements in virtually all of our end markets.
As expected, orders were down 31% in Aerospace & Defense due to the timing of large defense orders.
Our backlog remained strong at $436 million, up 4% sequentially.
Our backlog in Industrial is $248 million, up 26% since the end of last year.
Organic revenue was $190 million, down 2% versus prior year and up 5% sequentially.
Revenue came in as expected given the timing of orders and lead times across our portfolio.
Sequentially, Industrial was up 7% as revenue starts to ramp from strong orders in Q1 and Q2.
A&D was in line with prior quarter driven by timing of defense deliveries and a slowly improving commercial market.
Adjusted operating income was $14.6 million, representing a margin of 7.7%, up 80 basis points from previous quarter and down 80 basis points from prior year.
Finally, we delivered $0.35 of adjusted earnings per share and generated free cash flow of $8 million as the team continues to drive working capital improvements across the company.
Moving to Slide 3.
Industrial organic orders were up 27% versus last year and 1% sequentially.
Regionally, order growth was led by North America and Asia, and we saw improved project orders as customers start to increase capex spending.
Our book-to-bill ratio for the quarter and for the first half was 1.2, which will support double-digit second-half revenue growth and represents a revenue inflection point post-COVID.
As expected, Industrial organic revenue was down 1% versus last year and up 7% sequentially.
By region, we saw year-over-year strength in both EMEA and China, partially offset by lower revenue in North America.
Outside of these isolated issues, revenue was in line or better than expectations across our end markets.
Adjusted operating margin was 8%, down 200 basis points versus last year, which reflects the downstream volume and aftermarket mix challenges in the quarter.
Operating leverage, simplification and continued strategic pricing will drive strong second-half margin expansion.
Turning to Slide 4.
Aerospace & Defense orders of $54 million were down 31% versus last year and 26% sequentially.
Orders were lower versus prior year due to a large multiyear defense order for the Virginia class submarine.
Versus prior quarter, the lower orders were driven by the timing of large orders for the Joint Strike Fighter and CVN-80 and 81 aircraft carriers.
Lumpy defense orders were partially offset by a modest sequential and year-over-year improvement in commercial aerospace.
As expected, revenue in the quarter was $61 million, down 5% year over year and up 1% from prior quarter.
Looking to the back half, we're expecting double-digit organic revenue growth as we ramp deliveries on key defense programs.
Finally, operating margin was 19.9% in the quarter, down 120 basis points year over year.
The margin decline was driven by lower aftermarket revenue.
Sequentially, margins expanded 210 basis points due to pricing actions and material productivity.
We remain confident in our ability to expand margins through the remainder of the year with higher defense and aftermarket volume.
Turning to Slide 5.
Free cash flow in the quarter was $8 million, a significant improvement versus prior year.
Working capital was a source of cash primarily driven by improved AR collections through the quarter and the timing of customer down payments.
We paid down $40 million of debt in Q2 with free cash flow and the proceeds from the sale of a noncore industrial product line.
We ended the quarter with $451 million of net debt, and we are on track to improve our leverage by greater than one turn this year.
In the third quarter, we expect revenue to be up 8% to 10% organically.
For Industrial, deliveries will be heavily weighted to Q3 and Q4 as we ship the backlog that we built in the first half.
In A&D, the growth in the back half is driven by the ramp in defense program deliveries and a modest recovery in commercial aerospace.
Scott will cover this in more detail in the upcoming slides.
We're expecting adjusted earnings per share of $0.55 to $0.60 in the third quarter, a 53% to 67% increase versus prior year.
3Q free cash flow conversion is expected to be between 120% and 140%.
Inflation will be a headwind in the third quarter and second half, but we expect material productivity to offset any cost increases.
For the year, we are reaffirming the guidance that we provided during the first-quarter earnings call.
Organic revenue growth is expected to be in the range of 2% to 4%, with adjusted earnings per share of $2.10 to $2.30.
Free cash flow conversion remains at 85% to 95%.
We have high confidence in our second-half margin outlook, and we expect to exit the year with 4Q operating margin of 13% to 15% for the company.
As we head into the back half of the year, we are closely monitoring the impact of COVID-19 variants in our global end markets and operations.
Now I'll hand it back to Scott to discuss our market outlook.
Let's start with our Industrial outlook on Slide 7.
As Abhi mentioned, in the second quarter, we saw continued recovery across virtually all Industrial end markets with orders exceeding pre-COVID levels.
In Q3, we expect double-digit order growth versus prior year with a seasonal sequential decline.
For Q3 Industrial revenue, we expect solid improvement year over year with growth between 7% and 11%.
Improvement across our short-cycle end markets is expected to lead revenue growth as shorter lead time products in our backlog ship in Q3.
Aftermarket remained strong with a double-digit increase expected in the third quarter.
Our longer-cycle end markets are expected to be up 5% to 9%.
In downstream, we're expecting revenue more or less in line with last year.
We're encouraged by the orders and quoting activity we saw through July, and we've addressed the supplier issues that impacted us in Q2.
In Commercial Marine, orders and revenue are increasing as shipbuilding activity picks up from historically low levels.
Finally, pricing is expected to net roughly 1%, consistent with prior quarters.
Moving to Aerospace & Defense.
Orders in the second quarter were down sequentially and versus prior year driven by the timing of large defense program orders.
Q3 orders are expected to be in line with prior year, and we're expecting a significant increase in Q4.
Revenue in the third quarter is expected to be up 12% to 15% versus prior year.
Growth in defense revenue was primarily driven by strong volume on smaller OEM programs such as the Boeing P-8 Poseidon and various missile switch programs.
Revenue from our top OEM programs is expected to be up low to mid-single digits with growth across nearly all of our major platforms.
Year to date, aftermarket revenue has been trending below our expectations driven by delayed government spending.
Looking forward, we expect sequential growth in spares and MRO activity in both Q3 and Q4.
Commercial aerospace is expected to be up between 15% and 20% in the third quarter.
Revenue from commercial air framers will be up roughly 50%, mostly driven by increased A320 volume and favorable comparisons to last year.
Aftermarket is expected to be up roughly 30%, in line with increased aircraft utilization.
In both cases, narrow-body volume continues to lead the recovery.
Finally, pricing is expected to be a net benefit of 3% for defense and 5% for commercial due to price increases secured earlier in the year, a higher level of spot orders and an increase in commercial aftermarket volume.
Our full-year pricing outlook remains in line with last year.
As we did last quarter, I'd like to provide an update on our previously shared strategic priorities.
These priorities continue to guide what our team works on every day.
We're investing in growth.
We launched 21 new products through the first half of the year and remain on track to deliver 45 new products in 2021.
On the Aerospace & Defense side, we launched a new brushless DC motor and brake assembly, which actuates the vertical stabilizers and aileron flight control surfaces on a high-altitude, long-endurance surveillance drone operated by the U.S. Air Force.
On the Industrial side, we introduced a new control valve that was entirely designed, sourced and manufactured in India, the first of its kind for CIRCOR.
This flue gas desulfurization valve is not only compliant with the new clean air regulations for Indian power plants, but also positions CIRCOR as the sole local partner providing a total solution.
Next, our regional expansion strategy is gaining traction.
Our Industrial team recently won a large multiproduct pump order with Daewoo Shipbuilding in Korea.
By providing a complete solution, we were able to secure a position on a long-term submarine program and strengthen our relationship with the Korean Navy.
On margin expansion, we're building on our CIRCOR operating system and simplification program by kicking off 80/20 at three of our largest Industrial businesses.
We're still early in the process, but we're excited about the structured approach to accelerate margin expansion at CIRCOR.
Finally, as Abhi covered earlier, we made progress in reducing our total debt.
We'll continue to use free cash flow to pay down debt for the remainder of 2021.
Before we move to Q&A, I want to highlight a recent customer perception study for our Industrial business.
It was an independent global survey with participation from roughly 70 of our largest customers.
The results confirm that our strategic priorities are aligned with our customers.
Our Net Promoter Score of 67 is exceptional and is a testament to our product quality and technical customer support.
Given the mission-critical nature of our products and the high cost of failure, our customers have a strong preference to buy OEM spare parts, and price is one of the least important buying criteria.
This study illustrates the power of our differentiated product portfolio and confirms that our strengths are aligned with our customers' top priorities.

user
circor delivers strong second quarter results and reaffirms 2021 guidance.
q2 adjusted earnings per share $0.35.
q2 revenue $190 million versus refinitiv ibes estimate of $189.2 million.
sees q3 adjusted earnings per share $0.55 to $0.60.
reaffirms fy adjusted earnings per share view $2.10 to $2.30.
sees q3 revenue up 10 to 12 percent.
for full year of 2021, circor reiterated its guidance of organic revenue growth of 2 to 4%.

assistant