CIR - Earnings call transcript Q4 2017 | Circor International Inc

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Operator

Good day, ladies and gentlemen. Welcome to CIRCOR International's Fourth Quarter Fiscal Year 2017 Financial Results Conference Call. Today's call will be recorded. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. call Mr. the turn now over to I'll David introductions. Sharon Merrill remarks and for opening Calusdian from ahead, go Please sir.

David C. Calusdian

and you, Thank good morning, everyone.

On CIRCOR's President www.circor.com on the is are available Scott are and to and website be today Officer. Bhalla, at CIRCOR's we'll Financial & section of company's the identify to Rajeev Chief today slides referring risks, discussion the on and Today's call CEO; X. The statements other Presentation the that turn factors. known Webcasts contains expectations. future subject uncertainties, and expectations These slide unknown Investors Buckhout, link. to forward-looking Please

its For review at could results materially of CIRCOR's the these SEC forward-looking circor.com. discussion from a XX-Qs, differ or as implied represent XXXX. only those XX-K, Any the company's on and today, remarks. other full views filings company by of website to Form XX, statements company's today's filings. Actual advises you The anticipated factors, available February are

release Mr. may recoveries. These choose over disclaims any While X adjusted CIRCOR's adjusted metrics specifically are call the press turn free comparable CIRCOR's statements website. of available call, tables On the The exclude operating do so. income, GAAP Please adjusted I'll turn to in charges later on to any management non-GAAP to special flow. adjusted EPS, company and to earnings the measures today's a of now reconciliation metrics to Buckhout. the slide financial income, operating forward-looking CIRCOR cash margins, refer the duty non-GAAP to date, update net these will and at

Scott A. Buckhout

XX% of including on quarter Revenue adjusted concluded our XX% was X% closed and EPS XXXX Handling results generating acquisition, December was orders revenue everyone. of up Thank you, adjusted year. a with We grew million, Overall, David, strong XX. and than from on which organically. higher Fluid organically, $XXX last morning, fourth $X.XX EPS good

order in significant Refinery business energy. starting projects. intake especially We Valves saw capital Let for improvement our with performance, orders summarize DeltaValve for me a the

took and levels for As many number XX changed, stage of capital you on months. year. In the advance know, as refineries distributors optimistic in price quarter. effect which with to refineries driven orders Instrumentation and at that short-cycle of has of refinery late exceptionally seeing projects Valve but by of still wins order projects strong our the and delayed downstream run line in low we activity projects year. recent increase, difficult start in for Valves, In Fewer consistent Engineered pricing project quarters. we intake what Sampling in year-over-year this active continue recent in We orders of with saw and and demand the the for competitive a rolled third we the overall quarter. improved and with a increasing increased we're in out several order were we're quarter, It's experience environment have bookings activity increased QX, October. projects large that with a market combined orders market strong orders small in executing the sequentially, will were conclude both quarter. deferring the past capital increase requirements. aftermarket in resulted to early been Distributed Bookings this beyond capital bookings stocking placed rates, with beginning price recorded

the manage cost in base We continue this to business. aggressively

to reflect required head being improve. market the conditions, careful markets maintain succeed to adjust we to count we're As talent when

and build AXXX orders MRO our rates strong programs, orders Advanced of on was across and as focus quarter improving well majority Most Flow Defense with our improved new commercial we notably and most bottom profitability. we in Aerospace especially as of driven improved but and Defense, missile notably, platform business. with for programs. several strong actions across-the-board refits, saw to and portfolio single-aisle the build by expansion to another Solutions. margins Airbus, were & continue sequentially a product the programs, the In as strength Turning both margin business. Commercial our Boeing international strength the Aerospace line. aero growth, submarine year-over-year increasing domestic rationalize

last We that, margin French growing the business. part This renegotiated our margins into in our of of and of As our And of significant we with across a our of the raised year, sale businesses business. commercial price with MRO Design-to-Spec Morocco, completed resulting low while a high-margin summer. aerospace we finally, consolidation the major contract project part the customer Build-to-Print our increase. many Aerospace business French improved was prices through

Power Industrial demand process applications sequentially in expected, emerging while in markets U.S. this soft in HVAC Industrial Gas Power mainly serves markets market. quarter, Industrial Germany, year-over-year. both these the and up flat well up business, were mid-single-digit be Overall, year overall expect slightly Solutions we offset the the relatively in modestly with to from potential as Power upside Navy. as expect by Solutions higher growth U.S. As and from and we and part Process sales to In in orders this year in was aftermarket the our Process Navy. softness the markets,

significantly set of a scale attractive completed flow-control high-demand complementary business, overall we ability the of Fluid During deliver markets. our end and the acquisition enhancing Colfax's to across solutions quarter, Handling

to strong off start. is integration Our a

integration deliver We our details growth markets, we the on more have planned, full the as into and We're as XX a channels and person to cost on finding customers, synergies of drive get to ground. synergies. track time we're team opportunities global

ability to synergy the across gross CIRCOR organizing opportunities we're execute inherent to portfolio. result, optimize the on our a As

markets. & this align around is QX CIRCOR that more Beginning groups, to in give we're year, the Energy, realigning One guiding serve the this principles end focus the Defense, in common I'll businesses market detail Industrial. later of three on call. and end Aerospace

our reduction run two rate approximately Reliability for in actions and are Services. and generate program process rationalizing program of in We're approximately programs annual cost service $XX million the simplification the Europe will savings programs network executing structural expansion These of margin and aggregate, across third expected Our continues. the cost million. in related $X to to three company,

Handling acquisition complete of allocation we're towards interests first dividend regard, to Fluid in the the the of of taking that priority the in our order shareholders. repayment quarterly is beginning capital suspending In in XXXX leverage. the redirect debt. funds quarter cash our near-term nominal top step our is believe With We those best to reduce

talk over discuss me the and detail. Before more our I end results Rajeev quarter outlook review turn to to in our markets, about let it fourth

Rajeev Bhalla

Scott. Thanks,

$XX large up X% starting year. XX% slide was Engineered as points revenue business, down lower compared in on in segment the Refinery results year-over-year Energy revenue Oklahoma was Distributed due the Mexico. from part associated were prior in X. a lower decline over to XXX Engineered ramping X.X% Let's Monterrey, Valves to City well review as year costs volume Instrumentation volume and the with offset and with of by slightly of increased in in Valves Higher Valves in prior basis the and Valves Energy the margin Sampling. Fourth operating Distributed quarter million part up segment and Valves

the Solutions both of strength Commercial across prior volumes the and XX.X% as had fourth due partially including in year higher aftermarket growth basis by shipments over in Solutions. were an volume Aerospace XXX Sales prior points due Solutions sales in operating the offset and of increased of & of Defense price majority actions French business, last to Defense XX% businesses our well slide summer. Advanced Higher higher Aerospace the Flow Power exit $XX the of Built-to-Print the organic restructuring on X, business Turning to than increased and lower to higher and increases, quarter basis. X% XX% benefit Process the OEM Advanced of Flow as Industrial XXXX million, year-over-year volume. and margin

Fluid to acquisition we slide business. December the X; Colfax's XX, completed Handling Moving on of

Reliability end one projects an Services operating the Handling the segment three favorably the largest to with Cuts this and are weeks during cost the this business. Services equipment for Industrial connection $XX of Oil Handling high at well and consisting completed P&L delivering are facility to For December. by the period $XX rationalize the Commercial the first X in large company. expected $X.X of were in a overhead to our we actions net items; delivered of savings Turn The expected These of OEM annual markets rate in order strong $X selected of three unprofitable impacting operating force year. our and of the Orders Tax Marine and reported Jobs a completion to December, million manufacturing targets into income million. shipments revenues of pumps are German contribute slide of to initiated the screw the the with of synergy service stub number period period Mist run the to passage volume costs Reliability In centers. largely bookings of end Fluid main end be as revenues. there in of Fluid in the The for of related quarter as reduce reduction to areas in Act a for first million activity in year, million. and quarter delivered for aftermarket impacted results their at of run-rate about

lower adversely quarter tax net the tax in U.S. tax of area recorded to First, given a fourth the our is of remains taxes we deferred of impact credit to these of our Limitations corporate tax with deferred respect the may credit rate carry-forwards carry-forward. a on the open assets use minor One XX%. that benefit XXXX revaluation related foreign rate.

our complete analysis will We by mid-year.

not foreign impact finally, additional tax the with Low-Taxed transition do unrepatriated earnings provision in earnings. taxes respect expect to foreign on the XXXX. to so Income we Intangible relates the the impact And Second, future, U.S. no Global to material on

year. would We on legislation tax we'll pay incremental expected impact this the to are provide update be an U.S. this of and whether required we analyzing the later on this provisions

This higher for of per the Turning totaling or compared amortization previously of fourth and pre-tax million. $X.X charges, million. a share expense to the settlement acquisition-related With cost the $X.X in consists a quarter charge acquisition-related $XX $X of million, special period. non-cash levels, total charge with debt we prior restructuring totaling million, legal higher of $X.XX costs $XX.X million announced we and incurred actions interest restructuring expense recorded

was quarter in the Our for quarter compared adjusted fourth XX% rate with XXXX. the of tax XX%

tax the compared was For adjusted the XX% XXXX. in full with XXXX in rate year, XX%

million the recall $XX that at in end tax benefit of in resulted completed the repatriation year. we You XXXX, of of cash, that which may significant a

flow advisors. of cash payments position on for impacted adversely cash debt our $X related was to over Turning by slide performance and quarterly our flow million X; M&A

debt net we reflects position of it in deteriorate XXXX. did high sequentially, Handling improving December Fluid on XXXX, too working remains it not the capital Although of and transaction. our million On completion $XXX are the XX, focused

XXXX allocation top Our position. capital priority in our leverage is improving

process we structure. we This per mentioned, expect us to will for we the Overall, As and share. the the for Fluid XXXX acquisition to Aerospace the businesses full historical Handling results, the quarter. groups of first Scott Fluid three $XXX $X.XX turn reporting year. the accretive of guidance segment is Please completion $X.XX and our our are acquisition, of Handling Defense, focused in first to to of and adjusted range X. on into reflect revenue to $XXX our brings quarter results end realigning EPS million markets, with publish in this million & The slide range Prior the revise to the Industrial. Energy, in new

acquisition However, the in seasonally expect, of would and costs as low given quarter, first quarter the the is a impact QX, impact dilutive integration on incremental interest expense. of the you revenue

sequentially in CIRCOR, revenue are increase progresses, to rest cost earnings the the of and second As integration Handling year decrease for half. expected and the Fluid while

Non-cash in and the for Regarding share, to anticipate quarter charges $X.XX year. approximately would to expect we record first which for items: of intangible each amortization charges quarter special we XXXX, $X.XX of per restructuring the following this

any savings includes of $X.XX benefit aggregate, expect in costs QX the to of amortization acquired charge the integration for share. $Xmillion Handling the the and charges with addition, to restructuring programs, do share. for per the million includes rate XXXX. restructuring QX the up of transaction inventory we $X stepped of In amounting further We In Fluid finally, in per And after this item. run $X.XX expect not the charge $X.XX annual

amortization quarter as first the of Interest the paid range expense amortization fees. expect These principal expense million. $XX million fees at $XX to as were We closing. financing deferred includes interest in well of

of we will be full the this to our the amortization expect balances range approximately final We're our be to and has over In expense rate debt. over fix to the currently, rules to $XX portion related evaluation our debt; on point of the our $XX of million. However, in interest all our rate. accounting debt debt a $X options million. million require complete to term debt months. the a A our of total, interest few the evaluating expect On variable our interest next amortization full year for basis, a year

to that, rate U.S. our over XX%. Germany income me rate proportion the we reduces certain to to lower and benefit The rate, France, interest first income like the In higher the our rate. overall higher. it also do quarter the tax our With U.S. tax turn tax be business reduced. Regarding our countries rate, which rate pre-tax keeps approximately Scott. back expect from foreign tax income, is also expense of pre-tax we the affects than where Since let statutory is U.S. pre-tax adjusted rate

Scott A. Buckhout

Rajeev. you, Thank

orders into more The Handling General the approximately segment, Energy Wiik Reliability Defense $XX and valves help Aerospace of Before despite saw continue reorganization and so segment Sampling as The group will Defense the while will Refinery business our and demand Valves. group, significantly us & opportunities group organization. Valves slide our Energy. We're Valves, Defense number pumps starting for and primarily million AFS. and Distributed year-and-a-half. wealth the was Rockwell saw Kaiser the Tony & market, to to has U.S. ago. is in posted global business we Collins line revenue. Turn Navy except for and Industrial he with business. Prior Handling. run as new We the Services in driven segment and channels well responsible of Services, orders and outlook for Aerospace businesses fourth joining clarify let part in in refinery Industrial you to who with Erik groups industrial the of were since nicely annual and continue will AFS the Fluid and Najjar, our will XX% most rates. Reliability relationships Aerospace growth past Defense be customer strategy, a running These run the be was I services a of Aerospace businesses business, of primarily by function channel increase ongoing CIRCOR into will and as remain portion Energy which The increases and serve the Engineered end fits from and increase Industrial. Flow Power Advanced improving an our CIRCOR. Manager Engineered which has number prior Valves quarter. serve, outlook QX increased the Energy the the addition trends, include joined remaining recently for organically capital Energy the were been Orders with in trends as The aligning in acquisition. With Aerospace, orders Energy, Product The the Energy. and AFS. Refinery solid Valves Handling give exploit The as The sells of markets, to weakness XX. get market approximately strength Defense customers. market Process discuss the in our over into and for businesses common ongoing Solutions in XXXX. the that in let took Fluid the generates well President across of mid run that, a sourcing in for million, the of the orders group me of will In including include we significant synergy with simplify and business Tony will and at who's our by overall Defense outlook recent well for experience CIRCOR group that Industrial it revenues background, down in detail. out me company. end $XX in business near-term annual downstream and modest years to products With orders Aerospace Aerospace & unchanged markets Instrumentation will we executing as and Management the three Mehrotra & of be developing leadership for Sumit improved project Fluid inside a see by President run CIRCOR of the aftermarket. provides a of and served Solutions Tony as Vice roles XXXX he markets, in

confirm Although contributing outlook. it's of economic to oil prices an a a our base. building to growth customer are early confidence global factors trend there's Higher overall number among too improved and

demand expect, pent-up now for As expect and busy deferred over move maintenance see past a forward been The there's the you process more we this that would has as are months. projects XX to result, year. with pre-engineering licensors

a the maintain the forward products We device, as to with provides differentiation projects center-feed especially rate DeltaValve win competitive expect which a significant our high due to advantage. move of technological

We and represents the DeltaValve both finally, business. expect MARPOL TapcoEnpro as utilization. And reduce ongoing the products strength sulfur certain by such regulatory aftermarket about and half installed emissions the from changes requirement Aftermarket Valves, leading we especially base the to could upgrade XXXX Basin. refinery for drums Distributed XXXX. orders spur by growth revenue Permian double-digit the ships expect and demand (XX:XX) in substantially increase be in to to continues strong, coker higher orders capacity. to Overall, driven In

into increasing Marcellus Midstream Eagle Basins. for Valves demand seeing we're and addition, Ford In the

in Sequentially, drilled, has lower higher qualified Operationally, but QX, than not as to remain repeat of expect Rig as continue. are orders uncompleted as for QX. due production we wells North past-due we've our to level suppliers trend extraordinary chain QX up improved American stocking ramped Supply expect this strong. we new to but we to in costs the high. that performance do backlog. remain expected well orders and counts, We strong, as production significantly experienced delivery components. critical reduced is

and output addition, and but the with Oklahoma Mexico improved City than In costs. higher efficiency in operate normal quarter, to continue

operational remains lower Short-cycle activity the and in quarter seeing we're prior In were further Coating with Sampling, sequentially versus and QX. prior fourth year. performance higher expect demand Instrumentation in will opportunities however, remains project high, consistent We value orders improve pipeline. quarters.

the As in Middle for prior to through compared Valves driven Statoil. East small see intense. the recently refining North most Activity the Engineered and especially increases market with East Instrumentation largely Sea. remains is our We prices frame recent in market and Overall, products. effective in expect we for modest the by We expect year. we XXXX our projects downstream mostly low-single-digits raised upstream year gas market Sampling by challenging the increase up progresses, growth projects segment largely a this to pricing driven pressure for XXXX signed Sampling projects role. to for increasing price are driven an the Middle agreement in last October business year. with playing with is oil The by and continuous relatively and be midstream

and of orders number the and our equipment Services and end better Oil result, with be two refineries facility modestly as Services. last Johan meantime, equipment As and we often our the than expand Milan products, year. primary first be this cost In users, main U.S. we're Overall, including year structure Reliability we of to for for Navy, (XX:XX). continue are lumpy. well-positioned orders the we this Mist The next FPSO in the in can to Orders serves expect manage base low two half on to Lubrication the cost Castberg a project. projects of right-size this a supply receive business quarter further projects business

is these low-single-digit Service on expect year. the In addition, refinery business seasonal the timing we In both of growth of based this turnarounds. markets,

quarter orders increased stronger We in growth all booked OEM single-aisle Aerospace organically XX% rates. with the increased Turning the programs to due over product build commercial of orders in our for to Defense, & lines.

the strong Pump valve received expected missile and U.S. we the side, in orders well. Defense for UK grow Navy programs. the U.S. for as and year submarine in the international are this for orders On submarines programs to

both sales aftermarket military programs. on were In up commercial and addition,

spending which will sustainable Although of and and the orders partially QX Build-to-Print be we traffic last record a and expect Airframer provides market in year-over-year higher market year, is strong Overall, increase exited exit offset year, the in impact last (XX:XX) outlook. this long-term backlogs year. our strong the by the for defense we passenger French business, the higher

valves and the commercial two pumps industry general end group, primary For into marine. and both Industrials provide we markets,

driven PMIs showing Middle For to the tied industrial Asia in remained including be mid-single-digit range industrial part we by growth. rates industrial to production and strength East the markets the in internationally in and expect Germany. Europe, India, is good activity large strong growth International in

pumps the markets grow. industrial North low- U.S. mid-single-digit growth to in to expect industrial both For and valves. we America, for production continues

of In positive machinery The given new capacity, oversupply indicator our durable ship orders be is few market addition, improving continues the to for and commercial a contracts. products. goods marine soft for

aftermarket as global We expect shipping orders fleet ages. improving the

downturn builds a ongoing headwind. the remains ship However, new in

initial aftermarket. with Although, And industrial improving year. do we're on expect across finally, focus we a signs primary prices improvement the pump a seeing this globally raising significant pumps not we're of outlook,

year Industrials delivering begin well-positioned the In growth. this capitalize in growth solid XXXX in the overall, see order GDP diversified on of groups our So better range coming to financial a summary, growth should commitments. markets opportunities than we while slightly end

for and build delivering to continuing include will team, a value now, reducing be questions. take shareholders happy long-term long-term growth, And delivering for our leverage. and priorities top investing your world-class I Our integration a in Rajeev to well-executed

Operator

Charley from Robinson from conducting Thank question is Humphrey. We'll you. SunTrust Our be session question-and-answer today first Brady coming now a

now is live. line Your

Charles Brady

morning Hey, Good guys. thanks.

Scott A. Buckhout

morning good Charley. Hey,

Rajeev Bhalla

Charley. morning Good

Charles Brady

Yeah.

that of speak and prices, an might the think can think maybe a raising energy was in area just you was I seen pre-buy I it So some what forward if front of have again? kind mentioned pull specifically to I what first you I guess in that to you recall, as

Scott A. Buckhout

that, Valves here to business in Distributed – talk we in America. was North that our I'll Sure

KF that our raised on we prices So across-the-board on was effective January brand X.

stocking see did surge orders. in we So, a

I but that in was was a it saw of the ahead strong surge we there noting think worth increase. orders stocking that in December, it's price before that,

was of XX% business. it all So roughly sequentially of that saw orders the in in Not was. surge we orders stocking some increasing but that

Charles Brady

the into you're QX that expecting not surge still continue that that's (XX:XX) business to same for of strength So, just the at right? because obviously, pace

Scott A. Buckhout

right. Exactly

So, orders see we're expecting still so seeing pull-ins so we we nearly a got orders the stocking far that orders quarter. those lot of that many stocking we're and as won't we that's expect were what strong in and QX, in but

Charles Brady

increases in across to price areas businesses a on the other And the put get you we that? X, pre-buy didn't of January subsequent

Scott A. Buckhout

if through Yeah, wasn't on there year nothing so correct. increases we've a had in Sampling, raised of been – October Distributed prices that, but it there dramatic we did might Valves. energy, referring we and price was in high wasn't bit as little That the have – Instrumentation That's so there. in several one pre-buy you're as of to what and was

Charles Brady

Yeah, thanks.

is I'm So, mean to that? was it going Or I speak there, particular anything good we I just Can good where mixed think businesses, was least had on a know really it's to AFS they've stronger – better it's year-on-year, you like really of a than pretty going it's thought stride. of – you going? obviously – be. drove margin see the pretty now margins it do better mean, from the it's that it sounded that it kind in business, be, but segment couple combination just to trying that could the pricing, that margin execution? in of today business, we in entity go? I Where to at get a for that

Rajeev Bhalla

Rajeev. I'll Charley. Sure, that. This is Yeah. take

factors were of There margins of a was Pricing that combination one drove good them. right. You're there.

take recall, of helped to we got obviously well. If you French we've as Built-to-Print usual past. That out there margins restructuring around productivity, business. the The that done contribute actions as the sourcing, well. in some We that

or to business way, have there's went probably to AFS so the we you if about here. the XXX there that if mix some way points that aggregate, respect it price look in favorability here. – with Going did think at a and the quarter took the that other other was and some about Power segment fourth But concerns were just the the I benefit in we basis

that strong going will expect So, not but margins as AFS you look repeat, overall, probably ahead in we do forward.

Charles Brady

Okay.

then talked I you else, about but QX for what more might to one the rate the the for you're any tax year tax know come examining and still me, out for Just everything idea full rate be?

Rajeev Bhalla

Yeah.

right. You're

we here the but are We items around a first number. quarter. are items, to remarks. be to the Absent those expect couple seeing QX you're other examining it any here. we in It with open materially hover don't I should of prepared in be different, there about that talked the be two two should change items – respect we should around what

Charles Brady

you. Thank Great.

Rajeev Bhalla

You're welcome.

Operator

you. Thank Operator: Thank you.

next from proceed with Hammond question. Jeff Capital is your KeyBanc Markets. from question coming Our Please

Jeffrey D. Hammond

good Hey, guys. morning,

Rajeev Bhalla

Good Jeff. morning,

Scott A. Buckhout

morning. Good Jeff. Hi,

Jeffrey D. Hammond

Handling integration. XQ and of think revenue contribution in so up from coming weakness expectations quarter business Can the margin contribution about you and Hey, just, having can the seen I business you're just of just kind before? thinking not with that Fluid you a some said business kind first seasonal frame full in early we maybe just frame how

Rajeev Bhalla

Yeah. same I'll But period QX that and it's of pro XXXX. extrapolate the standalone, and help looked be quarter going business and the it Clearly profile forma The over in first – about is, Handling you to Fluid the of the for the is quarter of kind for profile continue level and standpoint, was businesses period this the and services the the nice to ticks revenue for sequence as Jeff. second business. there, very margin not kind From full that. XXXX kind the are smart some I enough There quarter notch of as a at into you're the stub double-digit profitability year. as the on second up refinery of a margins that's And picks turnaround quarter, up quarter. in a the would deliveries. that third pick it in expect fourth then, for the in we some well to down based of

helped the we really by helped the in XX.X% in you period fact stub stub a the period. costs saw the margins that the was just acquisition So prior really drive were to incurred date that lot there that the

Scott A. Buckhout

know, revenue Jeff, is as see CIRCOR as and legacy and lowest you quarter we our too. year QX increasing of that as earnings part through the normally on business well

Jeffrey D. Hammond

material Can cost speak the as do change the you perfect. rate of and look of year? for run debt, a your some the – to you Okay, you see you fixing laid of that out markets kind interest just the kind at to

Rajeev Bhalla

Jeff, to interest it's we fix of – we to as the But that at debt interest do it's depends much rate go as rate it from if rates fix go would expect, do on would quantify up the to expect tick tough initially how that because it And you up, then, you when money. it. you being higher. underwater in fix you the

around we at So, expect this point, specific have number to it be don't that suffice it say a we but that would to up.

Jeffrey D. Hammond

one debt amount the given a focus what's that? pay-down in reasonable given, know you of your And on

Rajeev Bhalla

We question. have internally. expectations obviously hard our a That's

down do here, We haven't really expect committed externally but come to to a specific one turn. the by we leverage number

debt going pay-down to of a So growth. be and that's combination earnings

Jeffrey D. Hammond

Okay.

Scott A. Buckhout

out of and one and play half reduction So, to EBITDA. debt reduction half we're is the if expecting way – in that – roughly turn directionally increase in

Jeffrey D. Hammond

guys. Thanks, perfect. Okay,

Scott A. Buckhout

You're welcome.

Operator

conclude questions today. our for joining time. Ladies conference call. you. this you does and at This no are gentlemen, Thank there further us Thank

We have participation you your You wonderful lines, now today. day. and for thank may your disconnect a

Circor International (CIR) 28 Feb 182017 Q4 Earnings call transcript