CIR - Earnings call transcript Q2 2020 | Circor International Inc

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Operator

Greetings and welcome to CIRCOR International's Second Quarter 2020 Earnings Conference Call. [Operator Instructions] I will now turn the conference over to David Calusdian from Sharon Merrill Associates. Thank you, sir.

You may begin.

David Calusdian

Thank you, and good morning, everyone.

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

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

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

Scott Buckhout

Thank everyone. you, morning, David, good and

macro couple executed want strong difficult to transformation the CIRCOR to slide acknowledge business beyond second in turn this over products customers, of the highlights, team's we've to a above portfolio during three. delivered CIRCOR safe the challenges. other keeping proud and time. The to Before maintaining Please years. our I last I'm getting each team quarter, quarter essential of our despite unprecedented into dedication that CIRCOR productivity has continuity. deliver second while and continuous gone

shift completed Upstream and Gas divestiture businesses. With commodity we the Valves, Distributed out other recent our of of & Oil

our this CIRCOR core focus of future and we've mission-critical flow sharpened strong transformation, platforms, on we positioned our control for a As result growth.

cyclical, diversified economic environment. more Our the current businesses less portfolio the of of impact is and mitigating mission-critical broader

our downturn. addition, market technology current In enabled position prices the of portfolio has a us and strong to through that differentiated raise has products

to Turning operations.

are our demand. operating customer factories line of in with All

of some safety to in ensure inefficiencies As absorbing we're we today, put with employee protocols associated our place safety.

some to on continue We chain manage COVID-XX-related side. supply challenges the

performance direct experiencing Despite this, Beyond positioning finally, disruption system these our operations metrics. we're And this recovery. market advantage operating limited launching remain a to CIRCOR to COVID-XX. CIRCOR new operating on we're of deliver track challenges, year. of across from in is We delivering products on the most improved take XX commitment

in and suppliers initiatives. We resources front markets customers We're and change. continue as end closely to to strategic invest collaborating alignment ensure growth with

sheet. the on balance continue Lastly, deleveraging focus we to

& like earlier some and detrimental largely basis second remained Industrial. in quarter. lower last of lower line million we the I'd down X.X%, the Now, cost to at The year. we top organically, Despite year. aggressive operating XX% actions $XXX slightly Please turn down through revenue, decline built booked price by volume million. in primarily this XXX to to backlog book-to-bill Aerospace points page quarter. robust managed was the highlights driven margin four. XX% of by was million, Adjusted Defense We over $XXX margin company-wide due the with implemented from from to and provide driven came a Industrial. one, Sales $X ratio orders

in we in line the with across in as company our the earnings Our actions first targets cost remain laid our and quarter coming call, actions out price are expected.

to quarter I review our before discuss over for the the turn results in me to markets. let outlook detail call Abhi more end second our Now,

Abhi Khandelwal

everyone. morning, good and Scott, you, Thank

basis markets. operations continuing by COVID-XX impact begin on segment end to down social the and AOI year. Let's reviewing floor, due figures sales margin five. end divestitures. the was organically, QX, on inefficiencies The maintenance pandemic. project a among factory sales need of other driven down within points associated primarily maintain for Industrial our representing decline XX%, segment with by Starting volume distancing was prior on challenged through This COVID-XX. industrial drop lower had our markets pandemic actions XXX further were the delays majority the safety versus segment actions we All that of capital of to at COVID-XX with our in of quarter. coupled which slide XX% to significantly Industrial cost with due lower due The were We Industrial XX%, saw contribution Industrial The policies $XXX than orders a through and resulted XXXX, to and margin. most tied initiated The are XX% the In exclude million, organically. results. is customer the end of to

actions. Aerospace and margin XXX $X of Turning delivered million impact offset aerospace million, difficult was for a XX.X%, do Joint Submarine aerospace, year the team $XX for in million Strike Virginia million. pricing, income, Joint on compare. to due revenue, partially received organically XX% the basis especially ongoing organically of by The for $XX year order points. this COVID-XX driven offset defense operating six. and impact XXXMAX the Aerospace the shipments, slide commercial Aerospace $X With have although, COVID-XX on $X Submarine we Aerospace In Defense & Fighter of and we Defense we a incremental delays. down operating & our lower partially was $XX million, strong sales up large by down & orders segment, of while of Fighter Class to the Strike the programs. productivity had commercial This Defense million, Defense delivered X% cost due & Last order QX, Class by Virginia

Turning to slide seven.

adjusted tax due and was credits. For foreign to rate differential tax higher the XX.X% tax QX, rate R&D

million in $XX Looking million. the at quarter. of was professional of $X.X prior The primarily was rate pension by a of we special attributable quarter, points. million, asset business. to due lower One-time a of XX a of $X write-off costs This items million normal, was last and a payable offset fees primarily the balances tender a from recorded exchange by were $XX income matters. income. and quarter basis partially depreciation million losses, result million year. offer, to retain in the and a a expense corporate year's interest charge $X.X million and was down acquisition-related actions, unsolicited total governance to restructuring previously than Other the amortization a against Corporate million charge the debt $X.X compared charges, were quarter in higher of pre-tax for other $X proxy $X Interest driven charge foreign charge divested

be rate run For QX expect we quarter. QX, approximately corporate per million the $X and cost to

to Turning eight. slide

quarter cash provided free from with first during was our is line Our call. negative in quarter, which the operations $XX guidance flow in million the earnings second

Distributed $XXX company second end XXXX. services. governance was During and a also $XXX the debt corporate disbursements approximately other changes, professional At for we off support QX, year's investment disposed which negative incurred banking our at million associated for the quarter, of quarter, net with was in the million, to $XX Valves restructuring, last cash cash. our business million unsolicited of fees, than The acquire lower the company, offer $X.XX million tender

we of to quarterly slightly clean expenses. flow free strong Valves cash cash to disbursements largely related the as exit we quarter, restructuring the be approximately of Distributed be other QX QX expect transition our in mentioned call, and is positive to expected breakeven negative, we flow restructuring final expenses. complete to As QX a and our

color our Now, I outlook. back it Scott end on to markets and some hand will over provide to

Scott Buckhout

you, Thank Abhi.

I'll manage Please as as to an through in the pandemic. we're what Now, turn page end some nine. our to of well the we're of actions taking provide overview seeing markets,

by start me our Let market end exposure. recapping

& First, completely exited we've Upstream Oil Gas.

Aerospace today's of Industrial, at revenue and few aftermarket XX% the Defense, out defense portfolio, general current twice commercial, aspects like approximately is our our size I'd Looking portfolio. of is & with a sales is to point and XX% of support. approximately XX%

Orders Aftermarket area driven global CIRCOR, aftermarket by XXXX than beyond. margins Our impact continue a aftermarket installed of driven growth defense. business decline. growth is the the are will large through for and our base is economic and and largely are higher OEM mitigating investments industrial Aftermarket strategic broader margins. by

defense robust. expect remain to We

team next defense defense and U.S. slightly or levels budget XXXX is at in winning year's new better. programs, coming appears Our to be

we're seeing defense from our addition, larger of In support strong many platforms.

the Our from remaining and Airbus half commercial OEM commercial Boeing business of space come than of platforms. platforms and helicopters and represents less it X% business by revenue sales of list majority aviation, commercial across regional The civil programs. of long a aircraft driven is and

X% than discuss which reducing our market to represents is the very of Downstream diversified significant Oil anyone of offer Please market by business This revenue, to on end turn represents industrial market. cyclicality no end of XX more outlook. slide end XX% Gas, Our market. revenue. and dependence current diversification, Outside &

Let's with Orders industrial. XX% were overall in down organically. QX start

During impact markets. the in were The QX. slight global to in in and well markets. market processing, global capital building this on the Alternatively, our consumer in the were marine, down other and China linked from orders an Aftermarket growth delays we the in saw moderate impact water across manufacturing overall organically end project orders impacted the in and a end major wastewater sector. created with manufacturing, machinery CapEx. We manufacturing quarter sector. XX% was U.S. orders modest in shifting manufacturing, most customer of environment, as slowdown U.S., COVID-XX coupled to saw some reduction consumer COVID-XX Core The markets. industrial business, relatively goods end construction compared X% delays commercial second saw to we order goods as down large in increase by chemical project

repair marine intake and with projects. is combined maintenance of offshore and lower we Quoting and most in turnarounds. and for for and impact steeper work long significant in team, the aftermarket global due like to activities the planned Latin maintenance projects Our some four-market declines of Refiners exit base, We're reducing term remains America. quarter the as relatively in The slated Aftermarket mitigating aftermarket already the of XXXX. to capital the was power on growth pockets of in grow year from seeing backlog minimizing scope activity low strong in the the Asia of in nuclear growth order and areas, activities and due capital midstream installed projects cycle dedicated commercial are vessels. in XXXX to cruise oil expected capital short commercial spending for Downstream delayed gas turnaround weakness for preparation utilization service our fall season. delayed markets. maintenance top layering is in ships planned was

end QX, QX. similar market outlook market overall the in is to in industrial For levels

to XX%. XX% of We of impact COVID-XX expect in the a year-over-year drive decline to revenue

OEM We markets most remain delays. due expenditure reductions ongoing to QX QX to capital expect levels, capital end and in project at

On the versus the see markets in QX expect aftermarket prior we side, those general decrease from Europe is regionally. In North inline North in as improvements QX COVID-related market in downturn. America, to we're Europe, some Asia, America, starting with industrial the revenue sequentially be and QX Regionally, to to expected year and recover the India.

we expect see Please growth slides and turn China. However, XX in to to XX.

$XX business. the delivered in missile at in impact to of Joint aerospace and rates offset and of driven were U.S. defense strengthen COVID-related to defense the quarter, program driven aircraft various defense ongoing orders Fighter, and previous the XXXMAX. Navy QX Our Strike of COVID-XX timing Airbus Boeing we programs. carrier orders, orders headwinds on orders commercial and CVN-XX expect Aerospace which down from orders the Class in Overall, by & Virginia production the commercial sequentially, in Defense decrease with weakness ongoing Submarine, by the the in programs the segment like due the delays the Strengthen million quarter

aftermarket. in X% It's and & With aggregate, Commercial carryover The expected note increasing approximately down prices to we're to business, we net revenue and X% year. last price from the defense to XX% to XXXX commercial should sequentially price defense XX% expect be in be Aerospace the new XX%. expect versus a For sides we pricing to up up XX% to while increases increases aerospace. both down heavily be in weighted this year, are important increase revenue versus to on last of X% that is in Defense but QX, QX. year,

continued to despite I driving transformation out summer, progress. that reiterate the we wrap COVID-XX, want I last we're Before have strong to laid still and up, make

price to raise preserving in original and impact our XX has line responded of we're part the to our reduction leaning to While markets, we've playbook. from the we've and important with that the disruption. products in our on products, environment, end important increased up last Due our of costs. commitment plan, growth the plan. XX, been taking despite to able out expanding by also nature structural particularly committed the structural new pandemic of XXXX of mission-critical the the remains And prices costs finally, this It's company. navigate expanded to year, had plan. to while we've company, original the continuing accordingly a our the on strategic reducing many plan to capacity the know despite to launched in appropriate of accelerating market with significant respect the Notably, year, current the we we're summarize, execute aspects To recent an steps of

by been ensure to to team thanking close once we're As to flow their for the the continues I'd unwavering CIRCOR CIRCOR entire strong to to generating will service market job. again growth, to we and to the We positioning committed adapt deleveraging our like succeed. and positioned a change, dedication for customers. expanding remain free doing long-term remarkable company. margins, They've cash continue

and happy I your will Abhi to Now, questions. take be

Operator

Thank you.

Instructions] question-and-answer. comes be a with Kaplowitz line question from proceed now the We with your [Operator Citigroup. Please Our Andy of conducting will first question.

Andy Kaplowitz

morning, good guys. Hey,

Scott Buckhout

you are How Andy. morning, Good doing?

Andy Kaplowitz

when Good. so, A&D the commercial is. in is on Can your whether of you to to the margin. Morocco of mix prepared be about transition type Is even is How that bit And pricing How continues obviously, complete? quite strong are contributing? you? mentioned margin, performance much then a weak. site I aerospace helping? think You this talk Scott, remarks. the the so it sustainability

Scott Buckhout

Sure.

Okay.

So, a question. lot in that

Morocco So, start me let with question. your

is Morocco So, not done.

plan from We five-year expect Morocco. a -- we have

grow Morocco & So, year, Aerospace continue leveraged Defense. as we as every platform to that cost for our will low

expansion very contribute interested in to and we course, the has finding in margin ongoing. continue And Morocco. them. is Morocco, many In actually programs customers to to So, to the they contributed by Morocco. that our of to it share way, with the are us asking this year cases, we're will are move And, savings

you So, lots a is years pricing. there helping. margin respect the is here. the expect for continue the to you here probably contributors Morocco the story one. expansion, big biggest With of to should were Mix come quarter Pricing factor to in And be mentioned would

at look aftermarket. you are Defense, step If & in the and margins back Aerospace better

in higher elsewhere the and from see can seeing than offsetting the defense than what much You decline the we're growth -- aftermarket more is in in on commercial side.

you mixed So, if having less more benefit we're seeing by a aftermarket and will. OEM,

So, that certainly helping.

the we're of As we're sustainability business through a We remainder at based operating far and Aerospace are in are. longer with believe levels now where comfortable this that & the sustainable we now. margin very mid-XXs on the is as of margins certainly the Defense, term, year, what right we're the seeing

Andy Kaplowitz

QX, revenue step we and the then, guidance business, Thanks relatively Scott. Industrial overall for right? the declines about are And similar for the QX. of you as to if momentum that, back think said,

you'd worse, there. conservative bit argue a better stronger guidance slightly just maybe defense. little A&D is include You be if slightly And only you commercial weaker maybe could and

could the or you shape of L-shaped are recovery the of maybe the V-shaped? How about the recovery that you're So, seeing. U concerned is shape you versus more talk

Scott Buckhout

seeing So, you're how we're just right, you way the QX. recapped

QX versus see Defense in seeing QX & from growth So, we in on similar as moderate the sequentially Aerospace revenue to Industrial. are of I QX QX. we would go types say We'll side

flat, slightly see U.S. start Asia aftermarket not. in Europe. Aftermarket, -- you that an starting let's maybe orders to We're little see a The of If seeing aftermarket with in in that. into down bit we the down we dynamics, in U.S. and some are the drill in to improvement are Industrial

going July, slower. On OEM change expecting we're side, that's we through in to The through QX think and change has much not the seeing we're the remainder saw all. rate that not see recover much to at of We order the quarter. continued

one QX line QX in less world, with be with happen or in we're in we're So, I QX. the with what with around that. change today, Based think of less some we've what our is change more looks seeing what rates line July, kind the it some probably something barring and factories, infection way seeing guided to on in or revenue or of like more will

& On a of we defense. Defense growth driven good the have year. by the side, the solid Aerospace on orders aftermarket is in largely half the in This first

aftermarket you digit growth the into but side. for this of year, So, remainder the a a in And are aftermarket a got half the just of the level then, that in single our Longer driven high we've back you'll see see backlog growth business, this really launching side, We've side. of on the platforms. is component aftermarket. term, it's got growth new defense commercial the the very in coming This programs of defense won't year. good on probably by on number

For XX all & Defense we're year, new are linked Aerospace program new which to products wins. this overall, launching

good what pretty in the of mean, pretty So, as defense. seeing drop can else the Commercial, But significant on revenue. here offsetting we're you see, side we're seeing, momentum we're seeing business. that I defense with is everybody

Andy Kaplowitz

out of forward, temporary laid Can quick given for explicitly more out had sort does year? the you pretty you that go the balance QX for going you of balance as you one Just sustain last kind detrimentals me. out in quarter? versus that structural one the How cost of

Abhi Khandelwal

Yeah. Andy, this is Abhi.

company XX% assume you'll range. I'd moving that overall detrimentals the XX% say detrimentals forward, If to for fair think to CIRCOR, about it's you in

saw to QX. So, similar you what very in

Andy Kaplowitz

Thanks, it. guys. Appreciate

Abhi Khandelwal

problem. No

Scott Buckhout

Andy. Thanks,

Operator

proceed Please Instructions] Thank your with of with question you. line Markets. comes Capital KeyBanc from Our Hammond the next [Operator Jeff question.

Jeff Hammond

guys. morning, good Hey,

Scott Buckhout

you? Morning, Jeff. are How

Jeff Hammond

in definitively guess kind how markets bad? other like companies, more is a of June, getting a And on starting bad, less to get good and I'm May, you lot I going downstream what And I'm July. less what the be it way. then stable. Doing much lot well. bottoming A industrial hearing -- Good. other industrial, there's color April, wondering, from guys little I real guess, but of to seems seem are is just maybe like of

much so, you businesses the in industrial? that a the of as group kind whole of assess drag And within is of of -- kind how

Scott Buckhout

Sure.

the better we're I a -- then moving is for much. us that markets differences region versus is think water markets. seeing think some markets end than -- of most around aren't But end wastewater I little where easier the the I OEM. by mentioned it's -- end aftermarket doing other and

you back and the if see step last in couple in happened months So, aftermarket improving QX, that Asia in at don't and in what's Europe, order intake regionally look and improving aftermarket our we see yet you'll but versus the earlier U.S.

orders in If the any look I small part OEM relatively mentioned in at I here growth. around of and and move in mean, for quarter -- America. -- I'm there, second nuclear saw we're you of are the sorry mentioned nuclear side things the Asia. the business, quarter. power. seeing the We're the look business. an pieces in these seeing of in regions Latin orders strong midstream saw but of not if we at point business, I pockets really inflection just power strong We our some you

Asia And in activity. So, really a that this at it's there's we're point. in speaking, seeing Europe aftermarket things it's But of and in material improve way. pockets only only broadly

Jeff Hammond

clearly XQ Okay. gave have and a visibility more little A&D kind view last side. a then in XQ, And of quarter you

into trend that as you being XQ of can and better is well? being maybe kind -- this defense commercial carry worse. So Does speak of

Scott Buckhout

have Aerospace visibility right. have We Defense. -- do we you're more in Yes, &

seeing going to -- to what & in you into you're Aerospace I very Defense. QX should to you're expect in is what see be similar think QX

expect see well So, as you revenue. similar & Margin from in a should sequential Aerospace will standpoint, Defense. kinds of expansion to year-over-year continue

huge of we've you got see not in So, to seeing what a the the you're QX. going -- visibility that change a decent remainder through you're to year

Jeff Hammond

aren't some Okay. And you made you're maybe flow, fast. like But as coming receivables in I on comments. then, it everybody free your Abhi, time paying think cash and looks

for second just free of year, the can flow So, how the decline? revenue -- into the cash how And free offset much like half? talk capital given about working negative flow cash this much we

Scott Buckhout

flow. so -- are expecting me we to with cash in let -- just what So, we're happen start just

associated So, QX, expenses flow absorbing with restructuring We're still exit that in Valves. We've for third absorb got going cash Distributed some be about expecting to to of in we're quarter. we're the the breakeven. still disbursements here

in negative roughly So, breakeven, bit maybe QX. a little

Going clean. into QX be largely should

see flow operating should You cash solid QX. relatively cash in flow clean good,

that of see you As the for a half first in far increased us we headwind year. was -- we as working capital, working In capital. the QX,

You're QX to in and QX. reverse going here see that

cash be will So, help working through of generate a tailwind will us the remainder and capital year. the

about it's repayment as for about now. how us far debt As allocation, we're all thinking reduction capital right debt and

we So, year. capital -- we have expenditures this cut are

So, we cut generate the you'll debt. that paying year cash see significant on towards the will CapEx year-over-year down the a then and go of all this remainder

Jeff Hammond

the what's headwind, expense And I like million Okay. other There's $X item? think.

Abhi Khandelwal

Yeah.

is, is so the quarter that income, it really in intercompany what it other the have. loans the we for impact that we saw FX The

us So a guy bad quarter. that in the was for

We have some QX. place for actions in taken

So, moving big will an for us. impact forward, that be not it

Scott Buckhout

-- We're away that forward. going hedging hedging we're

Jeff Hammond

Okay. Thanks guys.

Scott Buckhout

Yeah.

Operator

you. Thank

with of comes Please Nathan the question Jones your proceed next with Stifel. Our question. from line

Nathan Jones

Good morning, everyone.

Scott Buckhout

Good morning, Nathan.

Nathan Jones

for industrial trends. order to going little a off just on go I'm more the detail

And how went through you'd If any quarter? the talk Did did to, as they about July? least you're on the comments through at you orders the -- comparisons make willing quarter? progressed on you they could improved

Scott Buckhout

Sure.

that. end were -- the a the QX better earnings We the earnings when the and that had we we than came range we seeing So, little revenue rates guided. of we order had better in call, expecting at call,

the improvement revenue. quarter sorry and of orders or -- I'm terms year modest -- very in last say through quarter I'd last So,

in July at indicate range coming As range, end revenue the -- the we're are of would that in the presentation. in the we the here better look at that we're QX, as we indicating

end. So, at we're we're right better at the -- the

with is infections in here biggest see U.S., coming on right in America. North now, what our we're happens going end that's in So, at it what's better worse. the concern But of the could get range. We'll the

Nathan Jones

to year. what's that comment invest to And we know CapEx growth the you about cut in and you're getting cut getting on maintaining of kinds Can and the getting CapEx capital so what's those follow-up pretty significantly is things? expenditures and just where this still you're where that funded? Just talk cutting

Scott Buckhout

Right.

you'll So, XX% XX% for see a roughly to CapEx year. full the reduction in

preserved have growth expenditures of We all expecting the were spend the coming capital we year. that into to

that OpEx so So, well. as -- that's -- and

the year, investing management. we We're So, still that. were in that expecting markets in still and largely resources to invest in investing the engineering emerging in coming into we're product

So, happening. those still are things

cutting capital CIRCOR. On the at parading not to the It's things side, out to we're -- it's Nathan. that and categories results important hard that least are cutting, tail, driving the there's projects basically broad off

of below course, all line business to close all that were things maintaining the margin that the safety this line, we we ensure need do up push we'll that capital. year the to pick maintain. we're to we that preserving were next the back equipment need year. to of them the all the So, the But for of that We're We're doing would on things continuity. and

Nathan Jones

difficult usually wanted the pricing acceptance points a circumstances to the about normal so lot. that investments, be would pushing gives that's that to cutting much are more were price through? you pricing, that of And customer price. price What obviously, bit in the Can pricing when down lot through any these a year. of hear little was there On you're -- It's through get revenues a ability increases? a be pretty this four able to -- going I three, about this growth really areas pricing environment push good. to the What four talk you you

Scott Buckhout

a situations -- raise we're in to detailed justify delivering playbook source. we where we're where in the we've it. we many sole to And have We customer prices the we to we're cases, a pretty got how that value prices. for raise So, know are

majority talk business. -- first, part aftermarket not vast The sole the if So, business we're about in on on -- Aerospace the & of we're this is contracts. long-term sourced we of Defense

something typically in the raise prices that will that, charge needs the for is so, customer well. And we able and urgent we're freely something of If to more quickly, business. part very as

it's how we're price way so, detailed -- there's should our on through increase providing and on work what a the typically based we to pretty is And the that decision tree the a be, customer. value

& side, X% than obviously, Defense more on the on about we're We're a lot are getting getting we price Industrial. on Aerospace A&D. So,

the Industrial largely On the of piece we're getting side, happening that's business. about the X%, aftermarket in

the kind is selling for So, majority -- product. replacement replacement cetera, screws et parts, of -- and but pumps, logic. And screw our also the aftermarket selling it's same of

we We have parts, premium an emergently, a need installed to we're they get typically will customers base. parts, Many if to of and charge them for able our will those order display especially that.

So, it. that's essentially how we're doing

Nathan Jones

Great. Thanks for taking my questions.

Scott Buckhout

Thank you, Nathan.

Operator

Thank you.

session We have and today's of our reached conclusion call. question-and-answer end of the the

you a your have Thank participation, wonderful line. day. disconnect for may You and all now your

Scott Buckhout

Thank you.

Circor International (CIR) 7 Aug 202020 Q2 Earnings call transcript