Why Circor International Stock Is Soaring Today
Industrial pump and flow control product manufacturer Circor International (NYSE: CIR) easily topped quarterly expectations thanks to strong demand and the company's efforts to keep costs under control. Investors liked what they saw, sending Circor shares up as much as 22% on Monday morning.
Earlier in the day, Circor reported third-quarter adjusted earnings of $0.69 per share, easily topping the $0.34-per-share analyst consensus estimate on revenue that at $195.36 million came in slightly ahead of expectations. Revenue was up 3% year over year, fueled by 18% growth in the company's aerospace and defense (A&D) segment.
Operating income was up 70% year over year. Circor reported an adjusted operating margin of 14%, up 550 basis points year over the year despite inflationary pressure, supply chain challenges, and energy costs.
Source Fool.com
