Circor Int'l raises 1Q profit outlook well past Street view
BURLINGTON, Mass. (AP) - Circor International Inc., which makes valves and other fluid control products, on Friday boosted its first-quarter profit outlook because of better-than-expected results at two of its divisions.
The company now expects earnings of 74 cents to 77 cents per share, including a penny per share of special charges.
Analysts are predicting profit of 58 cents per share, on average, according to a survey by Thomson Financial.
The company previously forecast earnings of 54 cents to 58 cents per share, with 2 cents per share of special charges.
"Margins in both our Energy and Instrumentation & Thermal Fluid Controls segments were much higher than expected due to multiple factors including margins on some large projects, product & business mix, volume and currency," President and Chief Executive Bill Higgins said in a statement.
In the first quarter of 2007, Circor reported 45 cents of profit per share, including a 3 cent per share charge for a plant closure.
The company plans to report its first-quarter earnings April 30.
Circor shares rose 96 cents to close at $43.95 during the regular session.
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