Gabelli & Company Comments on Circor International (CIR)

In a report released today, Gabelli & Company expressed a neutral outlook on Circor International CIR. Gabelli writes, “1Q11 adjusted EPS of $0.49 vs. $0.31 p.s. were in line with expectations. Sales increased 39%, YOY, to $203 mm and segment income rose 67% to $20 mm. Segment margin increased 170 bps, to 9.8%. Compared to 4Q10, energy segment margin declined 30 bps due to lower pricing of projects in backlog. The lower prices are not expected to be flushed out until 2H2011. If the low price projects were excluded from 1Q11 results, the energy segment margin would be close to double-digits.” Gabelli & Company has a Hold rating on Circor International. Shares of the company's stock closed at $41.77, down slightly from Friday's open price of $42.25.