FLIR reports 4Q, year-end results

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FLIR Systems said revenue was up 4 percent to $400.3 million in the fourth quarter, compared with $386.4 million in 2012, with revenue from the Raymarine segment up 10 percent at $36.1 million.

For the full year, revenue was $1.5 billion, up 6 percent from $1.4 billion in 2012.

Operating income for 2013 was $240.7 million, compared with $303.3 million in 2012. Net income for 2013 was $177 million, or $1.22 a diluted share, compared with 2012 net income of $222.4 million, or $1.45 a share. Cash provided by operations reached a record-high $355 million during the year, growing 24 percent from 2012.

“The new products and core technologies we’ve recently introduced, coupled with the organizational changes we launched in the fourth quarter of 2013, paves the way for FLIR’s entrance into several new high-volume markets,” FLIR president and CEO Andy Teich said in a statement.

“Our financial results were impacted by slowed activity from domestic defense customers and our planned spending and restructuring charges; however, we recorded a record level of cash flow in 2013,” Teich said. “Our recent realigning of our operations will create a streamlined organizational structure that focuses on our customers, leverages our vertical integration, employs our CDMQ model for government markets and furthers our ability to deliver on our goal of ‘infrared everywhere.’ ”

Revenue from FLIR’s commercial systems division increased 15 percent from the fourth quarter of 2012, to $244.6 million. Within the division, revenue from the Thermal Vision and Measurement segment was $208.5 million, an increase of 16 percent from fourth-quarter results in 2012.

Revenue from FLIR’s government systems division decreased 10 percent from the fourth quarter of 2012, to $155.7 million. Within the division, revenue from the surveillance segment was $124.7 million, a decrease of 9 percent from the fourth quarter of 2012. Revenue from the detection segment was $13.2 million, an increase of 3 percent from the fourth quarter of 2012; the integrated systems segment contributed $17.9 million, compared with $24.4 million in the 2012 quarter.

FLIR’s backlog of firm orders for delivery within the next 12 months was about $490 million, a decrease of $33 million during the quarter.

The backlog in the government systems division was $294 million, decreasing $41 million during the quarter. Backlog in the commercial systems division was $196 million, up $8 million during the quarter.

For the fourth quarter, which ended Dec. 31, net income was $28.7 million, or 20 cents a diluted share, compared with $77.3 million, or 52 cents a share, in the quarter a year earlier. The net after-tax impact of restructuring and retirement benefits charges in the fourth quarter was about $21 million, or 15 cents a diluted share.

Cash provided by operations in the fourth quarter was $105.2 million, a decrease of 7 percent from the quarter in 2012. FLIR said it repurchased 1 million shares of its common stock during the quarter at an average price of $28.95 a share.

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