FLIR Systems reports 2Q resultsPosted on Written by Reagan Haynes
FLIR Systems saw revenue decline 5 percent to $369.4 million and operating income drop to $59.4 million from $70.3 million in the second quarter.
The maritime segment saw revenue grow 1 percent from 2013 to $55.2 million.
“Strength from the Raymarine products, particularly multifunction displays, sonars and autopilots, was offset by weaknesses from FLIR-branded thermal cameras, due in large part to reduced deliveries to the municipal first-responders market,” FLIR COO Thomas Surran told investors and analysts on Thursday during a conference call.
“Maritime operating margins increased slightly, compared to Q2 2013, as gross margins improved as a result of our new products having higher margins than prior-generation products.”
Second-quarter 2014 net income was $44.8 million, or 31 cents a diluted share, compared with $50.2 million, or 35 cents a share, in the quarter a year earlier. The net after-tax impact of restructuring charges in the second quarter was about $2.7 million, or 2 cents a diluted share. Cash provided by operations in the second quarter was $70.6 million.
“Second-quarter results were marked by double-digit growth in our commercially oriented segments and an improved backlog overall,” FLIR president and CEO Andy Teich said in a statement.
“These positive indicators, combined with the anticipated benefit from our restructuring and realignment initiatives, give us confidence in our outlook for the second half of 2014. We are excited about our recent and upcoming product introductions and the momentum being exhibited in many parts of the business.”