FLIR Systems Inc. today reported lower first-quarter revenue, but higher profits.
The Oregon-based company reported a profit of $47.9 million, or 34 cents a diluted share, for the quarter that ended March 31, compared with $29.9 million, or 21 cents a share, for the quarter last year.
The company said profits were affected by after-tax restructuring charges of $200,000 in this year’s quarter and $6.4 million, or 4 cents a diluted share, in the quarter last year. Cash provided by operations in this year’s quarter was $74.9 million.
Revenue was down 2 percent in this year’s first quarter, to $344.5 million, from $351.5 million last year. Revenue from the Maritime segment was $51 million, down 3 percent from the quarter last year.
"The results for the first quarter of 2015 were in line with our expectations. Despite strong movement in the U.S. dollar that created a headwind for our top line, we improved our margins and earnings per share significantly," FLIR president and CEO Andy Teich said in a statement.
The company said operating income in the first quarter was $65.8 million, compared with $42.5 million in the quarter last year. Operating income was affected by pretax charges related to previously announced restructuring initiatives of $300,000 in the first quarter this year and $8.4 million in the quarter last year.
Based on financial results for the quarter and the outlook for the remainder of the year, FLIR said it continues to expect revenue for the full year to be in the range of $1.55 billion to $1.6 billion and profits, excluding restructuring charges, to be in the range of $1.60 to $1.70 a diluted share.