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FLIR Systems reports 2Q results

FLIR Systems Inc. said today that second-quarter revenue was lower in its marine segment, in part because of foreign currency exchange fluctuations.

Total revenue for the quarter that ended June 30 was $393 million, up 6 percent from $369.4 million in the quarter a year earlier.

Revenue from the maritime segment was $52 million, down 6 percent from the quarter last year, and the company said it was negatively affected by foreign currency exchange fluctuations by about $7 million. On a constant-currency basis, revenue for the quarter was up 12 percent from the prior year as foreign currency exchange fluctuations negatively affected revenue by about $20 million, the company said.

"With currency-neutral revenue growth of approximately 7 percent and EPS growth of 35 percent, we have been successful in executing on our strategies in the first half of 2015," FLIR president and CEO Andy Teich said in a statement. "Innovations in many of our commercial markets have driven broader adoption of our thermal and other sensing technologies. FLIR's commercially developed, military qualified (CDMQ) model continues to be a positive differentiator in our government and military markets while our restructuring initiatives have proven very beneficial from a profitability standpoint. We look forward to continuing this momentum into the second half of 2015."

Operating income for the quarter was $70.5 million, compared with $59.4 million in the quarter last year. FLIR reported a profit of $50.5 million, or 36 cents a diluted share, compared with $44.8 million, or 31 cents a share, in the 2014 quarter.

The company said its profit was affected by after-tax restructuring charges of $300,000 in the 2015 quarter and $2.7 million, or 2 cents a diluted share, in the quarter last year. Cash provided by operations in the quarter this year was $48.9 million.

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