FLIR, the parent company of Raymarine, today reported sales of $1.775 billion for its full year ended Dec. 31, 2018. That represents a decrease of 1.4 percent compared to fiscal 2017.
The company said in a statement that organic revenue growth was 6.4 percent for the year, excluding its previously divested security businesses. Its GAAP net earnings were $282.4 million, compared with $107.2 million for the prior year.
“I’m proud of our team’s performance in 2018,” said Jim Cannon, FLIR president and CEO. “We achieved organic revenue growth and margin performance the company hasn’t reached in many years, and we delivered record adjusted earnings per share and operating cash flow. We are well-positioned for 2019 with strong bookings, numerous new-product launches and the recently announced acquisitions of Aeryon Labs and Endeavor Robotics.”
FLIR reported a 9.4 percent decline in fourth-quarter sales to $448.5 million. Organic revenue growth was flat compared with the previous year. Fourth quarter 2018 GAAP net earnings were $98.5 million, compared with GAAP net loss of $50.3 million in the fourth quarter 2017.
FLIR’s Commercial Business Unit, which includes Raymarine, had sales of $95.7 million in the fourth quarter, down 30.5 percent compared with the previous year. The company said organic revenue for the unit was up 5.4 percent. “Strong results in security and intelligent transportation systems contributed to the organic revenue growth,” the statement said.
The Commercial Business Unit had sales of $394.4 million during 2018, down 21 percent from the prior year. Its organic revenue was up 7.3 percent in the same period. Strong results in maritime and intelligent transportation systems contributed to the organic revenue growth.
The company forecasts 2019 revenues to be up 8 to 10 percent, in the range of $1.92 to $1.95 billion. It expects about 5 percent organic growth for next year. It forecasts adjusted earnings per diluted share in the range of $2.30 to $2.36.
Cannon said 2018 was a “transformational year” for the company. “I am more confident than ever in our ability to deliver on our strategic priorities and our purpose to innovate the ‘World’s Sixth Sense’ to save lives and livelihoods,” he said.