Skip to main content

FLIR organic revenue growth up for 2018

FLIR-Raymarine

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.”

FLIR2-Raymarine

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.

Related

Northpoint

Northpoint Expands Marine Presence

Northpoint Commercial Finance has partnered with Elite Recreational Finance to offer retail financing.

BRP

BRP Reports 71% Increase in Q3 Revenues

The Sea-Doo manufacturer had total revenue of $2.7 billion, but North American marine retail sales were down 47%.

Airmar

Airmar Announces Training Dates

Certified Installer and SmartBoat system classes are being held this month in New Jersey and next year in New Hampshire.

Norm

The Survey Says …

Surveying customers to find out what they think about your business has never been more important.

1_MDI

Marine Development Inc. Changes Hands

Mick Webber, the former president/CEO and owner of HydroHoist, has purchased the company from its founders.

Screen Shot 2022-11-30 at 10.06.58 AM

Yanmar Reports Record First Half

Supported by overseas growth in construction equipment, generators and components, the company announced net sales of approximately $3.5 billion.

1_FWC.DERELICTS

FWC Accepting Vessel Turn-In Applications

The program disposes of unwanted, at-risk vessels before they become derelict at no cost to owners.

1_WAHLSTROM.ACQUISITION

Walstrom Acquires Grand Bay Marine

The transaction expands the company’s footprint in the Great Lakes region and brings the Regal, Starcraft, Godfrey, Bayliner, Robalo and Berkshire brands to Walstrom’s portfolio.

1_ROWE.OBIT

Indmar Co-Founder Dies at 95

A 20-year veteran of the U.S. Marine Corps, Dick Rowe dedicated himself to the recreational boating industry for more than four decades.