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Flir posts first quarter results

First quarter revenue at Flir Systems Inc. grew 8 percent to $439.6 million, and organic revenue was up 13 percent, due in part to strong results in the Raymarine.

Adjusted earnings-per-share grew 33 percent to $0.48.

The company reported first quarter profit of $39.2 million, or 28 cents per share, down from $42.6 million, or 31 cents per share, from the same time last year.

“All three of our business units had double-digit organic revenue growth and we saw significant operating leverage with this growth,” said Flir president and CEO Jim Cannon in a statement.

Generally accepted accounting principle gross profit in the first quarter increased 14 percent to $217.9 million, or 49.6 percent of revenue, compared to $191.3 million, or 47 percent of revenue in the first quarter of 2017.

GAAP operating income in the first quarter decreased 6 percent to $55.5 million, compared to $59.1 million in the prior year.

First quarter GAAP results were negatively impacted by a $10 million pre-tax loss on the divested security businesses, as well as a $15 million charge related to a U.S. Department of State Directorate of Defense Trade Controls penalty of $30 million, the company reported.

The other $15 million was suspended “based on verifiable past and future expenditures for remedial compliance measures, in connection with a consent agreement executed yesterday to resolve various alleged violations of the International Traffic in Arms Regulation,” the company said.

The penalty was the result of violating regulations that cover items deemed sensitive by the federal government and therefore have export limits, according to the Portland Business Journal.

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