FLIR releases ‘mixed’ Q3 results

Author:
Publish date:

FLIR’s third-quarter results were “somewhat mixed,” according to CEO Jim Cannon, who added that he was not satisfied with the company’s quarterly revenue.

Revenue in the third quarter was $471.2 million, 8.4 percent higher than the third quarter of 2018 revenue of $434.9 million. Organic revenue growth was 2.5 percent, which excludes revenue from acquisitions within the last 12 months. Third quarter total bookings increased 13 percent from the third quarter of 2018 to $495.3 million.

Cannon said performance in the government and defense and industrial business units were strong. However, several product lines within the commercial business unit, which includes maritime, “continue to face headwinds, and some key end-markets served by the commercial business unit were negatively impacted by geopolitical and macroeconomic factors,” Cannon said in a statement. “While consolidated earnings were in line with our expectations and cash flow from operations was very strong, I am not satisfied with FLIR’s third quarter revenue performance.”

Commercial business unit revenues totaled $81.3 million, down 5.3 percent from the prior year. Revenues were adversely affected by foreign exchange effects, as well as lower customer demand in the maritime business primarily related to macroeconomic conditions.

Third quarter operating income of $7.6 million and operating margin of 9.3 percent decreased 27.5 percent and 286 basis points year-over-year, respectively. The decrease was primarily driven by revenue declines in the Maritime and Outdoor and Tactical Systems businesses due to weaker end-markets impacted by geopolitical and macroeconomic factors, as well as the impact from foreign currency exchange and U.S. import tariffs, according to the company.

Related

Registration for Outdoors Conference Opens

The Outdoor Recreation Roundtable’s June 1-2 virtual conference will include speakers and presenters from government agencies and ORR member partners.

Yamaha Sees Double-Digit Growth in Q1

The marine segment was up 7.4 percent, driven by demand for outboards in North America and Europe but tempered by supply-chain logistics.

Orion Announces SafetyPro Training

The factory-authorized courses are designed “to educate retail associates on how to match a boater’s type of boating with the different signal kits that we offer.”

A Truce on Tariffs?

The E.U. will suspend the June 1 increase of its retaliatory tariffs and agreed to negotiate with the U.S. to end steel and aluminum tariffs.

Argos 3D Forward Looking Sonar

For 20 Years, FarSounder has been developing and manufacturing 3D forward-looking sonar for vessels of all sizes.

Dometic Marine Appoints Executives

The company promotes a 20-plus-year employee and adds a vice president of aftermarket sales and e-commerce.

IMEA Launches Scholarship Program

The International Marine Electronics Alliance aims to recruit students into the field of marine technology.

RBFF Campaign Reels in Awards

The fishing-and-boating advocacy group’s Get on Board campaign was recognized by two national public relations organizations.

Suzuki’s Clean Ocean Project

Testing of the engine manufacturer’s microplastics filtering device continues as it moves closer to production. The company also released its full-year financials.