Skip to main content

FLIR releases ‘mixed’ Q3 results

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

1_YEARGIN

Business for Good

Companies have a unique platform to make people’s lives better through products and services, how we treat employees and the kind of advocate we are for our industry.

DOMETIC-EARNINGS

Dometic Posts Sales Increase for Q4

Net sales of $596 million were up 11% compared with the previous-year quarter, and profit was reported at $2.6 million.

NEPTUNE-AWARDS

Marine Marketers to Present Neptune Awards

The group will hand out its annual honors during the Miami International Boat Show in February.

MARINEMAX-EARNINGS

MarineMax Releases Q1 2023 Results

Record revenue of $507.9 million was a 7% increase over the previous year, and the growth was driven primarily by acquisitions, including IGY Marinas.

VOLVO-EARNINGS

Volvo Penta Reports Q4, FY22 Results

Net sales of $470 million for the quarter were a 33% increase compared to the prior year period.

Pulse-Report

DEALERS: Are You Improving the Service Experience?

Our monthly Pulse Report survey asks this and other questions about your dealership. Take the survey here.

NMRA-SCHOLARSHIP

NMRA Sets Scholarship Deadline

Students pursuing education in the marine trades can apply for the National Marine Representatives Association awards until April 1.

MARINE-PRODUCTS

Marine Products Reports Record Q4

The builder of Chaparral and Robalo boats reported net sales were up 42% for the quarter and 28% for fiscal year 2022.