FLIR reports 1Q results

Author:
Publish date:
Social count:
0

FLIR Systems announced a first-quarter earnings-per-share increase of 13 percent as it released its report this morning for the quarter that ended March 31.

Revenue was $348.6 million, largely unchanged from first-quarter 2012 revenue of $348.5 million, at the Oregon-based parent of Raymarine. Operating income in the first quarter was $69.1 million, compared to $68.3 million in the quarter last year.

Net income was $51.6 million, or 35 cents a diluted share, compared with net income of $48.1 million, or 31 cents a diluted share, in the quarter a year earlier.

The Raymarine segment contributed $44.4 million of revenue during the first quarter, down 5 percent from the prior year.

"First-quarter results were consistent with our expectations for how the year would begin," FLIR president and CEO Earl Lewis said in a statement.

"Despite the difficult funding and macro environment our customers are experiencing, both of our divisions have meaningfully higher backlog than they did a year ago and our focus on organizational efficiency and cost control resulted in increased margins and net earnings growth. In addition, we continue to generate operating cash at a rate that significantly exceeds net income, which will allow us to generate strong returns for our shareholders."

Click here for the full statement.

Related

Crestliner program targets student anglers

Brunswick Corp.-owned Crestliner boats is launching a new program designed to nurture high school and college-aged anglers’ passion for fishing and guide them toward higher education and careers related to the sport.