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."