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FLIR reports 2Q results

FLIR Systems had revenue of $434.1 million in the second quarter.

FLIR Systems had revenue of $434.1 million in the second quarter, up eight percent over last year’s revenue of $402.7 million.

Revenue from the maritime segment was $55.1 million, which was in line with the second quarter of 2016.

Operating income in the second quarter grew two percent to $66.6 million, compared to $65.2 million in the second quarter of 2016.

Adjusted operating income was $81.0 million in the second quarter, which is 16 percent higher than adjusted operating income of $70.1 million in the second quarter of 2016.

Second quarter 2017 GAAP net earnings were $51.4 million, or $0.37 per diluted share, compared with GAAP net earnings of $45.4 million, or $0.33 per diluted share in the second quarter a year ago, the company announced today.

"We saw strong top line growth and meaningful margin expansion during the second quarter. This resulted in double digit growth in adjusted earnings per share," FLIR president and CEO Jim Cannon said in a statement.

"Our growth was broad across many of our businesses and geographical regions. Strong bookings during the quarter increased backlog significantly over the previous quarter, providing us with momentum into the second half of the year,” Cannon added. “I am excited to be part of the FLIR team and intend to maintain our focus on innovating valuable, life-saving and enriching solutions for our customers while executing a disciplined capital deployment philosophy to create sustainable value for our shareholders."

Adjusted net earnings in the second quarter were $58.4 million, or $0.42 per diluted share, which was 14 percent higher than adjusted net earnings per diluted share of $0.37 in the second quarter of 2016.

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