FLIR reports 6.5 percent sales growth on lower profits

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FLIR Systems, parent of Raymarine, reported sales of $482.0 million for its second quarter ended June 30, 2019, up 6.5 per cent over the same period a year ago. Net income was $46.1 million compared to $71.5 million a year ago.

The company’s Commercial Business Unit, which includes Raymarine, had sales of $95.6 million, down 7.4 percent from the previous year. A FLIR statement said that the unit had been negatively affected by “slowness in the Maritime market, restructuring impact on the Outdoor and Tactical Systems business (OTS), and continued negative foreign exchange effects.”

FLIR

“We are pleased with our execution in the second quarter of 2019,” said Jim Cannon, FLIR CEO in the statement. “Overall our businesses performed well in the quarter executing on our strategic plan, managing headwinds in a few of our end markets and integrating our recently acquired unmanned businesses.”

FLIR’s current backlog is up 12.4 percent over the previous year, said Cannon, “positioning the company well to deliver in the second half of 2019 and on into 2020.”

FLIR maintained its full-year guidance for 2019 with sales in the range of $1.92 billion to $1.95 billion. That represents 8 to 10 percent revenue growth compared to 2018, including approximately 5 percent organic revenue growth. It is in line with the strategic plan presented in May 2018. FLIR expects 2019 adjusted operating income margins to be in the range of 22 percent to 23 percent, and adjusted earnings per diluted share to be in the range of $2.30 to $2.36. 

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