Revenue at FLIR Systems Inc. grew 4 percent in the fourth quarter to $494.8 million, and 8 percent for the year.
Revenue from the maritime segment was $43.8 million, which was 14% higher than the fourth quarter of 2016.
Revenue from the marine segment was $189.7 million in fiscal 2017, which was 2% higher than the prior year, the company reported.
“We are pleased with our fourth quarter results, particularly the revenue growth and double-digit adjusted earnings growth,” said FLIR CEO Jim Cannon in a statement.
“We reached our highest quarterly adjusted operating margin since 2012, finishing a year that saw record levels of revenue and adjusted earnings per share,” Cannon said. “This was accomplished during a year of transition that included an operational realignment, changes to the management team, and portfolio rationalization that resulted in the divestment of our Lorex security business.”
Operating income (generally accepted accounting principles) in the fourth quarter declined 16 percent to $77.2 million, compared to $92.3 million in the fourth quarter of 2016.
GAAP operating income in the current quarter was negatively impacted by a $23.6 million non-cash loss on net assets held for sale related to the Lorex retail and small and medium-sized business portion of the security segment.
GAAP operating margin decreased to 15.6 percent, compared with 19.4 percent in the fourth quarter of 2016.
“We have positive momentum as we enter 2018. We are committed to accomplishing our task of exceeding shareholders’ expectations with integrity as we fuel, feed, and focus our businesses, instill a culture of continuous business improvement through the deployment of the FLIR method, and generate cash for accretive high-return investments,” Cannon said.