Flir Systems’ revenue grew 8 percent in the first quarter over the same period in 2017, with organic revenue growth of 13 percent over the prior year.
GAAP gross profit in the first quarter increased 14 percent to $217.9 million, or 49.6 percent of revenue, compared to $191.3 million, or 47 percent of revenue in the same quarter of 2017.
GAAP operating income in the first quarter decreased 6 percent to $55.5 million, compared to $59.1 million in the prior year.
“With these record first-quarter results, we are off to a great start to 2018,” president and CEO Jim Cannon said in a statement. “Our top line grew 13 percent organically, while our adjusted earnings per share grew 33 percent. All three of our business units had double-digit organic revenue growth, and we saw significant operating leverage with this growth.
“We have an improved outlook for the year as we commit to innovating around our customers’ needs while we fuel, feed and focus our businesses,” Cannon added.
Based on financial results for the first quarter and the outlook for the remainder of the year, FLIR expects revenue in 2018 to be in the range of $1.76 billion to $1.79 billion.
Adjusted net earnings per diluted share is expected to be in the $2.11 to $2.16 range, up from the previous outlook of $2.05 to $2.10 per diluted share.
FLIR’s board of directors declared a quarterly cash dividend of $0.16 per share on FLIR common stock, payable June 8, 2018, to shareholders of record as of the close of business May 25.
FLIR also announced today that its board of directors approved the extension of Cannon’s employment agreement through April 2022.