Skip to main content
Publish date:

Flir Systems announces Q3 results

Flir Systems reported third quarter revenue of $434.9 million, 6.4 percent lower than the same quarter in 2017, which had revenue of $464.7 million.

Organic revenue increased 3.1 percent over the prior year, excluding revenue from acquisitions and the previously disclosed divested security businesses, which included revenue of $43.4 million in third quarter 2017.

The company’s commercial segment experienced organic revenue growth of 6 percent in the same period, excluding revenue from acquisitions and the divestiture of the previously disclosed security businesses.

Strong results in maritime and intelligent transportation systems contributed to the organic revenue growth, the company said.

“Overall, I was pleased with the third quarter performance,” Flir president and CEO Jim Cannon said in a statement. “We delivered strong performance, reaching our highest quarterly gross margin, operating margin and operating cash flow in over five years. We also continued organic revenue growth despite challenging year-over-year comparables.”

The company’s GAAP gross profit in the third quarter was $222.1 million, or 51.1 percent of revenue, compared to $222.9 million, or 48 percent of revenue in the third quarter of 2017.

GAAP operating income in the third quarter increased 1.7 percent, to $88.6 million, compared to $87.1 million in the prior year, representing a 160 basis point improvement in operating margin.

Related

AIM Marine Group Hosts Meet the Editors Event

More than a dozen editors from Active Interest Media’s Marine Group participated in the day-long, information-sharing event.

Fairline Makes Leadership Appointments

The British luxury boatbuilder founded plans to chart its course for the future with a new CEO and the return of Derek Carter as chairman.

Battle on the Great Lakes Rages On

The Icebreaker Wind Turbine Development faces strong headwinds from boating and fishing groups.

Limestone Boat Co. Expands Dealer Network

The company adds four new dealers to its roster, with three to represent Aquasport Boats.

NMEA Announces ‘22 Training Course Schedule

For next year, marine training courses will be offered as virtual and in-person sessions for basic marine electronics installers, and in-person only for advanced installers.

GM Invests $150M in Electric Boat Start-Up

General Motors has acquired a 25-percent stake in Pure Watercraft, a Seattle-based e-propulsion outfit.

Patrick Acquires Marine and RV Seating Maker

The Elkhart, Ind.-based component manufacturer finalized its purchase of Williamsburg Marine and Williamsburg Furniture.