FLIR Systems releases third quarter earnings

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FLIR Systems Inc. reported $464.7 in revenue for the third quarter, a 15-percent increase over last year’s revenue of $405.2 million.

Revenue from the maritime segment was $42.3 million — a 4-percent increase over the third quarter of 2016.

GAAP operating income in the third quarter for the company grew 8 percent to $87.1 million, compared to $80.8 million in the third quarter of 2016.

Adjusted operating income was $101.1 million in the third quarter, which is 14 percent higher than adjusted operating income of $89 million in the third quarter of 2016.

"Our teams executed very well during the third quarter, with all six of our segments exhibiting organic revenue growth. This translated to EPS acceleration and operating cash flow that significantly exceeded net income," said FLIR president and CEO Jim Cannon in a statement.

FLIR's backlog of firm orders for delivery within the next twelve months was approximately $709 million as of Sept. 30, an increase of $64 million, or 10 percent, during the quarter.

"Bookings in the quarter drove our backlog to its highest level in our history,” Cannon said. “This positions us well as we realign our businesses and deploy The FLIR Method for continuous business improvement, initiatives that we expect to drive organic growth, increase profitability, and generate ample cash for us to deploy in ways that enhance shareholder returns."

Third quarter 2017 GAAP net earnings were $63.5 million, or $0.46 per diluted share, compared with GAAP net earnings of $58.6 million, or $0.43 per diluted share in the third quarter a year ago.

Adjusted net earnings in the third quarter were $72.7 million, or $0.52 per diluted share.

That was 8 percent higher than adjusted net earnings per-diluted-share of $0.48 in the third quarter of 2016, during which a lower tax rate relative to the current year added $0.02 of income per share.

FLIR’s board of directors declared a quarterly cash dividend of $0.15 per share on FLIR common stock.