FLIR Systems, the parent company of Raymarine, today announced a 30 percent increase in revenue for the first quarter.
Revenue was $373.5 million for the quarter that ended March 31, compared with first-quarter 2010 revenue of $287.3 million. Operating income in the first quarter was $76.6 million, compared with $84.3 million in the first quarter last year.
First-quarter 2011 net income was $51.3 million, or 32 cents a diluted share, compared with $55.9 million, or 35 cents a diluted share, in the first quarter a year earlier.
Revenue from the company's commercial systems division increased 51 percent from the first quarter of 2010, to $194.6 million. Commercial systems' Raymarine segment contributed $50.5 million of revenue during the quarter.
"This quarter showcased the diversified nature of the business and the resiliency of our company. We released innovative products during the quarter that resulted in order volumes that outstripped our production forecasts. As anticipated, our government systems division was impacted by slowed U.S. procurement, but executed well and worked diligently to position the businesses for continued growth. Overall, we performed as we had expected during the quarter, had excellent cash flow and believe the balance of the year will show improved results," president and CEO Earl Lewis said in a statement.
Based on financial results for the first three months and the outlook for the remainder of 2011, FLIR management is increasing its forecast for revenue and narrowing its outlook for earnings per share for the full year.
Management currently expects revenue for 2011 to be in the range of $1.7 billion to $1.75 billion and net earnings to be in the range of $1.70 to $1.75 a diluted share.
FLIR's board has declared a quarterly cash dividend of 6 cents a share on FLIR common stock, payable June 10 to shareholders of record as of the close of business on May 20.
FLIR stock closed Thursday at $35.13 a share on the Nasdaq. Its 52-week high and low are $35.56 and $24.