FLIR Systems, the parent company of Raymarine, announced a small decrease in revenue and net income for the first quarter, which ended March 31.
Revenue was $348.5 million, down 7 percent from first-quarter 2011 revenue of $376 million. Operating income in the first quarter was $68.3 million, compared with $76.3 million in the first quarter of 2011. First-quarter 2012 net income was $48.1 million, or 31 cents a diluted share, compared with net income of $51.3 million, or 32 cents a diluted share, in the first quarter a year earlier.
Revenue from the company's commercial systems division increased 4 percent from the first quarter of 2011, to $202.3 million. Within the Commercial systems division, revenue from the Thermal Vision and Measurement segment was $155.7 million, an increase of 7 percent from first-quarter results last year. Commercial Systems' Raymarine segment contributed $46.6 million of revenue during the first quarter, down 8 percent from the prior year.
“While not up to our standards, first-quarter performance was about as anticipated,” president and CEO Earl Lewis said in a statement. “A difficult market environment impacted our government systems business, but we successfully stabilized backlog as Government systems orders equaled revenue for the quarter. Our commercial systems business was slow in the first quarter. However, we continue to expect improved results as we go through the year. It is clearly our task to improve in the future, and we believe these efforts will show in the second half of 2012.”
Based on financial results for the first three months of 2012 and the outlook for the remainder of the year, FLIR is reaffirming its outlook for earnings per share for the full year. Management expects net earnings to be in the range of $1.60 to $1.70 a diluted share, and revenue for the full year to be in the range of $1.55 billion to $1.65 billion.
FLIR's board has declared a quarterly cash dividend of 7 cents a share on FLIR common stock, payable June 8 to shareholders of record as of the close of business on May 21.