FLIR Systems reports 1Q results

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FLIR Systems saw first-quarter revenue rise 1 percent to $350.5 million from $348.6 million in 2013. Revenue from the maritime segment was $52.6 million and was up 4 percent from the year-earlier quarter.

Operating income for the quarter was $42.5 million, compared with $69.1 million last year, and was affected by $8.4 million in pretax charges related to previously announced restructuring initiatives.

"Our first quarter results were in line with our expectations. Healthy growth in our commercial-oriented markets was offset by declines in government-funded sectors. We continued executing on our realignment plan, which we believe will be a valuable investment for our long-term performance," FLIR president and CEO Andy Teich said in a statement. "We expect continued improvement as we move throughout this year and are excited about our product pipeline that is enabled by our new Lepton core."

Oregon-based FLIR's backlog of firm orders for delivery in the next 12 months was about $514 million as of March 31, an increase of $24 million during the quarter.

First-quarter 2014 net income was $29.9 million, or 21 cents a diluted share, compared with $51.6 million, or 35 cents a share, in the year-earlier quarter. The net after-tax effect of the restructuring charges in the first quarter was about $6.4 million, or 4 cents a diluted share. Cash provided by operations in the quarter was $59.8 million, a decrease of 3 percent from the first quarter of 2013.

Revenue from FLIR's surveillance segment was $117.2 million, a decrease of 1 percent from the first-quarter results last year. The instruments segment contributed $84.1 million, up 7 percent from the prior year.

The OEM and emerging markets segment had $53.8 million of revenue, an increase of 7 percent from a year earlier. FLIR's security segment recorded revenue of $29.3 million, down 1 percent from the prior year. The detection segment contributed $14.6 million, a decrease of 33 percent from the prior year.

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