FLIR Systems reports 1Q results

FLIR Systems said today that first-quarter revenue totaled $379.5 million, up 10 percent from $344.5 million in the same quarter a year earlier.
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FLIR Systems said today that first-quarter revenue totaled $379.5 million, up 10 percent from $344.5 million in the same quarter a year earlier.

On a constant currency basis, first-quarter revenue was up 12 percent from the prior year.

Operating income for the quarter that ended March 31 was $57.4 million, compared with $65.8 million in the first quarter of 2015. FLIR said profitability in comparison to the prior year was negatively affected by product mix shifts, higher production costs and unusually low corporate expenses in the prior year.

The company reported a first-quarter profit of $1.1 million, or 1 cent a diluted share, compared with $47.9 million, or 34 cents a share, in the quarter a year earlier.

FLIR said its profit for the current year’s quarter was negatively affected by the recording of $40 million of tax reserves related primarily to a previously disclosed ongoing dispute between the European Commission and the Belgium government over tax legislation. Excluding the tax reserve expense, earnings were 30 cents a diluted share. Cash provided by operations in the first quarter totaled $44.9 million.

Revenue from the maritime segment was $51.7 million, up 1 percent from the first quarter of last year and up 5 percent on a constant currency basis.

FLIR's backlog of firm orders for delivery within the next 12 months was about $613 million, an increase of $9 million during the quarter and an increase of $56 million, or 10 percent, from $557 million at the end of the first quarter last year.

"We are pleased with the growth we saw in revenue and backlog in the first quarter. Strength in our government businesses drove our backlog to its highest level since 2008," FLIR president and CEO Andy Teich said in a statement. "While our profitability was negatively impacted by product mix and increased manufacturing costs, we intend to improve our cost management as we move through the rest of the year. Our product development engine continues to deliver innovative solutions for improving overall safety, security, operational efficiency and environmental protection. As demonstrated by our recent product introductions, our ability to increase the addressable markets in these areas continues to progress."

FLIR continues to expect revenue in 2016 to be in the range of $1.6 billion to $1.65 billion and net earnings to be in the range of $1.60 to $1.70 a diluted share.

The company’s board has declared a quarterly cash dividend of 12 cents a share.

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