FLIR Systems reports 1Q results

FLIR Systems said first-quarter revenue totaled $406.8 million, up 7 percent from $379.5 million in the same period last year.
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FLIR Systems said first-quarter revenue totaled $406.8 million, up 7 percent from $379.5 million in the same period last year.

The Oregon-based company said revenue from the maritime segment was $48.6 million, down 6 percent from the year-earlier quarter.

Overall operating income grew 3 percent, to $59.1 million, for the quarter that ended March 31, compared with $57.4 million in the quarter last year; adjusted operating income was $69.6 million, 12 percent higher than $62.2 million for the quarter last year.

Net earnings totaled $42.6 million, or 31 cents a diluted share, compared with net earnings of $1.1 million, or 1 cent a share, in the quarter last year, which the company said was negatively affected by a $40 million tax reserve.

Adjusted net earnings in the 2017 quarter totaled $49.6 million, or 36 cents a diluted share, 13 percent higher than adjusted net earnings per diluted share of $0.32 in the first quarter of 2016.

"Overall we are pleased with our first-quarter results. Improvements in our product mix, processes and overhead absorption drove a nearly 200-basis point sequential increase in adjusted gross margins," FLIR president and CEO Andy Teich said in a statement.

Cash provided by operations in the first quarter reached $75.1 million, an increase of 64 percent from the quarter last year, and the company said it was driven by improved use of working capital.

FLIR's backlog of firm orders for delivery within the next 12 months was about $608 million at the end of the quarter, an increase of 3 percent, or $16 million.

"We experienced good growth in our revenue and backlog during the quarter, both of which were bolstered by recent acquisitions and several new product launches in our existing businesses,” Teich said. “We expect to see an uptick in organic growth in the second quarter and the remainder of the year."

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