FLIR Systems reports 2Q results

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FLIR Systems today reported a 19 percent increase in revenue for the second quarter ending June 30. It was the company's first earnings report since it acquired Raymarine.

Revenue was $331.1 million, compared to second quarter 2009 revenue of $278 million. Excluding the impact of the Raymarine acquisition, second-quarter revenue was $303.9 million, an increase of 9 percent.

Second-quarter 2010 net income was $59.5 million, or 37 cents per diluted share, compared with net income of $55.7 million, or 35 cents per diluted share, in the second quarter a year ago.

During the second quarter, Raymarine contributed $27.2 million of revenue and $3.4 million of operating income. Acquisition-related costs and expenses associated with post-acquisition restructuring totaled $4.6 million in the quarter and $5.8 million in the first half of the year.

"We are pleased with our performance in the second quarter as the company continues to perform well across markets and geographies. We are especially pleased with recent growth and profitability trends in our commercial vision systems business and with the continued strong operating margins generated by our government systems business," president and CEO Earl Lewis said in a statement.

"Our strategy to expand the market for infrared technology by driving down costs has delivered an outstanding operating model, balanced growth in uneven economic conditions and numerous opportunities for future growth," he added.

Revenue for the six months ending June 30 was $618.4 million, up 12 percent compared to revenue for the first six months of 2009 of $550 million.

Based on its financial results for the first half of 2010, the recent Raymarine acquisition and the outlook for the remainder of the year, FLIR management is increasing its outlook for revenue and reaffirming its outlook for earnings per share for full-year 2010.

FLIR currently expects revenue for 2010 to be in the range of $1.3 billion to $1.4 billion and net earnings to be in the range of $1.48 to $1.53 per diluted share.

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