FLIR Systems, the parent company of Raymarine, reported an 18 percent increase in second-quarter revenue, but a drop in net income.
Revenue was $390 million for the quarter that ended June 30, compared with $331.1 million in the second quarter a year earlier.
Net income for the second quarter this year was $29.3 million, or 18 cents a diluted share, compared with net income of $59.5 million, or 37 cents a diluted share, in last year’s second quarter. Excluding the net after-tax effect of a previously announced litigation settlement and related expenses, second-quarter net income this year was $57.2 million, or 35 cents a diluted share.
Revenue from the company's commercial systems division increased 32 percent from the second quarter of 2010, to $215.0 million. Commercial systems' Raymarine segment contributed $50.2 million.
FLIR also said today that it acquired Aerius Photonics LLC, a provider of short-wavelength infrared detectors and advanced laser components, for $27 million in cash.
“The second quarter finished with solid results for our Commercial Systems division, which posted one of its best growth quarters, along with substantially improved profitability. Our Government Systems division was impacted by order and shipment delays,” company president and CEO Earl Lewis said in a statement. “We are excited to add Aerius to our Commercial Systems business. Aerius will enhance our ability to serve OEMs in numerous sectors, as well as augment our multispectral systems development capabilities.”
FLIR is reducing its outlook for revenue and earnings per share for the full year. Management now expects 2011 revenue to be in the range of $1.6 billion to $1.65 billion and net earnings to be in the range of $1.33 to $1.38 a diluted share, or $1.50 to $1.55 a diluted share, excluding the net after-tax effect of the litigation settlement and related expenses.