FLIR Systems reports 2Q results

Author:
Publish date:
Social count:
0

FLIR Systems saw revenue decline 5 percent to $369.4 million and operating income drop to $59.4 million from $70.3 million in the second quarter.

The maritime segment saw revenue grow 1 percent from 2013 to $55.2 million.

“Strength from the Raymarine products, particularly multifunction displays, sonars and autopilots, was offset by weaknesses from FLIR-branded thermal cameras, due in large part to reduced deliveries to the municipal first-responders market,” FLIR COO Thomas Surran told investors and analysts on Thursday during a conference call.

“Maritime operating margins increased slightly, compared to Q2 2013, as gross margins improved as a result of our new products having higher margins than prior-generation products.”

Second-quarter 2014 net income was $44.8 million, or 31 cents a diluted share, compared with $50.2 million, or 35 cents a share, in the quarter a year earlier. The net after-tax impact of restructuring charges in the second quarter was about $2.7 million, or 2 cents a diluted share. Cash provided by operations in the second quarter was $70.6 million.

"Second-quarter results were marked by double-digit growth in our commercially oriented segments and an improved backlog overall," FLIR president and CEO Andy Teich said in a statement.

"These positive indicators, combined with the anticipated benefit from our restructuring and realignment initiatives, give us confidence in our outlook for the second half of 2014. We are excited about our recent and upcoming product introductions and the momentum being exhibited in many parts of the business."

Related

Dealers cautiously optimistic in March

Potential tariffs on aluminum and aluminum sheet are the most concerning policy issue facing the industry outside of workforce challenges, with the spread of E15 following closely behind, according to a new dealer survey.

Hinckley’s Scott Bryant

The Hinckley Company has long been a leader in technology, and in 2017, it became the first production boatbuilder to roll out an all-electric luxury yacht, Dasher.

Full Slate at ABC

A slew of major marine industry issues — including some it has confronted for years — are closer than ever to being resolved, making the American Boating Congress, May 9-11 in Washington, D.C., the most crucial to date, organizers say.