FLIR Systems, the parent company of Raymarine, announced an increase in revenue and net income for the third quarter.
Revenue was $371.3 million, up 12 percent from third-quarter 2010 revenue of $332.5 million. Operating income for the quarter that ended Sept. 30 was $85.4 million, compared with $85.8 million in the third quarter of 2010, and it was negatively affected by severance costs, primarily in the government systems division, of about $5.3 million before taxes.
Third-quarter 2011 net income was $64.7 million, or 40 cents a diluted share, compared with net income of $63 million, or 39 cents a diluted share, in the quarter a year earlier.
Revenue from the company's commercial systems division increased 16 percent from the third quarter of 2010, to $196.4 million. Raymarine contributed $35.4 million of revenue during the quarter.
Revenue from the company's government systems division increased 7 percent from the third quarter of 2010, to $174.9 million.
“We are pleased with our third-quarter results. During the quarter we took successful steps to improve operating margins, achieved the best bookings quarter since 2008 in our legacy government systems business, saw our acquired detection and integrated systems segments reach profitability for the first time and delivered the most units in the history of our commercial systems division,” president and CEO Earl Lewis said in a statement.
FLIR's board declared a quarterly cash dividend of 6 cents a share on common stock, payable Dec. 9 to shareholders of record on Nov. 21.