FLIR Systems reports 3Q results

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FLIR Systems said third-quarter revenue was $375.4 million, up 5 percent from the same quarter a year earlier. Revenue from the maritime segment was $44.7 million, up 8 percent from last year.

Profit for the quarter rose to $52.9 million, or 37 cents a diluted share, compared with $46.5 million, or 32 cents a share, a year earlier.

"We are pleased with our third-quarter results. Our revenue expansion, improved margins and strong backlog reflect the execution of our growth and cost-reduction initiatives," FLIR president and CEO Andy Teich said in a statement.

"The restructuring program we launched a year ago is proving to be successful from both a financial and organizational efficiency standpoint,” Teich said. “Recent product introductions have generated interest in our technology at levels never seen before. Our product innovation continued in the third quarter and we are committed to investing in innovation into the future in order to create new and increasingly affordable advanced sensing solutions."

The net after-tax impact of restructuring charges in the third quarter was about $3.1 million, or 2 cents a diluted share. Cash provided by operations in the quarter was $33 million.

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