Skip to main content

FLIR Systems reports 3Q results

FLIR Systems reported a 2 percent increase in third-quarter revenue to $381.9 million.

FLIR Systems reported a 2 percent increase in third-quarter revenue to $381.9 million and said revenue was up 6 percent on a constant-currency basis as the strong dollar negatively affected revenue by about $14 million.

The foreign exchange rate also negatively affected the marine segment, where the company said revenue was $38.9 million, down 13 percent from the quarter last year. Currency fluctuations affected that number by about $4 million, resulting in a 4 percent decline on a constant-currency basis.

FLIR reported a profit of $73.1 million, or 52 cents a diluted share, for the quarter that ended Sept. 30, compared with $52.9 million, or 37 cents a share, in the quarter a year earlier. The company said the profit for this year’s quarter included a discrete tax benefit of $17.4 million, or about 12 cents a diluted share, related to the release of a previously recorded tax reserve.

Operating income for the quarter was $76 million, compared with $70 million in the prior year’s quarter. It was affected by pretax charges related to previously announced restructuring initiatives of $300,000 in the quarter this year and $4.1 million in the year-earlier quarter.

"In the third quarter we saw constant-currency revenue growth of 6 percent, improved our operating profitability, significantly improved our cash flow and introduced several new market-defining products. However, the global economic environment created a headwind for our overall performance," FLIR president and CEO Andy Teich said in a statement.

"Our proven ability to advance our sensing technologies, rapidly develop new products and address new market opportunities enables our mission of being the 'World's Sixth Sense.' We have confidence in our ability to create long-term shareholder value, given our focus on innovation, product differentiation and market positioning."

Related

Eager Anticipation

The industry awaits the debut of the integrated Discover Boating Miami International Boat Show

Multihull Mover

With two new 28-foot models, Aquila continues to maximize the presence of power catamarans in the broader marketplace

A New Space Jam

Boaters want bigger, more powerful multifunction displays, and designers are innovating to meet the demand

Nothing but Net

The SeaPen portable dry dock makes storage easier for the increasing number of outboard-powered boats

Upgrading a Marina Management System

Technology can help streamline marina operations, increase revenue and optimize the guest experience

High-Tech Vision

The latest advancements in low-light cameras make it safer to navigate when visibility wanes

Q&A with Çağın Genç

Sirena Marine CEO Çağin Genç takes our questions.

The New Rush To Repair

Dealers and marinas in supply-chain limbo for new parts and boats are turning to on-call services that fix everything from vinyl to engines