FLIR Systems reports 4Q, year-end results

FLIR Systems, the parent company of Raymarine, reported a 39 percent jump in fourth-quarter revenue and a 21 percent increase in revenue for the full year.

Revenue for the quarter that ended Dec. 31 was $434.4 million, compared with fourth-quarter 2009 revenue of $311.6 million. Operating income in the fourth quarter was $100.6 million, up 12 percent from $89.9 million in the fourth quarter of 2009.

Fourth-quarter 2010 net income from continuing operations was $70.3 million, or 43 cents a diluted share, compared with $60.3 million, or 38 cents a diluted share, in the fourth quarter a year earlier.

Revenue from Raymarine was $40 million and operating income was $3.9 million.

For the full year, revenue was $1.38 billion, compared with $1.14 billion the previous year. Operating income for 2010 was $360.6 million, up 4 percent from $347.3 million in 2009.

Net income from continuing operations for 2010 was $248.6 million, or $1.54 a diluted share, compared with 2009 net income of $230.2 million, or $1.45 a diluted share.

Raymarine ended the year with an $11 million backlog of firm orders, an increase of $2 million during the quarter.

FLIR said it expects 2011 revenue to be in the range of $1.63 billion to $1.73 billion, an increase of approximately 18 percent to 25 percent compared with 2010. The company expects net income to be in the range of $1.65 to $1.75 a diluted share, an increase of about 7 percent to 14 percent, compared with 2010.

"Each of our segments delivered growth in the fourth quarter and 2010 finished as our 10th consecutive year of record revenue, operating income and earnings per share," president and CEO Earl Lewis said in a statement. "Sustained superior financial performance, while enabling a growing number of customers to benefit from the valuable information our sensors provide, remains our driving goal."

FLIR stock closed Wednesday at $32.46 a share. Its 52-week high and low are $32.64 and $24.

The Wilsonville, Ore.-based company also said its board has adopted a new dividend policy. FLIR intends to pay a quarterly cash dividend of 6 cents a share on common stock.

The first dividend, representing a planned annual dividend of 24 cents a share, will be paid to shareholders of record at the close of business Feb. 22. The payment date is March 10. FLIR said the dividend is the first in its history.

The company also approved a program that authorizes the repurchase of as many as 20 million shares during the next two years, replacing a program that expired Feb. 4. The authorization represents about 13 percent of FLIR's outstanding common stock as of Dec. 31.


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