FLIR Systems, the parent company of Raymarine, today announced a drop in revenue for the fourth quarter, but an increase in revenue for the full fiscal year.
Revenue for the quarter, which ended Dec. 31, was $405.2 million, down 7 percent, compared with fourth-quarter 2010 revenue of $437.5 million. Operating income in the fourth quarter was $109.7 million, up 9 percent, compared with $100.4 million in the fourth quarter of 2010. Net income for the quarter was $76.1 million, or 48 cents a diluted share, compared with $69.8 million, or 43 cents a diluted share, a year earlier.
Fourth-quarter 2011 earnings from continuing operations were $76.8 million, or 49 cents a diluted share, compared with earnings from continuing operations of $70.1 million, or 43 cents a diluted share, in the quarter a year earlier.
Revenue from the company's Commercial Systems division increased 3 percent from the fourth quarter of 2010, to $224.8 million. Commercial Systems' Raymarine segment contributed $35.3 million of revenue during the quarter, a decrease of 12 percent from the fourth quarter of 2010.
For the full year, revenue was $1.54 billion, up 11 percent, compared with $1.38 billion for the year that ended Dec. 31, 2010. Operating income for 2011 was $313.2 million, down 13 percent from $360.3 million in 2010. Net income from continuing operations for 2011 was $222.7 million, or $1.38 a diluted share, compared with 2010 net income from continuing operations of $248.4 million, or $1.54 a diluted share.
“The fourth quarter showcased our ability to adapt and persevere through a challenging macro environment. During the quarter, we expanded margins — gross, operating and net income — to their highest levels in over a year, and cash flow from operations reached its highest quarterly total ever,” president and CEO Earl Lewis said in a statement. “Our focus on operational efficiency and innovation throughout 2011 enabled us to drive profitability and has positioned the company for success in the future.”
FLIR also said today that it expects 2012 revenue to be in a range of $1.55 billion to $1.65 billion, an increase of about 0 to 7 percent, compared with 2011, and net income to be in a range of $1.60 to $1.70 a diluted share, an increase of about 16 percent to 23 percent, compared with 2011.
FLIR's board has approved a quarterly cash dividend of 7 cents a share on the company’s common stock, an increase of 17 percent from the previous paid quarterly dividend of 6 cents a share.