FLIR Systems reports 4Q, year-end results

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FLIR Systems said today that revenue fell 5 percent in the fourth quarter.

The Raymarine segment contributed $32.7 million of revenue in the quarter that ended Dec. 31, down 7 percent from the prior year.

Overall revenue was $386.4 million, down 5 percent from fourth-quarter 2011 revenue of $405.2 million. Operating income in the quarter was $100.1 million, compared with $109.7 million in the fourth quarter of 2011.

Fourth-quarter 2012 net income was $77.3 million, or 52 cents a diluted share, compared with $76.1 million, or 48 cents a diluted share, in the quarter a year earlier.

FLIR also said today that it expects 2013 revenue to be in the range of $1.5 billion to $1.6 billion, an increase of about 7 to 14 percent, compared with 2012, and net earnings to be in the range of $1.56 to $1.66 a diluted share, an increase of about 8 percent to 14 percent, compared with 2012.

Revenue from the company's commercial systems division decreased 5 percent from the fourth quarter of 2011, to $212.8 million. Within the division, revenue from the thermal vision and measurement segment was $180.1 million, a decrease of 5 percent from the fourth-quarter results last year.

For the full year, revenue was $1,405.4 million, down 9 percent from $1,544.1 million for the year that ended Dec. 31, 2011. Operating income for 2012 was $303.3 million, down 3 percent from $313.2 million in 2011. Net income for 2012 was $222.4 million, or $1.45 a diluted share, compared with 2011 net income of $221.5 million, or $1.38 a diluted share. Cash provided by operations during the year was $285.5 million.

"The fourth quarter was an encouraging end to a 2012 that was focused on rationalizing our businesses to enhance operating leverage and prepare us well for 2013," FLIR president and CEO Earl Lewis said in a statement. "We saw higher bookings in the fourth quarter, versus the prior year, helping us end 2012 with over $60 million more in order backlog than 2011. We also reached record operating cash flow for the year, which allowed us to acquire two very strategically significant businesses and return a significant amount of capital to our shareholders through repurchasing 10.5 million of our shares and distributing $42 million in dividends."

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