FLIR Systems reports 4Q, year-end results

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FLIR Systems said today that fourth-quarter revenue was up 9 percent to $434.4 million.

Revenue from the maritime segment was $40.1 million, dropping 6 percent from the same quarter in 2013.

For the full year, revenue was $1.53 billion, up 2 percent from $1.5 billion in 2013.

2014 operating income was $259.2 million, compared with $240.7 million in 2013. 2014 net income was $200.3 million, or $1.39 a diluted share, compared with 2013 net income of $177 million, or $1.22 a share. Cash provided by operations was $226.2 million during the year.

Operating income in the fourth quarter, which ended Dec. 31, was $87.4 million, compared with $37.8 million in the 2013 quarter.

Fourth-quarter net income was $72.8 million, or 51 cents a diluted share, compared with $28.7 million, or 20 cents a share, in the quarter a year earlier.

Net income was negatively affected by $700,000, or 1 cent a diluted share, in the 2014 fourth quarter and $21 million, or 15 cents a share, in the fourth quarter of 2013 because of after-tax restructuring and retirement benefits charges. Cash provided by operations in the fourth quarter was $62.8 million.

"We are pleased with the results of the fourth quarter and full year 2014, as they further demonstrate the progress we have made in reaching our goal of becoming 'the world's sixth sense,’ ” FLIR president and CEO Andy Teich said in a statement.

“During the year we introduced several new products that revolutionized our industry, opened up large consumer markets and expanded the accessibility of our advanced sensor technologies to a much broader set of people,” Teich said.

“Our innovation engine and initiatives for continuous improvement resulted in increased revenue and meaningful growth in profitability during 2014. There remains more to be accomplished, and we look forward to executing our strategies for sustained long-term growth."

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