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FLIR Systems reports 4Q, year-end results

FLIR Systems reported higher fourth-quarter revenue, but profits were lower than in the quarter last year.

The Oregon-based manufacturer of thermal imaging cameras, components and imaging sensors said revenue for the quarter that ended Dec. 31 was $437.6 million, up 1 percent from $434.4 million a year earlier. FLIR said that on a constant currency basis, fourth-quarter revenue was up 3 percent from the prior year.

The company said revenue from the company’s maritime segment was $36 million for the quarter and was down 10 percent from the quarter last year and down 4 percent on a constant currency basis.

Net income for the quarter was $70.2 million, or 51 cents a diluted share, compared with $72.8 million, also 51 cents a share, in the prior-year quarter.

For the full year, FLIR said revenue was $1.56 billion, up 2 percent from $1.53 billion in 2014. Profits totaled $241.7 million, or $1.72 a diluted share, compared with $200.3 million, or $1.39 a share.

"The fourth quarter was in line with our expectations,” FLIR president and CEO Andy Teich said in a statement. “While revenues were up only slightly year over year, given the strong dollar, our operating profitability improved due to strong execution and focus on costs. Cash flow from operations grew considerably, compared to the fourth quarter of 2014, as we improve our working capital utilization.

“Additionally, sales bookings growth of over 20 percent during the fourth quarter resulted in the highest ending backlog balance since 2008. We were pleased with the financial performance over the full year 2015, with operating income growing 18 percent and earnings per share up 24 percent. As we look forward to 2016 we intend to grow in our existing and new markets through continued product innovation, operational discipline, strategic marketing and opportunistic use of our capital.”

The company said it currently expects 2016 revenue to be in the range of $1.6 billion to $1.65 billion and net earnings to be in the range of $1.60 to $1.70 a diluted share.

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