FLIR Systems reports 4Q, year-end results

FLIR Systems said that president and CEO Andrew Teich will retire after 33 years with the company.

FLIR Systems said today in conjunction with its fourth-quarter and 2016 earnings report that president and CEO Andrew Teich will retire after 33 years with the company, but continue until a successor is appointed.

"Nearly 34 years ago I saw my first thermal camera, and I immediately knew it would change the world," Teich said in a statement. "I feel incredibly fortunate to have had the opportunity to help pioneer the commercialization and global adoption of this technology alongside some of the most talented people in the industry. It has been a deeply rewarding experience, both personally and professionally.

“Having shipped over a half million thermal cameras in 2016, I am proud of all that we have accomplished and know that FLIR is well positioned for continued success,” Teich added. “I am confident that our next CEO and the rest of the outstanding leadership team will continue to build on the important progress we have made. I look forward to continuing to lead the company in the near term and working with the board to ensure a seamless transition.”

Fourth-quarter 2016 revenue was $474.7 million, up 8 percent from $437.6 million last year, the company said. Operating income for the quarter, which ended Dec. 31, was $92.3 million, down from $93.5 million in the year-earlier period.

Net income was $61.5 million, or 45 cents a diluted share, compared with net income of $70.2 million, or 51 cents a share, in the quarter last year.

Cash provided by operations in the quarter reached $97.1 million, which FLIR said was its highest quarterly cash flow since 2013, driven largely by continued improvements in working capital.

Revenue from the maritime segment was $38.3 million, up 6 percent from the quarter last year. Revenue from the surveillance segment was $158.5 million, an increase of 5 percent from last year, and the security segment was up 7 percent, at $73.1 million.

For the full year, revenue was $1.66 billion, up 7 percent from $1.56 billion last year. Adjusted operating income for the year was $324.7 million, compared with $325 million last year.

Net income for 2016 was $166.6 million, or $1.20 a diluted share, compared with $241.7 million, or $1.72 a share, last year.

"We are pleased with the progress we have made in building our core business, the addition of the new business areas through the four acquisitions we completed this year and our strong operating cash flow growth," Teich said in a statement. "While we are disappointed with this quarter's results from a margin perspective, we are confident in our ability to drive continued growth and improve margins in 2017.”

“During 2016 we expanded our market share in nearly all of the markets we serve and built a strong backlog as a foundation for 2017,” he added. “We look forward to the launch of several new product platforms in the first half of the year, which should drive further growth."


Fairline Yachts Acquired

For the third time in five years, the esteemed U.K. builder has changed hands.

Free Fishing Fun with Cabela’s and Bass Pro Shops

To launch their Gone Fishing promotion, the outdoors companies are donating 40,000 rods and reels to youth-fishing partners and holding free in-store fishing events June 19-20.

Yamaha Rightwaters to Support Wetlands Conservation

The marine manufacturer’s national sustainability program will sponsor the Ducks Unlimited Gulf Coast Initiative.

Boatsetter Enters Global Luxury Yacht Market

With its Boatsetter Lux service, the company is expanding its peer-to-peer rental market into the luxury category.

A Collective Voice Against Tariffs

Organizations in the E.U. and U.S. have issued a statement ahead of next week’s Brussels Summit urging for the termination of retaliatory tariffs.

ABYC Free Webinar Series Returns

The association’s online learning events will continue with “Fuel System Troubleshooting” on June 17.

Getting to Know the Newbies

At last week’s Partners Outdoors symposium, RBFF’s Stephanie Vatalaro shared information that can help the marine industry get to know its new audiences.

Switching to Compostable Bags

Foul-weather gear maker Grundéns will start using eco-packaging that you can cut up and use in the garden.