Flir 3Q Profits Up Slightly
PORTLAND, Ore., Oct. 26, 2011 — Flir Systems Inc. announced financial results for the third quarter ended Sept. 30, 2011. Its revenue was $371.3 million, up 12% compared with third-quarter 2010 revenue of $332.5 million.
The company’s third-quarter 2011 net income was $64.7 million, or $0.40 per diluted share, compared with net income of $63.0 million, or $0.39 per diluted share in the third quarter a year ago.
Flir Systems supplies sensor systems that enhance perception and awareness. Its advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography and security applications.
"During the quarter, we took successful steps to improve operating margins, achieved the best bookings quarter since 2008 in our legacy Government Systems business, saw our acquired Detection and Integrated Systems segments reach profitability for the first time, and delivered the most units in the history of our Commercial Systems division. Our scale, unique operating model, and continued focus on innovation will enable our continued growth," said Earl Lewis, president and CEO of Flir.
Revenue from the company's Commercial Systems division increased 16% from the third quarter of 2010, to $196.4 million. Within the Commercial Systems division, revenue from the Thermal Vision and Measurement segment was $161.0 million, an increase of 22% over the third quarter combined results of Thermography and Commercial Vision Systems last year. Commercial Systems' Raymarine segment contributed $35.4 million in revenue during the quarter.
Revenue from the company's Government Systems division increased 7% over the third quarter of 2010, to $174.9 million. Within that division, revenue from the Surveillance segment was $139.8 million, a decrease of 14% from the third quarter of 2010 results of the company's legacy Government Systems business. Revenues from Government Systems' other two segments, Detection and Integrated Systems, were $21.2 million and $13.9 million, respectively.
For more information, visit: www.flir.com