Flir Q1 Profit Up Slightly
PORTLAND, Ore., April 29, 2010 — Flir Systems reported net income of $55.9 million for the first quarter of 2010, up only slightly over the $54.3 million it reported in the first quarter of 2009. Earnings for both quarters amounted to 35 cents a share.
The thermal imaging and stablized camera systems maker reported revenue for the quarter, which ended March 31, 2010, of $287 million, up six percent year-over-year. The company reported revenue from its Commercial Systems division increased 17 percent year-over-year, to $129 million, mostly attributable to strong growth across multiple product lines in its Commercial Vision Systems unit. Revenue from Thermography increased 18 percent over the same time last year, mostly due to strong growth in the US and Asia Pacific, Flir said. Its Government Systems division reported a 2 percent decrease in revenue.
"We are seeing a good recovery in our commercial businesses, and expect them to grow nicely for the remainder of 2010 and beyond," said Earl Lewis, Flir president and CEO. "The Government Systems division is on track to meet our expectations as we expand our sales footprint and marketing activities to position us for long term growth."
Flir reported order backlogs for delivery within the next 12 months was approximately $543 million at March 31, a decrease of $20 million during the quarter. Most of the decrease was in Flir's government division.
Company management reaffirmed its outlook for the full year, saying it expects revenue for 2010 to be in the range of $1.2 billion to $1.3 billion, an increase of approximately 9 percent compared with 2009, and net earnings to be in the range of $1.48 to $1.53 per share, up about 4 percent over 2009.
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