FLIR Systems, Inc. announced financial results for the first quarter ended March 31, 2011. Revenue was $373.5 million, up 30% compared to first quarter 2010 revenue of $287.3 million.
Operating income in the first quarter was $76.6 million, compared to $84.3 million in the first quarter of 2010, and was impacted by a lack of RAID shipments as well as acquisition-related charges. First quarter 2011 net income was $51.3 million, or $0.32 per diluted share, compared with net income of $55.9 million, or $0.35 per diluted share in the first quarter a year ago. Cash provided by operations in the first quarter was $62.4 million.
Revenue from the Company’s Commercial Systems division increased 51% from the first quarter of 2010, to $194.6 million. Within the Commercial Systems division, revenue from the Thermal Vision and Measurement segment, made up of FLIR’s former Thermography and Commercial Vision Systems (“CVS”) businesses, was $144.1 million, an increase of 12% over the first quarter combined results of Thermography and CVS last year. Commercial Systems’ Raymarine segment contributed $50.5 million of revenue during the quarter.
Revenue from the Company’s Government Systems division increased 13% over the first quarter of 2010, to $178.8 million. Within the Government Systems division, revenue from the Surveillance segment, comprised of the legacy Government Systems business and the imaging and radars businesses acquired with the fourth quarter 2010 acquisition of ICx Technologies, Inc., was $149.9 million, a decrease of 5% from the first quarter of 2010 results of the Company’s legacy Government Systems business. Revenues from Government Systems’ other two new segments, Detection and Integrated Systems, which were created following the acquisition of ICx, were $17.9 and $11.1 million, respectively.
The Company’s backlog of firm orders for delivery within the next twelve months was approximately $528 million at March 31, 2011, a decrease of $6 million during the quarter. Backlog in the Government Systems division was $360 million, decreasing $27 million during the quarter despite significant international order activity. Backlog in the Commercial Systems division was $168 million, up $21 million during the quarter, a result of successful new product introductions.
“ This quarter showcased the diversified nature of the business and the resiliency of our company. We released innovative products during the quarter that resulted in order volumes that outstripped our production forecasts. As anticipated, our Government Systems division was impacted by slowed U.S. procurement, but executed well and worked diligently to position the businesses for continued growth. Overall, we performed as we had expected during the quarter, had excellent cash flow, and believe the balance of the year will show improved results ,” noted Earl Lewis , President and CEO of FLIR.
Revenue and Earnings Outlook for 2011
Based on financial results for the first three months of 2011 and the outlook for the remainder of the year, FLIR management is increasing its outlook for revenue and narrowing its outlook for earnings per share for the full year 2011. Management currently expects revenue for 2011 to be in the range of $1.7 billion to $1.75 billion and net earnings to be in the range of $1.70 to $1.75 per diluted share.
Dividend Declaration
FLIR’s Board of Directors has declared a quarterly cash dividend of $0.06 per share on FLIR common stock, payable June 10, 2011, to shareholders of record as of close of business on May 20, 2011.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. The Company’s advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection.
[mappress] Source: Flir, May 01, 2011;