FLIR Systems, Inc. Earnings Cheat Sheet: Beats Analysts’ Estimates

The Cheat Sheet

S&P 500 component FLIR Systems, Inc. reported net income above Wall Street’s expectations for the third quarter. FLIR Systems designs and manufactures thermal imaging systems used for a variety of applications in commercial, industrial and government markets across the globe.

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FLIR Systems Earnings Cheat Sheet for the Third Quarter

Results: Net income for FLIR Systems, Inc. rose to $64.7 million (40 cents per share) vs. $63 million (39 cents per share) in the same quarter a year earlier. This marks a rise of 2.8% from the year earlier quarter.

Revenue: Rose 11.7% to $371.3 million from the year earlier quarter.

Actual vs. Wall St. Expectations: FLIR reported adjusted net income of 43 cents per share. By that measure, the company beat the mean estimate of 37 cents per share. It fell short of the average revenue estimate of $395.3 million.

Quoting Management: Earl Lewis, President and CEO of FLIR, noted, “We are pleased with our third quarter results. 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.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 23.1%, with the biggest boost coming in the fourth quarter of the last fiscal year when revenue rose 39.4% from the year earlier quarter.

The company beat estimates last quarter after falling short in the previous two quarters. In the second quarter, it missed the mark by one cent, and in the first quarter, it fell short by 3 cents.

Last quarter’s profit increase breaks a streak of two consecutive quarters of year-over-year profit decreases. In the second quarter, net income fell 50.7% while the figure dropped in the first quarter.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 47 cents per share, down from 54 cents ninety days ago. For the fiscal year, the average estimate has moved down from $1.65 a share to $1.52 over the last ninety days.

Competitors to Watch: L-3 Communications Hldgs., Inc. , General Dynamics Corp. , Raytheon Company , Irvine Sensors Corporation , Elbit Systems Ltd. , Herley Industries, Inc. , Cubic Corporation , Anaren, Inc. , and Tel-Instrument Electronics Corp. .

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(Source: Xignite Financials)

 

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