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FLIR Systems Inc. FLIR reported first-quarter 2021 adjusted earnings of 49 cents per share, which missed the Zacks Consensus Estimate of 53 cents by 7.6%. The figure, however, improved 16.7% from 42 cents reported in the prior-year quarter.
The company reported GAAP earnings of 29 cents compared with 11 cents in the year-ago quarter.
Inside the Headlines
FLIR Systems’ revenues rose 3.6% year over year to $467.3 million in the reported quarter. Also, the top line beat the Zacks Consensus Estimate of $463 million by 0.9%. Impressive performance by the Defense Technologies segment led to the year-over-year increase in the top line.
Segment-wise, revenues in the Industrial Technologies segment were down 0.6% to $274.9 million. The revenue decrease was primarily attributable to reduced volumes for EST solutions.
Revenues in the Defense Technologies segment totaled $192.4 million, up 10.3% on a year-over-year basis. The revenue increase was primarily attributable to higher volumes on several unmanned system programs.
FLIR Systems, Inc. Price, Consensus and EPS Surprise
FLIR Systems, Inc. price-consensus-eps-surprise-chart | FLIR Systems, Inc. Quote
Backlog at the end of the quarter was $541.8 million, reflecting a 2.4% increase from the prior-year quarter, primarily due to program awards for unmanned systems.
The company’s total operating expenses declined 17.9% year over year to $156.7 million. Operating income for the quarter was $52.5 million compared with $28.5 million in the prior-year quarter.
Liquidity & Cash Flow
As of Mar 31, 2021, the company's cash and cash equivalents were $277.3 million compared with $2297.8 million as of Dec 31, 2020.
Long-term debt, net of current portion, totaled $712.9 million, down from $724.9 million as of Dec 31, 2020.
Cash flow from operating activities in the first quarter of 2021 amounted to $24.3 million compared with the prior-year quarter’s $50.9 million.
FLIR Systems carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Lockheed Martin Corp. LMT reported first-quarter 2021 earnings of $6.56 per share, which surpassed the Zacks Consensus Estimate of $6.32 by 3.8%.
Hexcel Corporation HXL reported first-quarter 2021 loss of 10 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 16 cents.
Raytheon Technologies Corporation’s RTX first-quarter 2021 adjusted earnings per share of 90 cents outpaced the Zacks Consensus Estimate of 88 cents by 2.3%.
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FLIR Systems, Inc. (FLIR) : Free Stock Analysis Report
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