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FLIR Systems (FLIR) Q2 Earnings Top Estimates, Revenues Match

Zacks Equity Research

FLIR Systems Inc.’s FLIR second-quarter 2020 adjusted earnings of 64 cents per share surpassed the Zacks Consensus Estimate of 50 cents by 28%. Also, the reported figure increased 23.1% from 52 cents in the prior-year quarter.

The company reported GAAP earnings of 47 cents per share compared with 34 cents in the year-ago quarter.

Total Revenues

FLIR Systems reported revenues of $482 million in the second quarter, almost in line with the prior-year quarter’s reported figure and the Zacks Consensus Estimate.

Segment Update

Segment-wise, quarterly revenues in the Industrial Technologies segment were $300.2 million, representing an increase of 5.5% from the prior-year quarter. The increase was primarily attributable to heightened demand for EST solutions as a result of the COVID-19 pandemic.

The Industrial Technologies segment’s operating income was $107.1 million compared with $71.6 million in the prior-year quarter.

Revenues in the Defense Technologies segment were $181.8 million, which decreased 7.9% from the prior-year quarter. The decrease was primarily attributable to the completion of certain contracts that contributed to revenues in the prior-year quarter.

The Defense Technologies segment’s operating income was $41.2 million compared with $45.8 million in the prior-year quarter.

Operational Statistics

The company’s total operating expenses declined 10.2% year over year to $152.4 million.

Consequently, adjusted operating income came in at $99.81 million compared with the operating income of $63.74 million in the second quarter of 2019.

FLIR Systems, Inc. Price, Consensus and EPS Surprise

FLIR Systems, Inc. Price, Consensus and EPS Surprise
FLIR Systems, Inc. Price, Consensus and EPS Surprise

FLIR Systems, Inc. price-consensus-eps-surprise-chart | FLIR Systems, Inc. Quote

Liquidity & Cash Flow

As of Jun 30, 2020, the company’s cash and cash equivalents were $333 million compared with $284.6 million as of Dec 31, 2019.

Long-term debt totaled $643.3 million, down from $648.4 million as of Dec 31, 2019.

Cash flow from operating activities for the six months ended Jun 30, 2020, amounted to $63.1 million, down 6.9% from $67.8 million in the first half of 2019.

Outlook

FLIR Systems has withdrawn its previously-issued guidance for 2020 due to the uncertainties concerning the COVID-19 pandemic.

Zacks Rank

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

Teledyne Technologies TDY, a Zacks Rank #2 (Buy) company, reported second-quarter 2020 adjusted earnings of $2.43 per share, which surpassed the Zacks Consensus Estimate of $2.01 by 20.9%.

Lockheed Martin Corp. LMT, a Zacks Rank #3 company, reported second-quarter 2020 adjusted earnings of $6.13 per share, which surpassed the Zacks Consensus Estimate of $5.71 by 7.4%.

Curtiss-Wright Corporation CW, a Zacks Rank #3 company, reported second-quarter 2020 adjusted earnings of $1.31 per share, which surpassed the Zacks Consensus Estimate of $1.29 by 1.6%.

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