Stock Monitor: ESCO Technologies Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 15, 2018 / If you want access to our free earnings report on FLIR Systems, Inc. (NASDAQ: FLIR) ("FLIR"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FLIR. FLIR reported its first quarter fiscal 2018 operating and financial results on April 25, 2018. The imaging and surveillance systems Company outperformed top and bottom-line expectations. Additionally, the Company raised its revenue and earnings guidance for FY 2018 and also announced its CEO contract extension.
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Earnings Highlights and Summary
FLIR's first quarter 2018 revenue was $439.6 million, up 8% over revenue of $406.8 million in Q1 2017. The Company's organic revenue growth was 13%, which excluded Q1 2018 and Q1 2017 divested portion of the Security division that closed on February 06, 2018. FLIR's reported numbers topped analysts' estimates of $397.5 million.
During Q1 2018, FLIR's GAAP gross profit increased 14% to $217.9 million, or 49.6% of revenue, compared to $191.3 million, or 47.0% of revenue, in Q1 2017. The Company's adjusted gross profit was $222.0 million in the reported quarter, representing 50.5% of revenue and increasing 13% over adjusted gross profit of $196.9 million in the prior year's corresponding quarter.
For Q1 2018, FLIR's GAAP operating income declined 6% to $55.5 million compared to $59.1 million in Q1 2017. The Company's reported quarter GAAP results were negatively impacted by a $10 million pre-tax loss on the divested Security businesses and a $15 million charge related to a US Department of State Directorate of Defense Trade Controls (DDTC) penalty of $30 million, with $15 million suspended based on verifiable past and future expenditures for remedial compliance measures, in connection with a consent agreement to resolve various alleged violations of the International Traffic in Arms Regulation (ITAR).
FLIR's adjusted operating income was $87.8 million in Q1 2018, which was 26% higher than adjusted operating income of $69.6 million in Q1 2017. The Company's adjusted operating margin increased 290 basis points to 20.0% in the reported quarter, compared to 17.1% in the prior year's same quarter.
FLIR's GAAP net earnings were $39.2 million, or $0.28 per diluted share, for Q1 2018 compared to GAAP net earnings of $42.6 million, or $0.31 per diluted share, in Q1 2017. The Company's adjusted net earnings were $0.48 per diluted share in the reported quarter, which was 33% higher than adjusted earnings of $0.36 per diluted share in the year earlier same quarter. FLIR's earnings beat Wall Street's estimates of $0.43 per share.
Business Unit Results
During Q1 2018, FLIR's revenue from the Industrial Business Unit grew 10% to $170.7 million on a y-o-y basis, due to increased handheld thermal imager and camera core sales. The Government and Defense Business Unit contributed $159.3 million of revenue in the reported quarter, up 15% on a y-o-y basis, driven by international deliveries. The Commercial Business Unit recorded revenue of $109.6 million in Q1 2018, down 4% on a y-o-y basis, but up 12% excluding revenue related to the divested portion of the Security division.
CEO Contract Extension
FLIR announced that its Board of Directors has approved the extension of Jim Cannon's employment agreement through April 2022.
During Q1 2018, FLIR's cash provided by operations was $43.2 million compared to $75.1 million in Q1 2017. The decline compared to the prior year was due primarily to US repatriation tax payments and timing of other tax payments. The Company repurchased approximately 1.7 million shares in the reported quarter at an average price of $49.34.
For full year 2018, FLIR is forecasting revenue to be in the range of $1.76 billion to $1.79 billion, increased from the previous $1.73 billion to $1.76 billion amount. The Company's adjusted net earnings is now expected to be in the range of $2.11 to $2.16 per diluted share, up from the previous outlook of $2.05 to $2.10 per diluted share.
Stock Performance Snapshot
May 14, 2018 - At Monday's closing bell, FLIR Systems' stock marginally declined 0.02%, ending the trading session at $55.25.
Volume traded for the day: 1.04 million shares.
Stock performance in the last month – up 7.55%; previous three-month period – up 15.88%; past twelve-month period – up 47.37%; and year-to-date – up 18.51%
After yesterday's close, FLIR Systems' market cap was at $7.60 billion.
Price to Earnings (P/E) ratio was at 38.88.
The stock has a dividend yield of 1.16%.
The stock is part of the Technology sector, categorized under the Scientific & Technical Instruments industry.
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