U.S. Markets close in 2 hrs 42 mins

Free Research Report as FLIR’s Sales Grew 8%; Adjusted EPS Surged 33%

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.

Register today and get access to over 1,000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is currently working on the research report for ESCO Technologies Inc. (NYSE: ESE), which also belongs to the Technology sector as the Company FLIR Systems. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=ESE

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, FLIR Systems most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=FLIR

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.

Cash Matters

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.

Outlook

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.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors