FLIR Systems Reports 4Q Earnings; President and CEO to Retire

In announcing Andrew Teich’s retirement, the company said he will continue to serve in his current roles until a successor is appointed.

WILSONVILLE, Ore. – FLIR Systems (NASDAQ: FLIR) on Tuesday reported fourth-quarter net income of $61.5 million. The company also announced Andrew C. Teich, its president and CEO, will retire after 33 years of service.

On a per-share basis, the thermal camera-maker posted net income of 45 cents. Earnings, adjusted for amortization costs and non-recurring costs, came to 52 cents per share, missing Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.

FLIR reported revenue of $474.7 million in the period, surpassing Wall Street forecasts. Six analysts surveyed by Zacks projected $452.3 million. For the year, the company reported profit of $166.6 million, or $1.20 per share. Revenue was reported as $1.66 billion.

Successor Is Being Sought

In announcing Teich’s retirement, the company said he will continue to serve in his current roles until a successor is appointed. FLIR has retained Korn Ferry Int’l, a leading executive search firm, to assist in the search process.

Andrew Teich

Andrew C. Teich

Teich joined FLIR in 1999 after it acquired Inframetrics, where Mr. Teich worked as a pioneer in the commercialization of thermal imaging technology since 1984. In his career at FLIR, Teich is credited for driving the adoption of thermal technology across military, industrial and consumer markets. He has served as president and CEO of FLIR since May 2013 and as a member of the Board of Directors since July 2013.

During his tenure as CEO, FLIR grew annual revenue to more than $1.6 billion by introducing new product platforms across FLIR’s six segments; completed five strategic acquisitions that expanded the company’s product portfolio and capabilities; developed new technologies and successfully brought them to market; and significantly increased its intellectual property portfolio.

“Nearly 34 years ago, I saw my first thermal camera and I immediately knew it would change the world,” Teich said in a news release. “I feel incredibly fortunate to have had the opportunity to help pioneer the commercialization and global adoption of this technology alongside some of the most talented people in the industry. It has been a deeply rewarding experience, both personally and professionally. Having shipped over a half million thermal cameras in 2016, I am proud of all that we have accomplished and know that FLIR is well-positioned for continued success.”

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