FLIR Systems Reports Quarterly Earnings Results

The thermal imaging provider announced fourth-quarter revenue of $434 million, an increase of 9% versus the fourth quarter of 2013.

WILSONVILLE, Ore. – FLIR Systems (NASDAQ: FLIR) reported fourth-quarter 2014 earnings per share of 51 cents, which was significantly higher than 20 cents in the year-ago quarter. Adjusted earnings per share (including stock-based compensation) came in at 52 cents, which surpassed the Zacks Consensus Estimate of 49 cents.

Quarterly results benefited from the innovative growth strategies and new product launches made in the quarter. Also, the company declared an increase in its dividend rate and authorized a share repurchase program. For full year 2014, FLIR Systems’ earnings per share came in at $1.39, well above the prior-year figure of $1.22.

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Total revenue came in at $434.4 million, an increase of 8.5% year over year. Revenues also surpassed the Zacks Consensus Estimate of $419 million. Growth across all the segments, excluding maritime, fueled the quarterly revenues.

FLIR said its backlog stood at about $547 million as of Dec 31, 2014, marking a decrease of 6% over the prior-year quarter. Operating income came in at $87.4 million compared with $37.8 million in the prior-year quarter. Pre-tax restructuring related charges negatively impacted the operating income in the quarter.

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The company’s cash and cash equivalents stood at $531.4 million, as compared to $542.5 million at 2013-end. Long-term debt stood at $358.0 million, down from $372.5 million as on Dec 31, 2013. Cash flow from operations stood at $62.8 million, compared to $105.2 million in the comparable year-ago quarter.

The company raised its quarterly cash dividend rate by 10% sequentially to 11 cents from 10 cents per share. The new dividend is payable on March 6 to shareholders of record as of Feb 20, 2015.

Also, FLIR authorized a new share repurchase program to buy shares of up to 15 million over the next two years.

The company also provided its guidance for 2015. FLIR expects net earnings per share to be in the range of $1.60-$1.70. Also, revenues are expected between $1.55 billion-$1.6 billion.

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