FLIR Systems (FLIR) Beats Q2 Earnings Estimates, View Intact
Zacks Investment Research | Jul 25, 2017 10:18PM ET
FLIR Systems Inc.’s (NASDAQ:FLIR) second-quarter 2017 adjusted earnings per share came in at 42 cents, surpassing the Zacks Consensus Estimate by a penny. The figure rose 13.5% over the prior-year quarter number on solid top-line growth.
GAAP net earnings for the quarter came in at $51.4 million, higher than the year-ago quarter’s figure of $45.4 million.
Inside the Headlines
The company’s top line grew 7.8% year over year to $434.1 million. However, revenues missed the Zacks Consensus Estimate of $437 million. Phenomenal rise in the company’s OEM & Emerging Markets segment drove the overall top line. Also, sturdy performances of Surveillance and Instruments segments boosted the sales performance.
As for the segments, OEM & Emerging Markets revenues continued their striking growth trajectory, rising an impressive 54.0% over the prior-year quarter to $87.4 million. The segment’s revenues were partially driven by the addition of the Integrated Imaging Solutions line of business from the recent acquisition of Point Grey Research. Surveillance segment revenues also rose 14.0% year over year to $129.2 million. Revenues from the Instruments segment came in at $86.0 million, up 10% on a year-over-year basis.
The Security segment’s revenues were down 22% to $49.7 million from the prior year, mainly attributable to a decline in Lorex-branded products. Also, Detection segment revenues shrunk 25% to $26.7 million, largely attributable to unfavorable timing of DR-SKO program shipments. Maritime segment revenues were flat year over year, totaling to $55.1 million.
FLIR Systems' backlog of firm orders for delivery within the next 12 months came in at $645 million, reflecting an increase of 6% from the year-ago quarter figure .
Adjusted operating income came in at $81.0 million compared with $70.1 million in the prior-year quarter. Sturdy top-line growth drove the rise in income.
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