FLIR Systems (FLIR) Q3 Earnings Beat On Broad-Based Growth
Zacks Investment Research | Oct 24, 2017 10:36PM ET
FLIR Systems Inc.’s (NASDAQ:FLIR) third-quarter 2017 adjusted earnings per share came in at 52 cents, surpassing the Zacks Consensus Estimate of 48 cents. The figure rose 8.3% over the prior-year quarter figure on solid top-line growth.
Adjusted net income in the quarter came in at $72.7 million compared with $65.6 million in the year-ago quarter. The year-over-year increase can primarily be attributed to the company’s impressive top-line performance.
Inside the Headlines
FLIR Systems’ top-line grew a robust 14.7% year over year to $464.7 million. Further, revenues beat the Zacks Consensus Estimate of $446 million comfortably. Strong growth across all the segments drove the overall top line.
As for the segments, Surveillance segment revenues rose 7.6% year over year to $146.8 million. Revenues from the Instruments segment came in at $91.4 million, up 10.5% on a year-over-year basis. OEM & Emerging Markets revenues rose an impressive 39.1% over the prior-year quarter to $87.2 million. The segment’s revenues were driven by the addition of the Integrated Imaging Solutions line of business from the Point Grey Research, acquired in fourth-quarter 2016.
The Detection segment revenues surged 18.9% year over year to $31.4 million, bolstered by timing of DR-SKO program shipments. Maritime segment revenues were also up 4.2% year over year to $42.3 million. Moreover, revenues from the Security segment advanced 16.5% over the prior-year quarter to $65.7 million.
FLIR Systems' order backlog for the coming 12 months is pegged at around $709 million as of Sep 30, 2017, reflecting a solid year-over-year increase of 10.1%.
Adjusted operating income came in at $101.1 million, compared with $89 million in the prior-year quarter. Sturdy top-line growth drove the rise in income.
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