FLIR Systems announced financial results for the first quarter ended March 31, 2014. Revenue was $351.5 million, up 1% compared to first quarter 2013 revenue of $348.6 million.
FLIR Systems announced financial results for the first quarter ended March 31, 2014. Revenue was $351.5 million, up 1% compared to first quarter 2013 revenue of $348.6 million. Operating income in the first quarter was $42.5 million, compared to $69.1 million in the first quarter of 2013, and was impacted by $8.4 million in pretax charges related to previously-announced restructuring initiatives. First quarter 2014 net income was $29.9 million, or $0.21 per diluted share, compared with net income of $51.6 million, or $0.35 per diluted share in the first quarter a year ago. The net after tax impact of the restructuring charges in the first quarter was approximately $6.4 million, or $0.04 per diluted share. Cash provided by operations in the first quarter was $59.8 million, a decrease of 3% compared to the first quarter of 2013.
Revenue from FLIR's Surveillance segment was $117.2 million, a decrease of 1% from the first quarter results last year. The Instruments segment contributed $84.1 million of revenue during the first quarter, up 7% from the prior year. The OEM & Emerging Markets segment had $53.8 million of revenue, an increase of 7% over the prior year. Revenue from the Maritime segment was $52.6 million, and was up 4% over the first quarter of 2013.FLIR's Security segment recorded revenue of $29.3 million in the first quarter, down 1% from the prior year. The Detection segment contributed $14.6 million of revenue, a decrease of 33% from the prior year.
FLIR's backlog of firm orders for delivery within the next twelve months was approximately $514 million as of March 31, 2014, an increase of $24 million during the quarter.
"Our first quarter results were in-line with our expectations. Healthy growth in our commercial-oriented markets was offset by declines in government-funded sectors. We continued executing on our realignment plan, which we believe will be a valuable investment for our long-term performance," said Andy Teich, President and CEO of FLIR. "We expect continued improvement as we move throughout this year and are excited about our product pipeline that is enabled by our new Lepton core."
Revenue and Earnings Outlook for 2014
Based on financial results for the first three months of 2014 and the outlook for the remainder of the year, FLIR is reaffirming its outlook for revenue and earnings per share for the full year 2014. Management expects revenue for 2014 to be in the range of $1.45 billion to $1.55 billion and net earnings excluding restructuring charges associated with the business realignment to be in the range of $1.40 to $1.50 per diluted share.
Dividend Declaration
FLIR's Board of Directors has declared a quarterly cash dividend of $0.10 per share on FLIR common stock, payable June 6, 2014, to shareholders of record as of close of business on May 20, 2014.