FLIR Systems announces Q4 and full year 2015 financial results

FLIR Systems announces Q4 and full year 2015 financial results
FLIR Systems announced financial results for the fourth quarter and full year ended December 31, 2015. Fourth quarter 2015 revenue was US$437.6 million, up one percent compared to fourth quarter 2014 revenue of $434.4 million. On a constant currency basis, fourth quarter 2015 revenue was up three percent versus the prior year. Operating income in the fourth quarter was $93.5 million, compared to $87.4 million in the fourth quarter of 2014. Operating income was impacted by pretax charges related to previously-announced restructuring initiatives of $0.3 million in the fourth quarter of 2015 and $1.0 million in the fourth quarter of 2014.

Fourth quarter 2015 net income was $70.2 million, or $0.5 per diluted share. Net income in the fourth quarter of 2015 was impacted by an after-tax gain on the sale of an investment of $12.7 million, offset by after-tax restructuring charges of $0.2 million and discrete tax charges of $7.4 million, netting to a $0.04 benefit to earnings per diluted share.

Revenue from the surveillance segment was $150.7 million, a decrease of five percent from the fourth quarter results last year. The security segment recorded revenue of $68.4 million in the fourth quarter, up 21 percent from the prior year. FLIR's OEM & emerging markets segment had $49.2 million of revenue, a decrease of 2 percent from the prior year. The detection segment contributed $34.7 million of revenue, an increase of 32 percent from the prior year.

For the full year, revenue was $1,557.1 million, up two percent compared to $1,530.7 million for the year ended December 31, 2014. On a constant currency basis, full year 2015 revenue grew six percent over 2014. Operating income for 2015 was $305.8 million compared to $259.2 million in 2014, an increase of 18 percent for the year. Net income for 2015 was $241.7 million, or $1.7 per diluted share, compared with 2014 net income of $200.3 million, or $1.4 per diluted share. Cash provided by operations during 2015 was $275.8 million, which compares to $226.2 million in the prior year and represents a 22 percent increase.

Revenue and Earnings Outlook for 2016
FLIR also announced today that it currently expects revenue in 2016 to be in the range of $1.6 billion to $1.65 billion and net earnings to be in the range of $1.6 to $1.7 per diluted share. This guidance assumes a full year 2016 effective tax rate of 26 percent, excluding the impact of any future discrete items.


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