FLIR Systems announces second quarter 2017 financial results

FLIR Systems announces second quarter 2017 financial results
FLIR Systems announced financial results for the second quarter ended June 30, 2017. Second quarter 2017 revenue was $434.1 million, up 8% over second quarter 2016 revenue of $402.7 million. GAAP operating income in the second quarter grew 2% to $66.6 million, compared to $65.2 million in the second quarter of 2016. Adjusted operating income was $81.0 million in the second quarter, which is 16% higher than adjusted operating income of $70.1 million in the second quarter of 2016.

Second quarter 2017 GAAP net earnings were $51.4 million, or $0.37 per diluted share, compared with GAAP net earnings of $45.4 million, or $0.33 per diluted share in the second quarter a year ago. Adjusted net earnings in the second quarter were $58.4 million, or $0.42 per diluted share, which was 14% higher than adjusted net earnings per diluted share of $0.37 in the second quarter of 2016.

Revenue from the Surveillance segment was $129.2 million, an increase of 14% from the second quarter results last year. The Instruments segment contributed $86.0 million of revenue during the second quarter, up 10% over the prior year. The Security segment recorded revenue of $49.7 million in the second quarter, down 22% from the prior year, primarily due to a decline in Lorex-branded products. FLIR's OEM & Emerging Markets segment had $87.4 million of revenue, an increase of 54% over the prior year, and was primarily driven by the addition of the Integrated Imaging Solutions line of business from the fourth quarter 2016 acquisition of Point Grey Research. Revenue from the Maritime segment was $55.1 million, which was in-line with the second quarter of 2016. The Detection segment contributed $26.7 million of revenue, a decrease of 25% from the prior year, and was driven by timing of DR-SKO program shipments.

FLIR's backlog of firm orders for delivery within the next twelve months was approximately $645 million as of June 30, 2017, an increase of $37 million, or 6%, during the quarter.

"We saw strong top line growth and meaningful margin expansion during the second quarter. This resulted in double digit growth in adjusted earnings per share," said Jim Cannon, President and CEO of FLIR. "Our growth was broad across many of our businesses and geographical regions. Strong bookings during the quarter increased backlog significantly over the previous quarter, providing us with momentum into the second half of the year. I am excited to be part of the FLIR team and intend to maintain our focus on innovating valuable, life-saving, and enriching solutions for our customers while executing a disciplined capital deployment philosophy to create sustainable value for our shareholders."

Revenue and Earnings Outlook for 2017

Based on financial results for the first half of the year and the outlook for the remainder of the year, FLIR continues to expect revenue in 2017 to be in the range of $1.775 billion to $1.825 billion and adjusted net earnings per diluted share to be in the range of $1.81 to $1.91 per diluted share.

Dividend Declaration

FLIR's Board of Directors has declared a quarterly cash dividend of $0.15 per share on FLIR common stock, payable September 8, 2017, to shareholders of record as of close of business on August 25, 2017.
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