July 22nd 2010
(FLIR) FLIR Systems’ Second Quarter 2010 Earnings Beat – Raises Revenue Outlook
FLIR Systems Inc. (FLIR) reported a 5.7% increase in its earnings of 37 cents per share for the second quarter of 2010, beating the Zacks Consensus Estimate of 35 cents per share.
Revenue
Total revenue for the quarter increased 19% year over year to $331.1 million. About $27 million of revenue was derived from Raymarine acquisition, excluding which total revenue increased 9%.
FLIR Systems experienced revenue growth in all its segments. The company’s Commercial Systems division recorded highest year-over-year revenue growth of 16% to $136.0 million followed by a growth of 7% at the Thermography division to $71.4 million. Government Systems division revenues increased 5% to $167.9 million during the quarter.
Backlog
At the end of the quarter, total backlog of the company, which will expire in next twelve months, decreased sequentially by $25 million to $518 million, with $17 million added through Raymarine acquisition. S