FLIR Systems Inc. (FLIR) reported that its first-quarter net income rose to $51.6 million or $0.35 per share, from $48.1 million or $0.31 per share a year ago. Revenue was $348.6 million, largely unchanged compared to $348.5 million prior year. FLIR Systems also reported that Lewis has announced his intention to retire as President and Chief Executive Officer of the company effective May 19, 2013. He will assume a senior advisor role to the company to aid in the transition and will remain Chairman of the Board of FLIR. Andrew Teich, currently President of the company's Commercial Systems division, will assume the positions of President and Chief Executive Officer of FLIR upon Lewis's retirement.
On average, 11 analysts polled by Thomson Reuters expected the company to report profit of $0.35 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $361.32 million for the quarter.
FLIR reaffirmed its outlook for revenue and earnings per share for the full year 2013. The company expects revenue for 2013 to be in the range of $1.5 billion to $1.6 billion and net earnings to be in the range of $1.56 to $1.66 per share. Analysts expect the company to report fiscal 2013 profit per share of $1.64 on revenue of $1.52 billion.
FLIR's Board has declared a quarterly cash dividend of $0.09 per share on FLIR common stock, payable June 7, 2013, to shareholders of record as of close of business on May 20, 2013.
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