Thermal imaging and infrared camera system maker FLIR Systems Inc. (FLIR) posted a higher profit for the third quarter, beating the analysts' expectations, helped by higher sales from government Systems and commercial vision systems divisions. The company also announced the acquisition of OmniTech Partners, Inc. for $42 million in cash.
The Wilsonville, Oregon-based Flir Systems earned $60.0 million or $0.38 per share, compared with $54.8 million or $0.35 per share in year-ago quarter.
On average, 15 analysts polled by Thomson Reuters expected earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the quarter edged up 3% to $285.6 million from last year's $276.7 million, and surpassed the fourteen analysts consensus estimate of $281.10 million.
Revenue from the company's Government Systems division increased 7% to $163.0 million, with strength in stabilized gimbaled systems. Revenue from the company's Commercial Vision Systems division rose 15% to $52.6 million, reflecting growth in the security, cores and components, and maritime markets.
However, lower demand for high-value products for the predictive maintenance market dragged down thermography division's revenue by 12% to $69.9 million in the recent quarter.
Operating income in the latest quarter was $89.3 million, up 17% from $76.7 million in the third quarter of 2008. Total operating expenses declined to $73.5 million from $78.61 million a year ago.
Last year's financial results have been adjusted for the retrospective application of "Debt with Conversion and Other Options", the company noted.
For the nine months ended September 30, 2009, Flir Systems posted net income of $170.0 million or $1.07 per share, versus $135.9 million or $0.87 per share in the same period a year ago. Revenue for the nine-month period grew 8% to $835.5 million from $774.6 million last year. Looking ahead, Flir Systems said it now expects full-year earnings per share to be slightly above the most recent outlook. On July 24, the company said it anticipates earnings per share of $1.40 - $1.44. Wall Street analysts estimate earnings of $0.38 per share.
The company said it acquired OmniTech Partners, Inc., a maker of image intensified and fused image intensified/thermal imagers, for $42 million in cash. Based in Freeport, Pennysylvania, OmniTech currently forecasts annual revenue of $22 million for the year ending December 31, 2009. The deal is expected to be immaterial to FLIR's earnings in 2009 and 2010.
FLIR closed the Tuesday's regular trading session at $28.95.
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