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FLIR Systems (FLIR) Q1 Earnings Beat Estimates, Improve Y/Y

Zacks

FLIR Systems Inc.’s FLIR first-quarter 2019 adjusted earnings of 53 cents per share surpassed the Zacks Consensus Estimate of 48 cents by 10.4%. Also, the reported figure increased 9.6% from 48 cents registered in the prior-year quarter.

The company reported GAAP earnings of 45 cents compared with earnings of 28 cents in the year-ago quarter.

Inside the Headlines

FLIR Systems’ revenues inched up 1.2% year over year to $444.7 million in the reported quarter. Also, the top line beat the Zacks Consensus Estimate of $439 million by 1.3%. Impressive performance by the Industrial segment as well as the Government and Defense segment led to year-over-year increase in the top line.


Organic revenues rose 0.9% year over year. The figure excluded revenues from the acquisitions of Endeavor Robotics and Aeryon Labs in the first quarter of 2019 as well as the same from the divested security businesses in the first quarter of 2018.

Segment-wise, quarterly revenues in the Industrial segment were up 5.1% to $179.4 million. The upside can be attributed to higher sales of cooled thermal cores, unmanned aerial systems (UAS) and optical gas imaging products.

Revenues in the Government and Defense segment totaled $173.4 million, up 8.8% on a year-over-year basis. The upside can be attributed to strength in unmanned systems (including the acquisitions of Endeavor Robotics and Aeryon Labs) and surveillance systems.

Moreover, the Commercial segments’ revenues amounted to $92 million, down 16.1% from the year-ago quarter’s figure. The downside was caused by the impacts from continued restructuring in outdoor and tactical systems (OTS) as well as adverse foreign exchange effects.

The company’s total operating expenses fell 6% year over year to $152.5 million. Consequently, adjusted operating income came in at $97.3 million compared with $87.8 million in the prior-year quarter, up 10.9%.

FLIR Systems, Inc. Price, Consensus and EPS Surprise

FLIR Systems, Inc. Price, Consensus and EPS Surprise | FLIR Systems, Inc. Quote

Liquidity & Cash Flow

As of Mar 31, 2019, the company's cash and cash equivalents were $284.3 million compared with $512.1 million as of Dec 31, 2018. Long-term debt totaled $656.9 million, up from $421.9 million as of Dec 31, 2018.

Cash flow from operating activities in the first quarter 2019 amounted to $55.5 million, up 28.6% from the prior-year quarter’s figure of $43.2 million.

Outlook

The company continues to expect 2019 adjusted earnings per share in the range of $2.30-$2.36 on revenues of $1.92-$1.95 billion.

Currently, the Zacks Consensus Estimate for 2019 earnings is pegged at $2.34 on revenues of $1.93 billion. Both the earnings and revenue estimates lie within the company provided guidance.

Zacks Rank

FLIR Systems carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Defense Releases

Lockheed Martin Corp. LMT delivered first-quarter 2019 earnings of $5.99 per share, which surpassed the Zacks Consensus Estimate of $4.29 by 39.6%.

Textron Inc. TXT posted first-quarter 2019 earnings from continuing operations of 76 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 8.6%.

Hexcel Corp. HXL delivered first-quarter 2019 earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 79 cents by 6.3%.

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