September 24, 2023
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Flir Systems reports third quarter increase in net earnings


Thermal imaging device maker Flir Systems, which has large operations in Goleta, announced a 15 percent increase in its third quarter revenues, driving net earnings up 8 percent.

The company saw increases in revenue across all segments, particularly its instruments, security and detection businesses, as well as a 39 percent increase in its original equipment manufacturing and emerging market segment. Operating expenses also rose by around 23 percent, for net earnings of $63.5 million, or 46 cents per share, up from $58.6 million in the third quarter of 2016.

“Bookings in the quarter drove our backlog to its highest level in our history,” Flir President and CEO Jim Cannon said in an earnings release Oct. 25. “This positions us well as we realign our businesses and deploy The Flir Method for continuous business improvement, initiatives that we expect to drive organic growth, increase profitability, and generate ample cash for us to deploy in ways that enhance shareholder returns.”

As of Sept. 30, the company had around $709 million in orders for delivery within the next 12 months. Cash and cash equivalents were up more than 20 percent to nearly $437 million, and it had $368 million in current liabilities.

The company said it expected earnings in the range of $1.78 billion to $1.83 billion, or $1.83 to $1.88 per share for the full fiscal year.

Flir shares rose 3.8 percent after the news, to $45.55 as of noon on Oct. 25.

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