FLIR Systems (FLIR) Tops Q2 EPS by 6c, Revenues Beat; Boosts FY18 EPS/Revenue Outlook

FLIR Systems (NASDAQ: FLIR) reported Q2 EPS of $0.55, $0.06 better than the analyst estimate of $0.49. Revenue for the quarter came in at $452.7 million versus the consensus estimate of $428.03 million.

• Second Quarter Revenue Growth of 4% Over Prior Year; Organic Revenue Growth of 11% Over Prior Year
• GAAP EPS of $0.51; Adjusted EPS of $0.55, Up 31% Over Prior Year
• Operating Margin Improved 430 Basis Points Over Prior Year; Adjusted Operating Margin Improved 390 Basis Points Over Prior Year
• Increased 2018 Financial Guidance

“We are pleased with our second quarter results,” said Jim Cannon, FLIR President and Chief Executive Officer. “Strong organic sales growth and meaningful margin improvement drove adjusted earnings per share growth of 31%. In addition to excellent sales and earnings performance, FLIR significantly improved operating cash flow for the first half of 2018, up 46% over the same period of 2017.”

Mr. Cannon continued, “Our team embraced a number of new business initiatives while maintaining focus on the customer to drive solid first half results. We’re taking this momentum into the second half of the year as we continue executing our mission of innovating technologies that increase awareness and insight so professionals can make more informed decisions that save lives and livelihoods.”

Revenue and Earnings Outlook for 2018

Based on financial results for the second quarter and the outlook for the remainder of the year, FLIR now expects revenue in 2018 to be in the range of $1.780 billion to $1.800 billion, increased from the previous $1.760 billion to $1.790 billion amount provided in the first quarter earnings call. Adjusted net earnings per diluted share is now expected to be in the range of $2.17 to $2.22 per diluted share, up from the previous outlook of $2.11 to $2.16 per diluted share.

GUIDANCE:

FLIR Systems sees FY2018 EPS of $2.17-$2.22, versus the consensus of $2.15. FLIR Systems sees FY2018 revenue of $1.78-1.8 million, versus the consensus of $1.79 million.

For earnings history and earnings-related data on FLIR Systems (FLIR) click here.

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