FLIR Systems (NASDAQ: FLIR) reported Q1 EPS of $0.42, in-line with the analyst estimate of $0.42. Revenue for the quarter came in at $450.9 million versus the consensus estimate of $438.43 million.

Commenting on FLIR’s first quarter results, Jim Cannon, President and Chief Executive Officer, said, “As the COVID-19 pandemic has created unprecedented challenges around the globe, we are extremely proud that FLIR products and technology are playing a critical role in helping combat the spread of this virus. As a result, we continue to experience increased demand for our thermal cameras for use in Elevated Skin Temperature—or EST—screening. Although these thermal cameras cannot detect or diagnose any type of medical condition, the cameras do serve as an effective tool to identify elevated skin temperatures through accurate, non-contact temperature monitoring. I’d like to extend my gratitude to our employees for their commitment, as we work to ensure that governments, first responders, and businesses across the globe all have appropriate EST resources during this challenging time. In this environment, the health and safety of our employees is our top priority. We have enacted stringent protocols to help ensure their safety, including restricting visitors to our facilities, requiring temperature screening upon arrival, implementing staggered work schedules to reduce the number of employees working at a given time, and regular deep cleanings at all of our facilities.”

Mr. Cannon continued, “While it is still too early to estimate longer term demand for our EST screening technology, sales of these products have offset other headwinds to our business resulting from the pandemic. Consistent operational execution contributed to FLIR delivering revenue and adjusted diluted earnings per share at the higher-end of the expectations we provided for the first quarter. We also continued to execute our ‘Project Be Ready’ initiative to drive cost savings across the enterprise. During the quarter we experienced continued demand in our Defense Technologies segment, particularly for our unmanned systems and solutions and in our Industrial Technologies segment for our EST products. However, the COVID-19 pandemic has resulted in disruptions to our supply chain as well as significantly reduced sales in our commercially-centric businesses including maritime and security. Although our first quarter bookings faced a difficult year-over-year comparison, we were pleased to end the quarter with a record total backlog of $859.3 million.”

Mr. Cannon concluded, “Today, we are operating in a highly uncertain environment. I am pleased that FLIR has entered this pandemic with financial flexibility to continue operating our business through this difficult time. We look forward to emerging from this crisis as a more resilient company that stepped-up in a time of need for the customers we serve.”

Financial Outlook:

The COVID-19 pandemic has generated significant uncertainty, including an overall lack of visibility into future demand trends and economic conditions in the markets in which FLIR operates. The Company is continuing to closely monitor the impact of the pandemic on its operational and financial performance and adjust as necessary; however, the magnitude and duration of the outbreak including its impact to FLIR’s operations, supply chain partners and customers remains uncertain. As a result, the Company has withdrawn its previously issued guidance for the full year ending December 31, 2020.

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