BUSINESS NEWS
28 Apr 09. Finmeccanica registered a growing performance in the first quarter both overall (including the contribution of DRS Technologies, which was fully consolidated for the first time) and comparing the results for the period with the same period last year on a like-for-like basis. Revenues rose to EUR3,911m, compared with EUR2,916m in the same period in the previous year, a 34% increase (9% excluding the contribution from DRS). Adjusted EBITA increased to EUR 242 m, up 82% on the previous year (20% attributable to organic growth). The adjusted EBITA margin was 6.2%. Net profit amounted to EUR108m, up 50% (13% of this increase came from organic growth). This does not include extraordinary items, which boosted the net profit figure in 1Q08. Adjusted EPS (earnings per share net of extraordinary items and minorities) increased by 17% on the comparable 2008 figure, to EUR0.17. New orders grew by 19% compared with the first quarter of 2008. Excluding DRS, they fell by 15%, mainly due to the expected decline in civil helicopters and aeronautics sectors. The order backlog reached a new all-time high of EUR43,319m, equivalent to around 2.5 years of production. Net debt amounted to EUR4,479m, an increase of EUR1,096m on 31 December
2008. This is the result of normal seasonal fluctuations in Group company revenues. Research and Development spending represented approximately 10% of revenues, and remains steady on a proportional basis.
01 May 09. FLIR Systems, Inc. (NASDAQ: FLIR) today announced financial results for the first quarter ended March 31, 2009. Revenue was $272.0m, up 15% compared to first quarter 2008 revenue of $236.9m. Operating income in the quarter was $83.4m, up 51% from $55.1m in the first quarter of 2008. First quarter 2009 net income was $54.3m, or $0.35 per diluted share, compared with net income of $36.5m, or $0.24 per diluted share, in the first quarter a year ago. Cash provided by operations during the quarter was $74.3m. Revenue from the Company’s Government Systems division increased 43% over the first quarter of 2008, to $162.2m, driven by strength in airborne applications. Revenue from the Company’s Commercial Vision Systems division increased 5% over the first quarter of last year, to $45.9m, reflecting growth in the security and surveillance and cores and components markets. Revenue from the Company’s Thermography division decreased 20% from the first quarter of last year, to $63.9m, primarily due to changes in exchange rates and lower demand for high-value products for the predictive maintenance market in the U.S. Excluding the effect of exchange rates, Thermography revenue decreased 10% in the quarter. Thermography unit volumes increased by 44% in the first quarter of 2009 compared to the prior year. The Company’s backlog of firm orders for delivery within the next twelve months was approximately $617m at March 31, 2009, a decrease of $46m during the quarter, and an increase of $146m, or 31% compared with backlog at March 31, 2008. Backlog in the Government System’s division was $504m, down $48m during the quarter. Backlog in the Commercial Vision Systems division was $95m, up $4m during the quarter, while backlog in the Thermography division was $18m, down $1m during the quarter. “We are very pleased with our performance in the first quarter. We recorded solid revenue growth, excellent earnings growth, and the highest gross margin and operating margin in the Company’s history,” noted Earl Lewis, President and CEO. “We achieved this performance through solid execution in a difficult economy, as all three divisions improved gross margins and operating margins compared with the prior year. Economic conditions and government order activity in the second quarter will be important factors in our performance for the remainder of 2009 and into 2010. As a result, we are reaffirming our revenue and earnings per share outlook for the year.”
24 Apr 09. Honeywell International Inc.’s qua