23 Apr 10. FLIR Systems, Inc. (NASDAQ: FLIR) today announced financial results for the first quarter ended March 31, 2010. Revenue was $287.3m, up 6% compared to first quarter 2009 revenue of $272.0m. Operating income for the quarter was $84.3m, up 1% from $83.4m in the first quarter of 2009. Net income for the quarter was $55.9m, or $0.35 per diluted share, compared with net income of $54.3m, or $0.35 per diluted share, in the first quarter a year ago. Cash provided by operations during the quarter was $82.2m. Revenue from the Company’s Government Systems division decreased 2% from the first quarter of 2009, to $158.3m. Revenue from the Company’s Commercial Systems division increased 17% over the first quarter of 2009, to $129.0m. Within the Commercial Systems’ division, revenue from Commercial Vision Systems increased 16% over the first quarter of last year, to $53.4m, reflecting strong growth across multiple product lines. Revenue from Thermography increased 18% from the first quarter of last year, to $75.6m, reflecting strong growth in the U.S. and Asia-Pacific regions. The backlog of firm orders for delivery within the next twelve months was approximately $543m at March 31, 2010, a decrease of $20m during the quarter. Backlog in the Government System’s division was $418m, down $15m during the quarter. Backlog in the Commercial Vision Systems division was $101m, down $2m during the quarter. Backlog in the Thermography division was $24m, down $3m during the quarter. Based on its financial results for the first quarter of 2010, and the outlook for the remainder of the year, management today is reaffirming its outlook for revenue and earnings per share for the full year 2010. Management currently expects revenue for 2010 to be in the range of $1.2bn to $1.3bn, an increase of approximately 9% compared with 2009, and net earnings to be in the range of $1.48 to $1.53 per diluted share, an increase of approximately 4% compared with 2009.
“I am very pleased with our first quarter performance. Our commercial businesses had solid growth year-over-year and Government Systems was little changed, as expected. Gross margins and operating margins remained at near-record levels. Cash flow from operations of $82m was also excellent,” stated Earl Lewis, President and CEO of FLIR. “We are seeing a good recovery in our commercial businesses, and expect them to grow nicely for the remainder of 2010 and beyond. The Government Systems division is on track to meet our expectations as we expand our sales footprint and marketing activities to position us for long term growth. As a company, we continue to focus on efficient operations, broad distribution, high quality products, and leadership in promising growth markets.”

26 Apr 10. Caterpillar Inc (CAT.N) reported a stronger-than-expected quarterly profit on Monday and raised its full-year sales forecast above Wall Street estimates, citing an improving global economy, especially in Asia and Latin America. The world’s largest maker of earth-moving equipment, whose shares rose as much as 5.9 percent, said it was seeing particularly robust orders from mining and energy companies. A rebound in most metal prices resulted in firm orders for much of the company’s available 2010 production of large mining trucks and large track-type tractors, Caterpillar said. Some of its largest mining vehicles are sold out for the year, and it is now taking orders for delivery in 2011.
“Economic conditions are definitely improving, particularly in the world’s developing economies,” Caterpillar said in a statement. “Industry activity and orders are significantly higher than last year and are at record levels in some areas.”
But the company cut its outlook for 2010 U.S. housing starts by 20 percent — from 1m to 800,000 — saying the weak labor market was the major reason that many remain pessimistic about the U.S. economy.
“The volume is beginning to come back,” said Longbow Securities analyst Eli Lustgarten. “Bu