16 Jul 12. FLIR Systems, Inc. (NASDAQ: FLIR) announced preliminary revenue and earnings per share results for the second quarter of fiscal year 2012. FLIR expects to post revenues of approximately $338m and earnings per share of approximately $0.26 for the three months ended June 30, 2012. Excluding the net after tax impact of severance costs, earnings per share for the three months ended June 30, 2012, is expected to be approximately $0.30. The Company’s second quarter performance reflected in these preliminary results was negatively impacted by weakness in several markets including predictive maintenance and building, cores and components, and recreational marine, particularly in Europe. Delays in customer delivery schedules negatively impacted revenue during the quarter, particularly in the cores and components line of products in the Thermal Vision and Measurement (TVM) segment. Margins during the quarter were negatively impacted by product mix and factory absorption due to lower than anticipated revenue. Total bookings for the quarter were approximately $375m, resulting in an increase in backlog of approximately $41m compared to the first quarter of 2012. The TVM, Surveillance, and Detection segments each increased segment backlog during the quarter. Operating cash flow was approximately $80m in the second quarter. Management has re-evaluated its previously announced revenue and earnings outlook for the full year 2012 and now expects revenue to be in the range of $1.4bn to $1.5bn, a decrease of approximately 3% to 9% compared to 2011, and net income to be in the range of $1.40 to $1.50 per diluted share, an increase of approximately 1% to 9% compared to 2011. Supporting the second half outlook are the increase in backlog during the second quarter and a stronger outlook for orders in the second half of the year.
“We are disappointed in our second quarter performance,” said Earl Lewis, President and CEO of FLIR. “These results caused us to make additional reductions to our cost structure that will be reflected in improved profitability in future periods. Most importantly, we are confident that the second half of 2012 will be significantly better than the first half, and we expect to see a resumption of meaningful earnings growth in the fourth quarter.”
16 Jul 12. A Midland aerospace firm that was on course for a £3m turnover last year has fallen into administration with the loss of 14 jobs. Matt Ingram and John Whitfield, partners at financial advisory firm Duff &
Phelps, were appointed joint administrators of Coventry based Lightning
Aerospace on July 4. The defence sector supplier, founded in 1992, continues to trade as a buyer is sought and 19 staff have been kept on. The company was on course for a record turnover after it was bought-out by manufacturing entrepreneur Andrew Redfern. (Source: Google)
19 Jul 12. Textron Inc. (NYSE: TXT) reported second quarter 2012 income from continuing operations of $0.58 per share, compared to income of $0.29 per share in the second quarter of 2011. Total revenues in the quarter were $3.0bn, up 10.7% from the second quarter of 2011. Manufacturing segment profit was $288m, up $59m from the second quarter of 2011. Manufacturing cash flow before pension contributions was $121m during the second quarter compared to $171m during last year’s second quarter. The company contributed $21m to its pension plans during the second quarter. Textron confirmed its 2012 earnings per share from continuing operations guidance of $1.80 to $2.00 and cash flow from continuing operations of the manufacturing group before pension contributions between $700 and $750m, with planned pension contributions of about $200m.
Second Quarter Segment Results
Cessna
Revenues at Cessna increased $111m, reflecting the delivery of 49 new
Citation jets in the quarter, compared with 38 in last year’s second quarter. Segment profit of $35m was an improvement of $30 m, primarily due to the higher volume. Ces