25 Jul 13. FLIR Systems, Inc. (NASDAQ: FLIR) announced financial results for the second quarter ended June 30, 2013. Revenue was $389.3m, up 15% compared to second quarter 2012 revenue of $338.3m. Operating income in the second quarter increased by 16% to $70.3m and net income increased 22% to $50.2m. Second quarter earnings per diluted share were $0.35, an increase of 30% compared to the second quarter a year ago. Cash provided by operations in the second quarter was $134.3m and represented a quarterly record. Revenue from the Company’s Commercial Systems division increased 17% from the second quarter of 2012, to $221.8m. Within the Commercial Systems division, revenue from the Thermal Vision and Measurement segment was $175m, an increase of 23% from the second quarter results last year. The Raymarine segment contributed $46.9m of revenue during the second quarter, down 1% from the prior year. Revenue from the Company’s Government Systems division increased 13% from the second quarter of 2012, to $167.5m. Within the Government Systems division, revenue from the Surveillance segment was $118.6m, a decrease of 1% from the second quarter of 2012. Revenue from the Detection segment was $14.4m, a decrease of 9% compared to the second quarter of 2012. The Integrated Systems segment contributed $34.5m of revenue during the second quarter, an increase of 160% from the prior year as a result of deliveries under the MSC program to U.S. Customs and Border Protection. The Company’s backlog of firm orders for delivery within the next twelve months was approximately $528m as of June 30, 2013, an increase of $23m during the quarter and $30m from a year ago. Backlog in the Government Systems division was $339m, increasing $5 m during the quarter and over the prior year. Backlog in the Commercial Systems division was $190m, an increase of $18m during the quarter and $25m over the prior year.
“We saw solid growth in revenue, operating income, cash flow, and earnings per share in the second quarter, and increased backlog in both divisions,” noted Andy Teich, President and CEO of FLIR. “We introduced several new products during the quarter, with more on the horizon. I am very excited about our future given our market presence, product suite, and ability to execute for our customers and our shareholders.”
Based on financial results for the first six months of 2013 and the outlook for the remainder of the year, FLIR is reaffirming its outlook for revenue and earnings per share for the full year 2013. Management expects revenue for 2013 to be in the range of $1.5bn to $1.6bn and net earnings to be in the range of $1.56 to $1.66 per diluted share.
Dividend Declaration
26 Jul 13. Singapore Technologies Engineering (ST Engineering) has procured a 90 percent equity interest in Brazil’s Technicae Projetos e Servicos Automotivos (Technicae).ST Kinetics paid $465,000 with an additional $1.77m capital call in proportion to its shares in the company. The July 22 buy was made via a subsidiary of ST Kinetics, Singapore-based Mobility Systems. ST Engineering is divided into four sectors: ST Aerospace, ST Electronics, ST Kinetics and ST Marine. ST Kinetics specializes in land warfare vehicles and systems. Technicae is a provider of automotive maintenance, repair and overhaul services to military customers. An ST Kinetics press release stated the deal was based on a “willing-buyer, willing-seller basis, after taking into account Technicae’s current projects and growth prospects. “The acquisition is part of ST Kinetics’ strategic plan to establish a presence in Brazil to further its defense business in Brazil, and thereafter grow ST Kinetics’ presence in the rest of South America.” ST Engineering has been investing in outside companies that specialize in components and services for land warfare systems. In March 2012, Mobility Systems increased its shares in Ireland-based Timoney Holdings from 25 to 27.42 percent. Timoney designs and supplies heavy-duty i