SOLID RESULTS FROM FIRST TIER SUPPLIERS
FLIR Systems, Inc.
24 Apr 08. FLIR Systems, Inc. (NASDAQ: FLIR) announced financial results for the first quarter ended March 31, 2008. Revenue was $236.9m, up 47%, (2007: $161.4m). Excluding the impact of the previously announced acquisitions of Extech Instruments and Cedip Infrared Systems, revenue increased by 35% compared to the first quarter of 2007. Operating income for the quarter was $55.1m, up 53% from $36.0m in the first quarter of 2007. Net income for the quarter was $37.3m, or $0.24 per diluted share, compared with net income of $26.3m, or $0.18 per diluted share on a split-adjusted basis, in the first quarter a year ago.
Revenue from the Company’s Government Systems division increased 40% over the first quarter of 2007, to $113.7m, driven by strength across all served markets, including airborne, land, and maritime. Revenue from the Company’s Commercial Vision Systems division increased 67% over the first quarter of last year, to a record $43.7 million, reflecting strong growth across all served markets. Revenue from the Company’s Thermography division increased 47% over the first quarter of last year, to $79.5m. Excluding the impact of the Extech Instruments and Cedip Infrared Systems acquisitions, Thermography revenue increased 17% during the first quarter, reflecting strong demand for the T-Series, R&D, and GasFindIR(TM) product lines. Revenue contribution to other divisions related to the Cedip and Extech acquisitions was not significant.
The backlog of firm orders for delivery within the next twelve months was approximately $471m at March 31, 2008, an increase of $78m compared with backlog at December 31, 2007. Backlog in the Government System’s division was $371m, up $66m during the quarter due to strong order activity both in the U.S. and internationally. Backlog in the Commercial Vision System’s division was $80m, up $12m during the quarter. Backlog in the Thermography division was $20m, flat with the prior quarter. Backlog of $17m was acquired during the quarter as a result of the Cedip acquisition, primarily in the Commercial Vision Systems and Government Systems divisions, respectively.
Cash provided by operations during the quarter was a record $55.2m. Cash used during the quarter included $68.2m net for the acquisition of Cedip Infrared Systems, $19.0m to repay the remaining balance on a credit facility, and $17.8 million to repurchase 700,000 shares of FLIR common stock. At March 31, 2008, cash and cash equivalents were $159.1m, compared with (2007: $203.7m).
“We are quite pleased with the start to the year. Our first quarter financial performance was very good and our long-term strategies continue to deliver results,” noted Earl R. Lewis, President and CEO. “Demand was excellent, particularly in our Government Systems and Commercial Vision Systems divisions, as backlog at the end of the quarter again set a record. Based on the quarter’s results, and the expectations for the remainder of the year, we are reaffirming our outlook for strong growth in 2008.”
Revenue and Earnings Outlook for 2008
Based on its financial results for the first quarter of 2008, 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 2008. Management currently expects revenue for 2008 to be in the range of $1 billion to $1.05 billion, and net earnings to be in the range of $1.13 to $1.20 per diluted share.
24 Apr 08. Goodrich Corporation (NYSE: GR) announced results for the first quarter, and increased its outlook for full year 2008 sales and earnings per diluted share. The Company reported first quarter 2008 sales of $1,745m an increase of 13 percent over first quarter 2007 sales of $1,546m. First quarter 2008 income per diluted share of $1.24, including income from discontinued operations of $0.03 per diluted share, a 59 percent increase