Flir revenue up 2% to $1.9bn for 2020

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Flir has posted revenue of $1.9bn last year, two per cent growth over 2019. Revenue for the fourth quarter of 2020 was $524.3m, seven per cent up on the same period in 2019.

Revenue for the company's Industrial Technologies unit was $1.16bn, an increase of 5.9 per cent compared to the prior year. The growth was primarily attributable to demand for elevated skin temperature (EST) solutions because of the pandemic, Flir said. This was partially offset by lower volume in certain commercial end markets such as maritime and security products.

The Industrial Technologies segment's operating income was $344.4m, compared to $276.2m in the prior year. Segment operating margin increased to 29.8 per cent from 25.3 per cent.

Industrial Technologies bookings totalled $1.18bn for the year, representing a book-to-bill ratio of 1.02.

In the fourth quarter, revenues increased by 7.2 per cent to $298.3m because of demand for EST solutions.

Flir ended the year with $297.8m in cash and cash equivalents and approximately $595.4m in borrowing capacity. The Teledyne transaction is expected to close in the middle of 2021 subject to the receipt of required regulatory approvals.