Flir revenue up 6 per cent; emerging market segment up 22 per cent
Flir Systems posted third quarter revenue of $405.2 million, up 6 per cent over Q3 2015 results. Year-to-date revenue of $1.187 billion was also 6 per cent above the previous year.
The company’s OEM and Emerging Markets segment – within which Point Grey’s portfolio will operate upon completion of the £253 million buyout – increased 22 per cent over the prior year to $62.7 million.
Revenue from the Surveillance segment was $136.4 million for Q3 2016, up 4 per cent from the prior year, while the Instruments segment contributed $82.7 million, up 11 per cent; the Security segment $56.4 million, down 5 per cent; the Maritime segment $40.6 million, up 4 per cent; and Detection $26.4 million, an increase of 2 per cent over the previous year.
Flir's backlog of firm orders for delivery within the next twelve months was approximately $644 million as of 30 September 2016, an increase of $15 million, or 2 per cent, during the quarter, and an increase of $76 million, or 13 per cent, over the balance at the end of the third quarter of 2015.
‘Overall performance in the third quarter was in line with our expectations. Profitability improvements in our Instruments and Surveillance segments helped drive significant sequential gross profit and operating income growth,’ said Andy Teich, president and CEO of Flir.
Based on financial results for the first nine months of the year and the outlook for the remainder of the year, Flir continues to expect revenue in 2016 to be in the range of $1.6 billion to $1.65 billion.