Flir revenue up 8 per cent in Q2 2017
Flir Systems has posted revenue of $434.1 million for the second quarter of 2017, up 8 per cent over the second quarter of 2016. GAAP operating income in the second quarter grew 2 per cent to $66.6 million, and adjusted operating income was $81.0 million, up 16 per cent.
Flir's OEM and Emerging Markets segment had $87.4 million of revenue, an increase of 54 per cent over the prior year, and was primarily driven by the addition of the Integrated Imaging Solutions line of business from the fourth quarter 2016 acquisition of Point Grey Research.
Revenue from the Surveillance segment was $129.2 million, an increase of 14 per cent from the second quarter results last year. The Instruments segment contributed $86.0 million, up 10 per cent over the prior year.
The Security segment recorded revenue of $49.7 million in the second quarter, down 22 per cent from the prior year, primarily due to a decline in Lorex-branded products. Revenue from the Maritime segment was $55.1 million, which was in-line with the second quarter of 2016. The Detection segment contributed $26.7 million of revenue, a decrease of 25 per cent from the prior year, and was driven by timing of DR-SKO programme shipments.
Flir's backlog of firm orders for delivery within the next twelve months was approximately $645 million as of 30 June 2017, an increase of $37 million, or 6 per cent, during the quarter.
‘We saw strong top line growth and meaningful margin expansion during the second quarter. This resulted in double digit growth in adjusted earnings per share,’ said Jim Cannon, president and CEO of Flir. ‘Our growth was broad across many of our businesses and geographical regions. Strong bookings during the quarter increased backlog significantly over the previous quarter, providing us with momentum into the second half of the year.’
Based on financial results for the first half of the year and the outlook for the remainder of the year, Flir continues to expect revenue in 2017 to be in the range of $1.775 billion to $1.825 billion and adjusted net earnings per diluted share to be in the range of $1.81 to $1.91 per diluted share.