Flir Systems up 8 per cent in third quarter

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Flir Systems has announced financial results for the third quarter ended 30 September 2013. Revenue was $358.1 million, up 8 per cent compared to Q3 2012 revenue of $332.2 million.

Operating income in the Q3 decreased by 14 per cent to $63.5 million and net income decreased 17 per cent to $46.5 million. Third quarter earnings per diluted share were $0.32, compared to $0.37 during the third quarter a year ago. Cash provided by operations in the third quarter was $52.5 million, compared to $46.4 million in the third quarter of 2012.

Revenue from Flir's commercial systems increased by 17 per cent to $212.9 million, but government systems divisions decreased by 4 per cent to $145.2 million when compared to the Q3 of 2012.

Within the Commercial Systems division, revenue from the thermal vision and measurement segment was $177.1 million, an increase of 18 per cent from the third quarter results last year, due to the addition of the Lorex and Traficon businesses. The Raymarine segment contributed $35.8 million of revenue during the third quarter, up 13 per cent from the prior year, driven by successful new product introductions.

Within the Government Systems division revenue decreased by 11 per cent from the third quarter of 2012, due to weak book-and-ship order flow from the US Government. The Detection segment saw a decrease of 15 per cent compared to the third quarter of 2012 as the business continues its strategy to reduce contract R&D activity.

The Integrated Systems segment contributed $29.2 million of revenue during the third quarter, an increase of 48 per cent from the prior year, due to deliveries under the MSC contract during the third quarter of 2013.

The company's backlog of firm orders for delivery within the next twelve months was approximately $523 million as of 30 September, a decrease of $5 million during the quarter and $42 million from a year ago. 

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