Flir Systems records 16 per cent growth in third quarter revenue
Flir Systems has recorded revenue of $332.5m for the third quarter 2010 ending 30 September 2010, a figure that's up 16 per cent compared to third quarter 2009.
In addition, the company's revenue for the nine months ended 30 September 2010 was $950.9m, up 14 per cent compared to revenue for the first nine months of 2009.
'We are very pleased with our third quarter results. Operating income was reduced by legal reserves and acquisition-related costs, but these costs were largely offset by a lower tax rate and our resulting margins were very strong. We continue to execute on our strategy and deliver strong operating performance. Our Government Systems division was able to grow backlog in an unclear political environment. The Commercial Systems division continues to grow rapidly while increasing profitability. Our initiatives to diversify our end-markets, reduce costs, innovate, and strengthen our financial position have positioned us very well for continued growth into the future,' commented Earl Lewis, president and CEO.
Management currently expects revenue for 2010 to be in the range of $1.375bn to $1.4bn and net earnings to be in the range of $1.53 to $1.56 per diluted share.