Flir's first quarter 'consistent with expectations'

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Flir Systems has announced financial results for the first quarter ended 31 March 2013.

Revenue was $348.6 million, largely unchanged compared to first-quarter 2012 revenue of $348.5 million. Operating income in the first quarter was $69.1 million, compared to $68.3 million in the first quarter of 2012. First-quarter 2013 net income was $51.6 million, or $0.35 per diluted share, compared with net income of $48.1 million, or $0.31 per diluted share in the first quarter a year ago.

Revenue from the company's commercial systems division increased by five per cent compared to the first quarter of 2012, to $211.8 million. Within the commercial systems division, revenue from the thermal vision and measurement segment was $167.4 million, an increase of seven per cent from the first-quarter results last year.

The Raymarine segment contributed $44.4 million of revenue during the first quarter, down five per cent from the prior year.

'First-quarter results were consistent with our expectations for how the year would begin,' said Earl Lewis, president and CEO. 'Despite the difficult funding and macro environment our customers are experiencing, both of our divisions have meaningfully higher backlog than they did a year ago and our focus on organisational efficiency and cost control resulted in increased margins and net earnings growth.

'In addition, we continue to generate operating cash at a rate that significantly exceeds net income, which will allow us to generate strong returns for our shareholders.'

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