FLIR Systems Inc.
) is slated to release its fourth-quarter 2011 earnings result on
Friday, February 10, 2012. The current Zacks Consensus Estimate for
fourth-quarter earnings per share (
) is 45 cents, representing annualized growth of 4.44%. For
full-year 2011, the Zacks Consensus Estimate is $1.53, representing
an annualized decline of 1.99%.
FLIR System's earnings were above the Zacks Consensus Estimate
in the last quarter while below the estimates in the first and
second quarters of 2011 as well as in the fourth quarter of 2010.
The company's average positive earnings surprise for the trailing
four quarters was 0.65%.
Third Quarter Highlights
FLIR Systems reported third-quarter 2011 earnings per share from
continuing operations of 40 cents, above the Zacks Consensus
Estimate of 37 cents and prior-year earnings of 39 cents. Earnings
in the quarter were affected by net after tax impact of the
severance cost, excluding which earnings per share in the quarter
came in at 43 cents
Total revenue was $371.3 million, an increase of 12% year over
year. FLIR's revenue increased in both its division, adding to
total revenue growth. Total backlog at the end of September 30,
2011 was about $546 million, up $60 million during the quarter.
Commercial Systems division was $196.4 million, up 16% year over
year. Government Systems division was $174.9 million in the
quarter, up 7% year over year.
Agreement of Estimate Revisions
In the last 30 days, of the analysts providing estimates on the
stock, none changed their estimate for the fourth quarter,
first-quarter 2012 or full-year 2011 and 2012.
Magnitude of Estimate Revisions
In the last 7 days, there was no change in earnings estimate for
the fourth quarter, first-quarter 2012, full-year 2011 or 2012. In
the last 30 days also, the estimates remained unchanged, except for
full-year 2012, for which the estimate decreased from $1.69 cents
FLIR Systems is witnessing increased interest for its solutions
across many governments and agencies. The company's competitive
advantage lies in its ability to provide highly capable and rapidly
obtainable products with prices and customer service that are
better than its competitors.
Though the company's TVM segment sales increased by 10% year
over year in the third quarter, it was affected by a drop in sales
of security products. Dollars booked from security products
declined 20%, driven by orders of uncooled cameras.
The company witnessed a drop in sales for cooled cameras due to
an international board of security order received in the third
quarter of 2010. For 2011, the company decreased its revenue
guidance in the range of $1.55 billion to $1.6 billion from its
prior guidance of $1.6 billion to $1.65 billion.
FLIR Systems Inc. is a leader in design, manufacture and
marketing of thermal imaging systems. Its products are used in a
wide variety of applications in commercial, industrial and
government markets, internationally as well as domestically. It
offers a wide variety of system configurations to suit specific
customer requirements. The company's business is organized into
three divisions: Government Systems, Commercial Vision Systems and
We continue to maintain a Neutral rating on FLIR System for the
long term. The company has a Zacks #3 Rank (Hold recommendation)
over the next one-to-three months.
FLIR SYSTEMS (
): Free Stock Analysis Report
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