WILSONVILLE (dpa-AFX) - Sensor systems maker Flir Systems Inc. (FLIR) on Friday reported a 9 percent increase in profit for the fourth quarter as lower revenues were offset by a decline in operating expenses. Earnings per share beat analysts' expectations.
Looking ahead to fiscal year 12012, the company forecasts earnings in line with analysts' estimates, while revenue is projected below their expectations. The company also raised its quarterly dividend by 17 percent.
The company's fourth-quarter net earnings rose to $76.13 million or $0.48 per share from $69.82 million or $0.43 per share in the year-ago period.
Earnings from continuing operations increased to $76.84 million or $0.49 per share from $70.07 million or $0.43 per share in the prior-year quarter. On average, 13 analysts polled by Thomson Reuters expected earnings of $0.45 per share for the quarter. Analysts' estimates typically exclude one-time items.
However, revenue for the quarter declined 7 percent to $405.21 million from $437.51 million in the year-ago period. Analysts had a consensus estimate of $436.15 million.
Revenue from the commercial systems division rose 3 percent to $224.8 million, while revenue from the government systems division declined 18 percent to $180.4 million.
Total operating expenses declined 13 percent to $115.12 million.
For fiscal year 2011, Flir Systems' net income declined to $221.47 million or $1.38 per share from $248.13 million or $1.54 per share in the prior year.
Net income from continuing operations declined to $222.65 million or $1.38 per share from $248.37 million or $1.54 per share last year. Excluding the net after tax impact of litigation and severance costs, net income from continuing operations for the year was $254.4 million or $1.58 per share. Analysts expected the company to earn $1.35 per share for the year.
Revenue for the year rose 11 percent to $1.54 billion from $1.39 billion in the prior year, but missed analysts' consensus estimate of $1.57 billion.
The company's backlog of firm orders for delivery within the next twelve months was about $456 million at December 31, 2011, a decrease of $90 million during the quarter.
Looking ahead to 2012, Flir Systems forecasts net earnings in a range of $1.60 to $1.70 per share and revenue in the range of $1.55 billion to $1.65 billion.
Analysts expect the company to earn $1.66 per share for the year on revenue of $1.67 billion.
Flir's board of directors has approved a quarterly cash dividend of $0.07 per share, up 17 percent over the previous paid quarterly dividend of $0.06 per share. The dividend is payable on March 9, 2012, to shareholders of record as of close of business on February 21.
FLIR closed Thursday's trading at $25.74, up $0.24 on a volume of 1.88 million shares. In Friday's pre-market, the stock is adding $0.21 or 0.82 percent to $25.95.
Copyright RTT News/dpa-AFX
