WILSONVILLE (dpa-AFX) - FLIR Systems, Inc. (FLIR) posted a drop in first quarter profit to $48.14 million or $0.31 per share from $51.32 million or $0.32 per share a year ago.
The company said prior-year amounts have been adjusted for the reclassification of certain discontinued operations to continued operations.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.33 per share. Analysts' estimates typically exclude special items.
Revenue dropped to $348.45 million from $375.97 million a year ago. Analysts expected revenues of $365.71 million.
'While not up to our standards, first quarter performance was about as anticipated,' noted Earl Lewis, President and CEO of FLIR.
'A difficult market environment impacted our Government Systems business, but we successfully stabilized backlog as Government Systems orders equaled revenue for the quarter. Our Commercial Systems business was slow in the first quarter, however, we continue to expect improved results as we go through the year. It is clearly our task to improve in the future, and we believe these efforts will show in the second half of 2012.'
Based on financial results for the first three months of 2012 and the outlook for the remainder of the year, FLIR reaffirmed its outlook for earnings per share for the full year 2012. Management expects net earnings to be in the range of $1.60 to $1.70 per share, and revenue for the full year 2012 to be in the range of $1.55 billion to $1.65 billion. Analysts expect earnings of $1.67 per share, on revenues of $1.57 billion.
FLIR's Board of Directors has declared a quarterly cash dividend of $0.07 per share on FLIR common stock, payable June 8, 2012, to shareholders of record as of close of business on May 21, 2012.
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