S&P 500 (NYSE:SPY) component FLIR Systems Inc. (NASDAQ:FLIR) reported net income above Wall Street’s expectations for the second quarter. FLIR Systems designs and manufactures thermal imaging systems used for a variety of applications in commercial, industrial and government markets across the globe.
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FLIR Systems Inc. Earnings Cheat Sheet
Results: Net income for FLIR Systems Inc. rose to $41.1 million (27 cents per share) vs. $29.3 million (18 cents per share) in the same quarter a year earlier. This marks a rise of 40.2% from the year-earlier quarter.
Revenue: Fell 13.6% to $338.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: FLIR Systems Inc. reported adjusted net income of 30 cents per share. By that measure, the company beat the mean estimate of 28 cents per share. It fell short of the average revenue estimate of $347.7 million.
Quoting Management: “This second quarter proved difficult for our company,” noted Earl Lewis, President and CEO of FLIR. “Macroeconomic conditions impacted many of our largest markets, but we continued to manage our business in response to these challenges. Both divisions had meaningful increases in backlog during the quarter, and we further streamlined our operations. While the first half of 2012 underperformed our expectations, we anticipate an improved second half and a return to earnings growth in the fourth quarter.”
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 31 cents versus a mean estimate of net income of 33 cents per share.
The increase in profit last quarter comes after net income fell in the previous quarter. In the first quarter, net income declined 6.2% to $48.1 million.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 43 cents a share to 37 cents over the last thirty days. The average estimate for the fiscal year is $1.45 per share, down from $1.66 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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