FLIR Systems, Inc. (NASDAQ:FLIR) delivered a profit and met Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 5.68%.
FLIR Systems, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 12.9% to $0.35 in the quarter versus EPS of $0.31 in the year-earlier quarter.
Revenue: Rose 0.04% to $348.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: FLIR Systems, Inc. reported adjusted EPS income of $0.35 per share. By that measure, the company met the mean analyst estimate of $0.35. It missed the average revenue estimate of $361.32 million.
Quoting Management: “First quarter results were consistent with our expectations for how the year would begin,” noted Earl Lewis, President and CEO of FLIR. “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 organizational 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.”
Key Stats (on next page)…