Flir Systems has announced its second quarter revenues are down 14 per cent compared to the same quarter in 2011.
The company’s divisions for Commercial Systems and Government Systems all saw a double digit decline in revenues. Within the two divisions, Commercial Systems’ thermal cameras saw a 14 per cent drop and Government Systems’ surveillance services was down 16 per cent. The outcome of the decline was that the second quarter revenue was $338.3 million, while the second quarter of 2011 saw a revenue of $391.6 million.
‘This second quarter proved difficult for our company,’ said Earl Lewis, president and chief executive officer 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.’
Lewis expects an improved second half to 2012 and a return to earnings growth in the fourth quarter.