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Flir reveals 2Q 2013 15 per cent revenue increase

Flir Systems has posted a 15 per cent increase in revenue for the second quarter of 2013, ended 30 June. Revenue was $389.3 million compared to Q2 2012 revenue of $338.3 million.

Operating income in the second quarter increased by 16 per cent to $70.3 million and net income increased 22 per cent to $50.2 million. Second quarter earnings per diluted share were $0.35, an increase of 30 per cent compared to the previous year. Cash provided by operations in the second quarter was $134.3 million and represented a quarterly record.

‘We saw solid growth in revenue, operating income, cash flow, and earnings per share in the second quarter, and increased backlog in both divisions,’ said Andy Teich, president and CEO of Flir. ‘We introduced several new products during the quarter, with more on the horizon. I am very excited about our future given our market presence, product suite, and ability to execute for our customers and our shareholders.’

Revenue from the company's Commercial Systems division increased 17 per cent from the second quarter of 2012, to $221.8 million, while the Government Systems division increased 13 per cent to $167.5 million. A large proportion of the Government Systems increase came from the Integrated Systems segment, which contributed $34.5 million of revenue during the second quarter, an increase of 160 per cent from the prior year as a result of deliveries under the MSC programme to US Customs and Border Protection.

The company's backlog of firm orders for delivery within the next twelve months was approximately $528 million as of 30 June, an increase of $23 million during the quarter and $30 million from a year ago.

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