Flir Systems has announced that its third quarter financial results saw a revenue increase of 12 per cent over the third quarter 2010, raking in $371.3 million.
Operating income for the third quarter, which ended 30 September, was not so bright with $85.4 million, compared to $85.8 million during the same period in 2010. This income was reduced by severance costs, primarily due to the government systems division. But revenue from this division had actually increased 7 per cent over the third quarter of 2010, to $174.9 million.
However, the net income for the third quarter was $64.7 million compared with net income of $63.0 million a year ago. Excluding the net after tax impact of the severance costs third quarter 2011 net income was $68.4 million. Cash provided by operations in the third quarter was $45.9 million. During the quarter, the company repurchased 4 million shares of its common stock at an average price of $25.15 per share.
Earl Lewis, Flir president and chief executive officer, said: 'We are pleased with our third quarter results. During the quarter, we took successful steps to improve operating margins, achieved the best bookings quarter since 2008 in our legacy government systems business, saw our acquired detection and integrated systems segments reach profitability for the first time, and delivered the most units in the history of our commercial systems division.'
Flir's backlog of firm orders for delivery within the next twelve months was approximately $546 million on 30 September. Backlog in the government systems division was $374 million and for the commercial systems division it was $172 million.