FLIR, parent of Raymarine, today announced first-quarter sales of US$439.6m, up 8% over the same period a year ago. Net income was US$39.2m compared to US$42.6m a year ago.
“Our top line grew 13% organically while our adjusted earnings per share grew 33%,” said Jim Cannon, FLIR president and CEO, in a statement. “All three of our business units had double-digit organic revenue growth and we saw significant operating leverage with this growth.”
The Commercial Business Unit, which includes Raymarine, had sales of US$109.6m for the first quarter, down 4% from the prior year, but up 12% excluding revenue related to the divested portion of the Security division. Strong results in the Raymarine and ITS businesses contributed to the organic growth, said a statement.
The company increased its sales and earnings forecast for 2018, with sales expected to be in the range of US$1.760bn to US$1.790bn. Adjusted net earnings per diluted share is now expected to be in the range of US$2.11 to US$2.16 per diluted share, up from the previous outlook of $2.05 to $2.10 per diluted share.