FLIR Systems reported fourth-quarter sales of US$494.8m, up 4% over the same period a year ago. Net loss for the quarter was US$50.2m, mainly due to the sale of its Lorex security business and US tax reform payments.
Sales for its Maritime segment, which includes its Raymarine business, were up 14% to US$43.8m for the quarter. For the full year, the Maritime segment had sales of US$189.7m, up 2% over the previous year.
“We reached our highest quarterly adjusted operating margin since 2012, finishing a year that saw record levels of revenue and adjusted earnings per share,” says Jim Cannon, president and CEO, in a statement. “This was accomplished during a year of transition that included an operational realignment, changes to the management team, and portfolio rationalization that resulted in the divestment of our Lorex security business.”
FLIR reported full-year sales of US$1.8bn, up 8% compared to the previous year. Its net income was US$107.2m for the year.
FLIR's backlog of firm orders for delivery within the next 12 months was up 10% over the previous year to approximately US$652m. The company predicts 2018 sales in the range of US$1.73bn to US$1.76bn, with adjusted earnings per share of US$2.05 to US$2.10. This represents 4% to 6% organic revenue growth and 9% to 12% growth in adjusted earnings per diluted share over 2017.