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FLIR Systems (FLIR) Beats on Q2 Earnings, Hikes '18 Outlook
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FLIR Systems Inc.’s second-quarter 2018 adjusted earnings per share came in at 55 cents, surpassing the Zacks Consensus Estimate of 49 cents by 12.2%. The reported figure also surged 31% from the prior-year quarterly tally of 42 cents owing to solid top-line growth.
Excluding the one-time items, the company reported GAAP earnings of 51 cents compared to 37 cents in the year-ago quarter.
Inside the Headlines
FLIR Systems’ revenues grew 4.3% year over year to $452.7 million. The top line also exceeded the Zacks Consensus Estimate of $426.5 million by 6.1%. Sales growth in two of the three segments drove the overall top line.
Segment-wise, revenues at the Industrial segment increased 14.4% year over year to $188.4 million. The improvement was primarily driven by optical gas imaging, automotive and industrial unmanned aerial systems (UAS). At the Government and Defense segment, revenues totaled $161 million, up 10.5% on a year-over-year basis. The uptick can be attributed to increased deliveries of gimbaled systems, DR-SKO and UAS systems. However, the Commercial segment's revenues declined 16.5% to $103.3 million from the year-ago period.
Adjusted operating income came in at $102 million compared with $81 million in the prior-year quarter, reflecting a growth of 25.9%. A healthy top-line improvement led to the rise in operating income.
FLIR Systems, Inc. Price, Consensus and EPS Surprise
As of Jun 31, 2018, the company's cash and cash equivalents were $507.9 million compared with $452.1 million as of Mar 31, 2018. Long-term debt was $421.3 million, marginally up from $421 million on Mar 31, 2018.
Cash flow generated from operating activities in the quarter came in at $110.2 million, up from $30.1 million in the prior-year period.
Outlook
FLIR Systems raised its guidance for 2018. The company now projects adjusted earnings per share in the range of $2.17-$2.22 per share compared with its prior guidance of $2.11-$2.16 per share. In addition, it expects revenues in the band of $1.78-$1.8 billion compared with $1.76-$1.79 billion, projected earlier.
Hexcel Corp. (HXL - Free Report) reported second-quarter 2018 adjusted earnings of 75 cents per share, which missed the Zacks Consensus Estimate of 76 cents by 1.3%.
Textron Inc. (TXT - Free Report) reported second-quarter 2018 earnings from continuing operations of 87 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 24.3%.
AAR Corp. (AIR - Free Report) reported fourth-quarter fiscal 2018 adjusted earnings of 54 cents per share, which outshined the Zacks Consensus Estimate of 52 cents by 3.9%.
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It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
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FLIR Systems (FLIR) Beats on Q2 Earnings, Hikes '18 Outlook
FLIR Systems Inc.’s second-quarter 2018 adjusted earnings per share came in at 55 cents, surpassing the Zacks Consensus Estimate of 49 cents by 12.2%. The reported figure also surged 31% from the prior-year quarterly tally of 42 cents owing to solid top-line growth.
Excluding the one-time items, the company reported GAAP earnings of 51 cents compared to 37 cents in the year-ago quarter.
Inside the Headlines
FLIR Systems’ revenues grew 4.3% year over year to $452.7 million. The top line also exceeded the Zacks Consensus Estimate of $426.5 million by 6.1%. Sales growth in two of the three segments drove the overall top line.
Segment-wise, revenues at the Industrial segment increased 14.4% year over year to $188.4 million. The improvement was primarily driven by optical gas imaging, automotive and industrial unmanned aerial systems (UAS). At the Government and Defense segment, revenues totaled $161 million, up 10.5% on a year-over-year basis. The uptick can be attributed to increased deliveries of gimbaled systems, DR-SKO and UAS systems. However, the Commercial segment's revenues declined 16.5% to $103.3 million from the year-ago period.
Adjusted operating income came in at $102 million compared with $81 million in the prior-year quarter, reflecting a growth of 25.9%. A healthy top-line improvement led to the rise in operating income.
FLIR Systems, Inc. Price, Consensus and EPS Surprise
FLIR Systems, Inc. Price, Consensus and EPS Surprise | FLIR Systems, Inc. Quote
Liquidity & Cash Flow
As of Jun 31, 2018, the company's cash and cash equivalents were $507.9 million compared with $452.1 million as of Mar 31, 2018. Long-term debt was $421.3 million, marginally up from $421 million on Mar 31, 2018.
Cash flow generated from operating activities in the quarter came in at $110.2 million, up from $30.1 million in the prior-year period.
Outlook
FLIR Systems raised its guidance for 2018. The company now projects adjusted earnings per share in the range of $2.17-$2.22 per share compared with its prior guidance of $2.11-$2.16 per share. In addition, it expects revenues in the band of $1.78-$1.8 billion compared with $1.76-$1.79 billion, projected earlier.
Zacks Rank
FLIR Systems carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Hexcel Corp. (HXL - Free Report) reported second-quarter 2018 adjusted earnings of 75 cents per share, which missed the Zacks Consensus Estimate of 76 cents by 1.3%.
Textron Inc. (TXT - Free Report) reported second-quarter 2018 earnings from continuing operations of 87 cents per share, which surpassed the Zacks Consensus Estimate of 70 cents by 24.3%.
AAR Corp. (AIR - Free Report) reported fourth-quarter fiscal 2018 adjusted earnings of 54 cents per share, which outshined the Zacks Consensus Estimate of 52 cents by 3.9%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>