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FLIR Systems (FLIR) Q2 Earnings Top Estimates, Revenues Match
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FLIR Systems Inc.’s second-quarter 2020 adjusted earnings of 64 cents per share surpassed the Zacks Consensus Estimate of 50 cents by 28%. Also, the reported figure increased 23.1% from 52 cents in the prior-year quarter.
The company reported GAAP earnings of 47 cents per share compared with 34 cents in the year-ago quarter.
Total Revenues
FLIR Systems reported revenues of $482 million in the second quarter, almost in line with the prior-year quarter’s reported figure and the Zacks Consensus Estimate.
Segment Update
Segment-wise, quarterly revenues in the Industrial Technologies segment were $300.2 million, representing an increase of 5.5% from the prior-year quarter. The increase was primarily attributable to heightened demand for EST solutions as a result of the COVID-19 pandemic.
The Industrial Technologies segment’s operating income was $107.1 million compared with $71.6 million in the prior-year quarter.
Revenues in the Defense Technologies segment were $181.8 million, which decreased 7.9% from the prior-year quarter. The decrease was primarily attributable to the completion of certain contracts that contributed to revenues in the prior-year quarter.
The Defense Technologies segment’s operating income was $41.2 million compared with $45.8 million in the prior-year quarter.
Operational Statistics
The company’s total operating expenses declined 10.2% year over year to $152.4 million.
Consequently, adjusted operating income came in at $99.81 million compared with the operating income of $63.74 million in the second quarter of 2019.
FLIR Systems, Inc. Price, Consensus and EPS Surprise
As of Jun 30, 2020, the company’s cash and cash equivalents were $333 million compared with $284.6 million as of Dec 31, 2019.
Long-term debt totaled $643.3 million, down from $648.4 million as of Dec 31, 2019.
Cash flow from operating activities for the six months ended Jun 30, 2020, amounted to $63.1 million, down 6.9% from $67.8 million in the first half of 2019.
Outlook
FLIR Systems has withdrawn its previously-issued guidance for 2020 due to the uncertainties concerning the COVID-19 pandemic.
Teledyne Technologies (TDY - Free Report) , a Zacks Rank #2 (Buy) company, reported second-quarter 2020 adjusted earnings of $2.43 per share, which surpassed the Zacks Consensus Estimate of $2.01 by 20.9%.
Lockheed Martin Corp. (LMT - Free Report) , a Zacks Rank #3 company, reported second-quarter 2020 adjusted earnings of $6.13 per share, which surpassed the Zacks Consensus Estimate of $5.71 by 7.4%.
Curtiss-Wright Corporation (CW - Free Report) , a Zacks Rank #3 company, reported second-quarter 2020 adjusted earnings of $1.31 per share, which surpassed the Zacks Consensus Estimate of $1.29 by 1.6%.
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.
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FLIR Systems (FLIR) Q2 Earnings Top Estimates, Revenues Match
FLIR Systems Inc.’s second-quarter 2020 adjusted earnings of 64 cents per share surpassed the Zacks Consensus Estimate of 50 cents by 28%. Also, the reported figure increased 23.1% from 52 cents in the prior-year quarter.
The company reported GAAP earnings of 47 cents per share compared with 34 cents in the year-ago quarter.
Total Revenues
FLIR Systems reported revenues of $482 million in the second quarter, almost in line with the prior-year quarter’s reported figure and the Zacks Consensus Estimate.
Segment Update
Segment-wise, quarterly revenues in the Industrial Technologies segment were $300.2 million, representing an increase of 5.5% from the prior-year quarter. The increase was primarily attributable to heightened demand for EST solutions as a result of the COVID-19 pandemic.
The Industrial Technologies segment’s operating income was $107.1 million compared with $71.6 million in the prior-year quarter.
Revenues in the Defense Technologies segment were $181.8 million, which decreased 7.9% from the prior-year quarter. The decrease was primarily attributable to the completion of certain contracts that contributed to revenues in the prior-year quarter.
The Defense Technologies segment’s operating income was $41.2 million compared with $45.8 million in the prior-year quarter.
Operational Statistics
The company’s total operating expenses declined 10.2% year over year to $152.4 million.
Consequently, adjusted operating income came in at $99.81 million compared with the operating income of $63.74 million in the second quarter of 2019.
FLIR Systems, Inc. Price, Consensus and EPS Surprise
FLIR Systems, Inc. price-consensus-eps-surprise-chart | FLIR Systems, Inc. Quote
Liquidity & Cash Flow
As of Jun 30, 2020, the company’s cash and cash equivalents were $333 million compared with $284.6 million as of Dec 31, 2019.
Long-term debt totaled $643.3 million, down from $648.4 million as of Dec 31, 2019.
Cash flow from operating activities for the six months ended Jun 30, 2020, amounted to $63.1 million, down 6.9% from $67.8 million in the first half of 2019.
Outlook
FLIR Systems has withdrawn its previously-issued guidance for 2020 due to the uncertainties concerning the COVID-19 pandemic.
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
Teledyne Technologies (TDY - Free Report) , a Zacks Rank #2 (Buy) company, reported second-quarter 2020 adjusted earnings of $2.43 per share, which surpassed the Zacks Consensus Estimate of $2.01 by 20.9%.
Lockheed Martin Corp. (LMT - Free Report) , a Zacks Rank #3 company, reported second-quarter 2020 adjusted earnings of $6.13 per share, which surpassed the Zacks Consensus Estimate of $5.71 by 7.4%.
Curtiss-Wright Corporation (CW - Free Report) , a Zacks Rank #3 company, reported second-quarter 2020 adjusted earnings of $1.31 per share, which surpassed the Zacks Consensus Estimate of $1.29 by 1.6%.
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 2021.
Click here for the 6 trades >>