FLIR Systems Inc.’s ( FLIR Quick Quote FLIR - Free Report) fourth-quarter 2020 adjusted earnings of 78 cents per share surpassed the Zacks Consensus Estimate of 63 cents by 23.8%. Also, the reported figure increased 47.2% from 53 cents in the prior-year quarter.
The company reported GAAP earnings of 57 cents per share, compared with a penny in the year-ago quarter.
For 2020, the company reported adjusted earnings of $2.48, higher than the year-ago figure of $2.16. The full-year earnings also surpassed the Zacks Consensus Estimate of $2.33.
FLIR Systems’ revenues improved 7.2% year over year to $524.3 million in the reported quarter. Moreover, the top line beat the Zacks Consensus Estimate of $491 million by 6.8%.
For 2020, the company reported revenues of $1.92 billion, higher than the year ago figure of $1.89 billion. Full-year revenues also beat the Zacks Consensus Estimate of $1.89 billion.
Total backlog at the end of the fourth quarter increased 0.3% to $809.7 million on a year-over-year basis.
The company’s adjusted operating expenses declined 9.1% year over year to $133.7 million.
Adjusted operating income came in at $122.5 million compared with operating income of $101.7 million in the fourth quarter of 2019.
Segment-wise, quarterly revenues in the
Industrial Technologies segment were $298.3 million, representing an increase of 7.2% from the prior-year quarter. The increase was primarily attributable to heightened demand for EST solutions as a result of the COVID-19 pandemic and an increase in maritime product sales.
The Industrial Technologies segment’s operating income was $85.2 million compared with $71.8 million in the prior-year quarter. Segment operating margin expanded to 28.6% from 25.8% in the prior-year quarter.
Revenues in the
Defense Technologies segment were $226 million, which rose 7.2% from the prior-year quarter. The increase was primarily attributable to improved volumes for unmanned systems
The Defense Technologies segment’s operating income was $55.3 million compared with $50.1 million in the prior-year quarter. Segment operating margin expanded to 24.5% from 23.8% in the prior-year quarter.
Liquidity & Cash Flow
As of Dec 31, 2020, the company’s cash and cash equivalents were $297.8 million compared with $284.6 million as of Dec 31, 2019.
Long-term debt totaled $724.9 million, up from $648.4 million as of Dec 31, 2019.
Cash flow from operating activities for 2020 amounted to $312.4 million compared with $370.4 million as of Dec 31, 2019.
On Jan 4, 2021, FLIR Systems entered into a definitive agreement to be acquired by Teledyne Technologies Incorporated, a manufacturer and supplier of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems.
The transaction is expected to close in the middle of 2021 subject to the receipt of required regulatory approvals
FLIR Systems carries a Zacks Rank #3 (Hold). You can see
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