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FLIR Systems' (FLIR) Q1 Earnings Miss Estimates, Rise Y/Y

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FLIR Systems Inc. reported first-quarter 2021 adjusted earnings of 49 cents per share, which missed the Zacks Consensus Estimate of 53 cents by 7.6%. The figure, however, improved 16.7% from 42 cents reported in the prior-year quarter.

The company reported GAAP earnings of 29 cents compared with 11 cents in the year-ago quarter.

Inside the Headlines

FLIR Systems’ revenues rose 3.6% year over year to $467.3 million in the reported quarter. Also, the top line beat the Zacks Consensus Estimate of $463 million by 0.9%. Impressive performance by the Defense Technologies segment led to the year-over-year increase in the top line.

Segment-wise, revenues in the Industrial Technologies segment were down 0.6% to $274.9 million. The revenue decrease was primarily attributable to reduced volumes for EST solutions.

Revenues in the Defense Technologies segment totaled $192.4 million, up 10.3% on a year-over-year basis. The revenue increase was primarily attributable to higher volumes on several unmanned system programs.

FLIR Systems, Inc. Price, Consensus and EPS Surprise

Operational Statistics

Backlog at the end of the quarter was $541.8 million, reflecting a 2.4% increase from the prior-year quarter, primarily due to program awards for unmanned systems.

The company’s total operating expenses declined 17.9% year over year to $156.7 million. Operating income for the quarter was $52.5 million compared with $28.5 million in the prior-year quarter.

Liquidity & Cash Flow

As of Mar 31, 2021, the company's cash and cash equivalents were $277.3 million compared with $2297.8 million as of Dec 31, 2020.

Long-term debt, net of current portion, totaled $712.9 million, down from $724.9 million as of Dec 31, 2020.

Cash flow from operating activities in the first quarter of 2021 amounted to $24.3 million compared with the prior-year quarter’s $50.9 million.

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

Lockheed Martin Corp. (LMT - Free Report) reported first-quarter 2021 earnings of $6.56 per share, which surpassed the Zacks Consensus Estimate of $6.32 by 3.8%.

Hexcel Corporation (HXL - Free Report) reported first-quarter 2021 loss of 10 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 16 cents.

Raytheon Technologies Corporation’s (RTX - Free Report) first-quarter 2021 adjusted earnings per share of 90 cents outpaced the Zacks Consensus Estimate of 88 cents by 2.3%.

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