Flir Forecasts Weak 2Q Results On Government Demand Decline

Date : 07/14/2011 @ 5:16PM
Source : Dow Jones News
Stock : Flir Systems, Inc. (MM) (FLIR)
Quote : 37.24  0.87 (2.39%) @ 4:02PM

Flir Forecasts Weak 2Q Results On Government Demand Decline

Flir Systems, Inc. (MM) (NASDAQ:FLIR)
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Flir Systems Inc. (FLIR) predicted profit would fall in the second quarter as continued weak government demand weighed on revenue.

Shares in the night-vision goggle maker fell 8.1% to $29.50 in after-hours trading. Through the close, the stock had risen 5.3% in the last year, weaker than the broader market's growth.

Flir, which also makes broadcast camera systems, said it expected 35 cents a share in earnings excluding a settlement and related expenses, and it forecast revenue of $390 million. Analysts, who typically exclude one-time items, expected earnings of 39 cents a share on revenue of $412 million on average, according to a survey by Thomson Reuters.

The company said that even though demand was strong in the commercial-systems division, weakness in the government-system unit hurt results.

On Thursday, Flir said management was reviewing its full-year guidance ahead of a planned update on July 22, when it holds its second-quarter conference call. In April, the company narrowed its 2011 earnings view to $1.70 to $1.75 a share and increased its outlook for revenue to $1.7 billion to $1.75 billion.

It previous quarterly results fell short of expectations as well. When it reported those results in April, Chief Executive Earl Lewis said the government division was hurt by slowed U.S. procurement, but pointed out the unit "executed well and worked diligently to position the businesses for continued growth."

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com




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