– First Quarter Revenue of $450.9
Million
– First Quarter Revenue Growth of 1.4% over
Prior Year Quarter
– Record First Quarter Total Backlog of
$859.3 Million
– First Quarter GAAP Diluted Earnings Per
Share (“EPS”) of $0.11; Adjusted Diluted EPS of $0.42
FLIR Systems, Inc. (NASDAQ: FLIR) (“FLIR” or the
“Company”), a world leader in the design, manufacture, and
marketing of intelligent sensing technologies, today announced
financial results for the first quarter ended March 31, 2020.
Commenting on FLIR’s first quarter results, Jim Cannon,
President and Chief Executive Officer, said, “As the COVID-19
pandemic has created unprecedented challenges around the globe, we
are extremely proud that FLIR products and technology are playing a
critical role in helping combat the spread of this virus. As a
result, we continue to experience increased demand for our thermal
cameras for use in Elevated Skin Temperature—or EST—screening.
Although these thermal cameras cannot detect or diagnose any type
of medical condition, the cameras do serve as an effective tool to
identify elevated skin temperatures through accurate, non-contact
temperature monitoring. I’d like to extend my gratitude to our
employees for their commitment, as we work to ensure that
governments, first responders, and businesses across the globe all
have appropriate EST resources during this challenging time. In
this environment, the health and safety of our employees is our top
priority. We have enacted stringent protocols to help ensure their
safety, including restricting visitors to our facilities, requiring
temperature screening upon arrival, implementing staggered work
schedules to reduce the number of employees working at a given
time, and regular deep cleanings at all of our facilities.”
Mr. Cannon continued, “While it is still too early to estimate
longer term demand for our EST screening technology, sales of these
products have offset other headwinds to our business resulting from
the pandemic. Consistent operational execution contributed to FLIR
delivering revenue and adjusted diluted earnings per share at the
higher-end of the expectations we provided for the first quarter.
We also continued to execute our ‘Project Be Ready’ initiative to
drive cost savings across the enterprise. During the quarter we
experienced continued demand in our Defense Technologies segment,
particularly for our unmanned systems and solutions and in our
Industrial Technologies segment for our EST products. However, the
COVID-19 pandemic has resulted in disruptions to our supply chain
as well as significantly reduced sales in our commercially-centric
businesses including maritime and security. Although our first
quarter bookings faced a difficult year-over-year comparison, we
were pleased to end the quarter with a record total backlog of
$859.3 million.”
Mr. Cannon concluded, “Today, we are operating in a highly
uncertain environment. I am pleased that FLIR has entered this
pandemic with financial flexibility to continue operating our
business through this difficult time. We look forward to emerging
from this crisis as a more resilient company that stepped-up in a
time of need for the customers we serve.”
Summary Results
Revenues for the quarter were $450.9 million, compared to $444.7
million in the prior year quarter, reflecting a 1.4% increase.
Bookings totaled $502.0 million in the quarter, representing a
book-to-bill ratio of 1.11. Backlog at the end of the quarter was a
record $859.3 million, reflecting a 2.8% increase relative to the
prior year quarter.
GAAP Earnings Results
Gross profit for the quarter was $219.4 million, compared to
$233.9 million in the prior year quarter. Gross margin decreased to
48.6% from 52.6% in the prior year quarter, primarily attributable
to increases in intangible asset amortization and a shift in
product mix in the Defense Technologies segment. The mix shift
included lower-margin unmanned programs, in-line with the Company’s
strategic priorities to focus on leadership in sensor solutions,
unmanned and autonomous solutions, airborne ISR and decision
support. Operating income for the quarter was $28.5 million,
compared to $81.1 million in the prior year quarter. Operating
margin decreased to 6.3% from 18.2% in the prior year quarter,
primarily attributable to product mix in the Defense Technologies
segment and increases in restructuring expenses, intangible asset
amortization, consent agreement costs, research and development
expenses, and deferred compensation costs. Diluted EPS was $0.11,
compared to $0.45 in the prior year quarter. The weighted average
diluted share count for the quarter was 135 million compared to 137
million in the prior year quarter, primarily due to stock
repurchases.
Non-GAAP Earnings Results
Adjusted gross profit for the quarter was $229.5 million,
compared to $237.5 million in the prior year quarter. Adjusted
gross margin decreased to 50.9% from 53.4% in the prior year
quarter, primarily attributable to the aforementioned product mix
in the Defense Technologies segment. Adjusted operating income for
the quarter was $75.5 million, compared to $97.4 million in the
prior year quarter. Adjusted operating margin decreased to 16.7%
from 21.9% in the prior year quarter, primarily attributable to
product mix in the Defense Technologies segment and an increase in
research and development expenses and deferred compensation costs.
Adjusted diluted EPS was $0.42, compared to $0.53 in the prior year
quarter.
Segment Results
As previously announced, in connection with the Project Be Ready
initiative to simplify and reshape the Company’s product portfolio
and organizational structure, the Company has restructured its
business into two reportable segments effective January 1, 2020 –
the Industrial Technologies segment and the Defense Technologies
segment. Segment operating results for the three months ended March
31, 2019 have been recast to reflect the new presentation as two
reportable segments.
Industrial Technologies Segment
Industrial Technologies revenues for the quarter of $276.4
million increased by $5.0 million, or 1.9% compared to the prior
year quarter. The revenue increase was primarily attributable to
heightened demand for EST cameras as a result of the COVID-19
pandemic, partially offset by lower volume in maritime products,
security products and cooled cameras and components.
Industrial Technologies segment operating income was $64.3
million, compared to $69.0 million in the prior year quarter.
Segment operating margin decreased to 23.2% from 25.4% in the prior
year quarter, primarily attributable to a non-cash loss on disposal
of equipment and product mix.
Industrial Technologies bookings totaled $335.6 million for the
quarter, representing a book-to-bill ratio of 1.21. Backlog at the
end of the quarter was $330.0 million, reflecting a 28.3% increase
relative to the prior year quarter, primarily as a result of
increased orders for EST cameras.
Defense Technologies Segment
Defense Technologies revenues for the quarter of $174.5 million
increased by $1.2 million, or 0.7% compared to the prior year
quarter. The revenue increase was primarily attributable to
contributions of unmanned revenue from the Aeryon Labs and Endeavor
Robotics acquisitions, partially offset by the completion of
certain contracts that contributed to revenue in the prior year
quarter.
Defense Technologies segment operating income was $33.2 million,
compared to $46.9 million in the prior year quarter. Segment
operating margin decreased to 19.0% from 27.0% in the prior year
quarter, primarily attributable to a shift in product mix towards
lower-margin unmanned programs, and an increase in research and
development expenses to support future franchise programs.
Defense Technologies bookings totaled $166.4 million for the
quarter, representing a book-to-bill ratio of 0.95. Backlog at the
end of the quarter was $529.3 million, reflecting an 8.6% decrease
relative to the prior year quarter, primarily as a result of order
and subsequent deployment timing for a few major programs.
Corporate Developments—COVID-19 Update
FLIR’s businesses have been deemed essential for critical
infrastructure under the Cybersecurity and Infrastructure Security
Agency exemption, and all of its manufacturing facilities remain
operational. FLIR has implemented stringent safety protocols and
continues to monitor recommendations and guidelines issued by the
Centers for Disease Control, the European Centre for Disease
Prevention, and the World Health Organization to ensure the health
and safety of its employees.
While the situation remains highly fluid, FLIR ended the first
quarter of 2020 with ample liquidity and financial flexibility. As
of March 31, 2020, the Company had $309 million in cash and cash
equivalents and approximately $260 million in borrowing capacity
within its credit facility based on current profitability levels
and leverage covenants. Given the high degree of uncertainty in the
current macroeconomic environment resulting from COVID-19, the
Company remains focused on cash preservation activities,
disciplined capital allocation, and executing Project Be Ready to
simplify its product portfolio and better align resources with
higher growth opportunities while reducing costs.
Shareholder Return Activity
In the first quarter of 2020, prior to escalation of the
COVID-19 pandemic, the Company invested $150.0 million to
repurchase approximately 4.1 million shares of its common stock at
an average price of $36.46 per share. As of March 31, 2020,
approximately 8.3 million shares remained available for future
purchases under the current stock repurchase program.
FLIR’s Board of Directors has declared a quarterly cash dividend
of $0.17 per share on FLIR common stock, payable on June 5, 2020 to
shareholders of record as of close of business on May 22, 2020.
FLIR expects to continue to provide returns to its stockholders
in the form of quarterly dividends. However, in order to preserve
cash given the COVID-19 pandemic, FLIR will pause its share
repurchase activity for the foreseeable future.
Financial Outlook
The COVID-19 pandemic has generated significant uncertainty,
including an overall lack of visibility into future demand trends
and economic conditions in the markets in which FLIR operates. The
Company is continuing to closely monitor the impact of the pandemic
on its operational and financial performance and adjust as
necessary; however, the magnitude and duration of the outbreak
including its impact to FLIR’s operations, supply chain partners
and customers remains uncertain. As a result, the Company has
withdrawn its previously issued guidance for the full year ending
December 31, 2020.
Conference Call
FLIR has scheduled a conference call at 9:00 a.m. Eastern Time
today to discuss its results for the quarter. The details for the
conference call can be found below. A simultaneous webcast of the
conference call and the accompanying summary presentation may be
accessed online from a link in the Events & Presentations
section of the Company’s Investor Relations website at
www.FLIR.com/investor. A replay will be available upon completion
of the conference call at this same internet address. Summary first
quarter and historical financial data may be accessed online from
the Financial Info Database link under the Financials & Filings
section of the Company’s Investor Relations website.
First Quarter Financial Results Conference Call
Date:
Wednesday, May 6, 2020
Time:
9:00 a.m. Eastern Time / 6:00 a.m. Pacific
Time
Dial-in:
1-877-407-9039 (Domestic)
1-201-689-8470 (International)
Conference ID:
13700390
Webcast:
http://public.viavid.com/index.php?id=138559
Replay:
For those unable to participate during the
live broadcast, a replay of the call will also be available from
12:00 p.m. Eastern Time on May 6, 2020 through 11:59 p.m. Eastern
Time on May 20, 2020 by dialing 1-844-512-2921 (domestic) and
1-412-317-6671 (international) and referencing the replay pin
number: 13700390.
About FLIR Systems, Inc.
Founded in 1978, FLIR Systems is a world-leading industrial
technology company focused on intelligent sensing solutions for
defense, industrial, and commercial applications. FLIR Systems’
vision is to be “The World’s Sixth Sense,” creating technologies to
help professionals make more informed decisions that save lives and
livelihoods. For more information, please visit www.flir.com and
follow @flir.
Forward-Looking Statements
Statements, estimates or projections in this release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Any statements
that are not statements of historical fact (including statements
containing the words “believes,” “plans,” “anticipates,” “expects,”
“estimates,” or similar expressions) should be considered to be
forward looking statements. Such statements are based on current
expectations, estimates, and projections about FLIR’s business
based, in part, on assumptions made by management. These statements
are not guarantees of future performance and involve risks and
uncertainties that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such forward-looking statements due to numerous
factors, including the following:
- risks related to United States government spending decisions
and applicable procurement rules and regulations;
- negative impacts to operating margins due to reductions in
sales or changes in product mix;
- impairments in the value of tangible and intangible
assets;
- unfavorable results of legal proceedings;
- risks associated with international sales and business
activities, including the regulation of the export and sale of our
products worldwide and our ability to obtain and maintain necessary
export licenses, as well as the imposition of significant tariffs
or other trade barriers;
- risks related to subcontractor and supplier performance and
financial viability as well as raw material and component
availability and pricing;
- risks related to currency fluctuations;
- adverse general economic conditions or volatility in our
primary markets;
- our ability to compete effectively and to respond to
technological change;
- risks related to product defects or errors;
- our ability to protect our intellectual property and
proprietary rights
- cybersecurity and other security threats and technology
disruptions
- our ability to successfully manage acquisitions, investments
and divestiture activities and integrate acquired companies;
- our ability to achieve the intended benefits of our strategic
restructuring;
- our ability to attract and retain key senior management and
qualified technical, sales and other personnel;
- risks to our supply chain, production facilities or other
operations, and changes to general, domestic, and foreign economic
conditions, due to the COVID-19 pandemic; and
- other risks discussed from time to time in filings and reports
filed with the Securities and Exchange Commission.
In addition, such statements could be affected by general
industry and market conditions and growth rates, and general
domestic and international economic conditions. Such
forward-looking statements speak only as of the date on which they
are made and FLIR does not undertake any obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this release, or for changes made to this document by
wire services or internet service providers.
Definitions and Non-GAAP Financial Measures
Bookings are defined as contractual agreements awarded during
the reporting period. Backlog is defined as total estimated amount
of future revenues to be recognized under negotiated contracts.
We report our financial results in accordance with United States
generally accepted accounting principles (GAAP). As a supplement to
our GAAP financial results, this earnings announcement contains
some or all of the following non-GAAP financial measures: (i)
adjusted gross profit, (ii) adjusted gross margin (defined as
adjusted gross profit divided by revenue), (iii) adjusted operating
income, (iv) adjusted operating margin (defined as adjusted
operating income divided by revenue), (v) adjusted net earnings,
and (vi) adjusted diluted EPS. These non-GAAP measures of financial
performance are not prepared in accordance with GAAP and
computational methods may differ from those used by other
companies. Additionally, these non-GAAP measures should not be
considered a substitute for any other performance measure
determined in accordance with GAAP, and the Company cautions
investors and potential investors to consider these measures in
addition to, not as a substitute for, its consolidated financial
results as presented in accordance with GAAP. Each of the non-GAAP
measures is adjusted from GAAP results as outlined in the "GAAP to
Non-GAAP Reconciliation" table included within this earnings
release.
In calculating non-GAAP financial measures, we exclude certain
items to facilitate a review of the comparability of our core
operating performance on a period-to-period basis. Items excluded
consist of: (i) separation, transaction, and integration costs,
(ii) amortization of acquired intangibles, (iii) restructuring
expenses and asset impairment charges, (iv) discrete legal and
compliance matters, and (v) discrete tax items. We do not consider
these items to be directly related to our core operating
performance. Non-GAAP measures are used internally to evaluate the
core operating performance of our business, for comparison with
forecasts and strategic plans, and as a factor for determining
incentive compensation for certain employees. Accordingly,
supplementing GAAP financial results with these non-GAAP financial
measures enables the comparison of our ongoing operating results in
a manner consistent with the metrics reviewed by management. We
believe that these non-GAAP measures, when read in conjunction with
our GAAP financials, provide useful information to investors by
facilitating:
- the comparability of our ongoing operating results over the
periods presented;
- the ability to identify trends in our underlying business;
and
- the comparison of our operating results against analyst
financial models and operating results of other public companies
that supplement their GAAP results with non-GAAP financial
measures.
The following are explanations of each type of adjustment that
we incorporate into non-GAAP financial measures:
- Separation, transaction, and integration costs – Represents
transaction and integration costs related to divestiture and
acquisition initiatives.
- Amortization of acquired intangibles – Represents amortization
expense associated with acquired intangible assets.
- Restructuring expenses and asset impairment charges –
Represents employee separation expenses, facility termination
costs, and other expenses as well as goodwill, intangible asset,
and inventory impairment charges associated with Company
restructuring activities.
- Discrete legal and compliance matters – Represents costs
incurred associated with certain legal and compliance matters that
are not representative of ongoing operational costs. These expenses
are primarily attributable to an administrative agreement with the
U.S. Department of State (the “Consent Agreement”) to address and
remediate certain historical practices associated with U.S. and
international trade control laws and regulations. Such costs
include a Directorate of Defense Trade Controls penalty, expenses
associated with retention of a Special Compliance Officer, and
remedial actions required by the terms of the Consent Agreement or
otherwise necessary to remedy and achieve full compliance with U.S.
and international trade control laws and regulations.
- Discrete tax items – Represents tax expenses and benefits
related to discrete events or transactions that are not
representative of the Company’s estimated tax rate related to
ongoing operations. These items include charges and reversals of
provisions associated with certain unrecognized tax benefits,
benefits or charges associated with the windfalls or shortfalls
resulting from vesting and exercise activity of share-based
compensation, benefits associated with the reversal of previously
recorded valuation allowances against certain deferred tax assets,
and other discrete items not included in the annual effective tax
rate associated with our ongoing operations.
Adjusted net earnings and adjusted diluted EPS include an
estimate to reflect the tax effect of the discrete items identified
above. The tax effect is calculated by applying the Company’s
overall estimated effective tax rate, excluding significant
discrete items, to earnings before income taxes.
FLIR SYSTEMS, INC. CONSOLIDATED STATEMENTS OF
INCOME (In thousands, except per share amounts)(Unaudited)
Three Months Ended March 31,
2020
2019
Revenue
$
450,923
$
444,736
Cost of goods sold
231,555
210,875
Gross profit
219,368
233,861
Operating expenses: Research and development
53,847
47,680
Selling, general and administrative
116,242
104,490
Restructuring expenses
20,784
609
Total operating expenses
190,873
152,779
Earnings from operations
28,495
81,082
Interest expense
6,961
5,516
Interest income
(349
)
(1,057
)
Other (income) expense, net
(1,315
)
1,866
Earnings before income taxes
23,198
74,757
Income tax provision
7,774
13,009
Net earnings
$
15,424
$
61,748
Net earnings per share: Basic earnings per share
$
0.12
$
0.46
Diluted earnings per share
$
0.11
$
0.45
Weighted average shares outstanding: Basic
133,596
135,541
Diluted
134,927
137,165
Note: The Company made certain reclassifications to the
prior years' financial statements to conform them to the
presentation as of and for the three months ended March 31, 2020
that management has determined had no material effect for the
periods presented.
FLIR SYSTEMS, INC. CONSOLIDATED
BALANCE SHEETS (In thousands)(Unaudited) March 31,
December 31,
2020
2019
ASSETS Current assets: Cash and
cash equivalents
$
308,615
$
284,592
Accounts receivable, net
301,998
318,652
Inventories
397,526
388,762
Prepaid expenses and other current assets
122,395
116,728
Total current assets
1,130,534
1,108,734
Property and equipment, net
251,421
255,905
Deferred income taxes, net
39,458
39,983
Goodwill
1,328,828
1,364,596
Intangible assets, net
231,953
247,514
Other assets
140,043
120,809
Total assets
$
3,122,237
$
3,137,541
LIABILITIES AND SHAREHOLDERS'
EQUITY Current liabilities: Accounts payable
$
157,971
$
158,033
Deferred revenue
30,364
28,587
Accrued payroll and related liabilities
76,330
72,476
Accrued product warranties
15,018
14,611
Advance payments from customers
20,964
28,005
Accrued expenses
38,981
40,815
Accrued income taxes
7,450
14,735
Other current liabilities
39,333
27,349
Credit facility
191,000
16,000
Long-term debt, current portion
11,923
12,444
Total current liabilities
589,334
413,055
Long-term debt, net of current portion
636,273
648,419
Deferred income taxes
39,961
53,544
Accrued income taxes
55,497
55,514
Other long-term liabilities
96,592
95,576
Shareholders’ equity: Preferred stock, $0.01 par value,
10,000 shares authorized; no shares issued at March 31, 2020 and
December 31, 2019 Common stock, $0.01 par value, 500,000 shares
authorized, 130,371 and 134,394 shares issued at March 31, 2020 and
December 31, 2019, respectively, and additional paid-in capital
1,304
16,692
Retained earnings
1,886,753
2,020,686
Accumulated other comprehensive loss
(183,477
)
(165,945
)
Total shareholders' equity
1,704,580
1,871,433
Total liabilities and shareholders' equity
$
3,122,237
$
3,137,541
FLIR SYSTEMS, INC. CONSOLIDATED STATEMENTS OF CASH
FLOWS (In thousands)(Unaudited) Three Months Ended March
31,
2020
2019
Cash flows provided by operating activities: Net earnings
$
15,424
$
61,748
Adjustments to reconcile net earnings to net cash provided by
operating activities: Depreciation and amortization
24,225
16,662
Stock-based compensation
7,646
8,090
Loss on disposal of assets
2,991
-
Deferred income taxes
(165
)
222
Other, net
(3,152
)
(1,328
)
Increase (decrease) in cash, net of acquisitions, resulting from
changes in: Accounts receivable
12,118
(25,771
)
Inventories
(14,453
)
(17,472
)
Prepaid expenses and other current assets
382
1,944
Other assets
(391
)
3,659
Accounts payable
1,592
26,019
Deferred revenue
2,140
(4,531
)
Accrued payroll and other liabilities
11,084
(8,057
)
Accrued income taxes
(6,259
)
(1,722
)
Other long term liabilities
(2,316
)
(3,952
)
Net cash provided by operating activities
50,866
55,511
Cash flows from investing activities: Additions to property
and equipment, net
(12,717
)
(9,140
)
Proceeds from sale of assets
-
2,973
Business acquisitions, net of cash acquired
-
(579,556
)
Minority interest and other investments
-
(5,000
)
Net cash used in investing activities
(12,717
)
(590,723
)
Cash flows from financing activities: Net proceeds from
credit facility and long-term debt, including current portion
175,000
723,054
Repayment of credit facility and long-term debt
(3,021
)
(375,000
)
Repurchase of common stock
(150,000
)
(24,998
)
Dividends paid
(22,728
)
(23,031
)
Proceeds from shares issued pursuant to stock-based compensation
plans
1,459
9,721
Tax paid for net share exercises and issuance of vested restricted
stock units
(879
)
(1,013
)
Other financing activities
-
(419
)
Net cash (used in) provided by financing activities:
(169
)
308,314
Effect of exchange rate changes on cash and cash equivalents
(13,957
)
(883
)
Net increase (decrease) in cash and cash equivalents
24,023
(227,781
)
Cash and cash equivalents, beginning of period
284,592
512,144
Cash and cash equivalents, end of period
$
308,615
$
284,363
FLIR SYSTEMS, INC. SEGMENT PERFORMANCE (In
thousands)(Unaudited) Three Months Ended March 31,
2020
2019
SEGMENT REVENUE Industrial
Technologies Segment
$
276,415
$
271,386
Defense Technologies Segment
174,508
173,350
SEGMENT EARNINGS FROM
OPERATIONS Industrial Technologies Segment
$
64,265
$
69,019
Defense Technologies Segment
33,154
46,890
SEGMENT OPERATING MARGIN
Industrial Technologies Segment
23.2
%
25.4
%
Defense Technologies Segment
19.0
%
27.0
%
Note: The Company made certain reclassifications to the
prior years' financial statements to conform them to the
presentation as of and for the three months ended March 31, 2020
that management has determined had no material effect for the
periods presented.
FLIR SYSTEMS, INC. GAAP TO NON-GAAP
RECONCILIATION (In thousands, except per share
amounts)(Unaudited)
Three Months Ended March 31, 2020
As Report Separation, transaction, and integration
costs Amortization of acquired intangibles assets Restructuring
expenses and asset impairment charges Discrete legal and compliance
matters Discrete tax items
Adjusted Non-GAAP Results
Gross profit
$
219,368
$
738
$
9,385
$
-
$
-
$
-
$
229,491
Operating expenses
(190,873
)
4,514
2,511
20,784
9,081
-
(153,983
)
Earnings from operations
28,495
5,252
11,896
20,784
9,081
-
75,508
Non-operating expense, net
(5,297
)
-
-
-
-
-
(5,297
)
Earnings before income taxes
23,198
5,252
11,896
20,784
9,081
-
70,211
Income tax provision
(7,774
)
(998
)
(2,260
)
(3,949
)
(1,725
)
3,366
(13,340
)
Net earnings
$
15,424
$
4,254
$
9,636
$
16,835
$
7,356
$
3,366
$
56,871
Gross margin
48.6
%
0.2
%
2.1
%
0.0
%
0.0
%
0.0
%
50.9
%
Operating margin
6.3
%
1.2
%
2.6
%
4.6
%
2.0
%
0.0
%
16.7
%
Net earnings per diluted
share
$
0.11
$
0.03
$
0.07
$
0.12
$
0.05
$
0.02
$
0.42
Weighted average diluted shares
outstanding
134,927
134,927
134,927
134,927
134,927
134,927
134,927
Three Months Ended March 31, 2019
As
Report Separation, transaction, and integration costs
Amortization of acquired intangibles assets Restructuring expenses
and asset impairment charges Discrete legal and compliance matters
Discrete tax items
Adjusted Non-GAAP Results Gross profit
$
233,861
$
-
$
3,678
$
-
$
-
$
-
$
237,539
Operating expenses
(152,779
)
6,477
2,250
609
3,342
-
(140,101
)
Earnings from operations
81,082
6,477
5,928
609
3,342
-
97,438
Non-operating expense, net
(6,325
)
-
-
-
-
-
(6,325
)
Earnings before income taxes
74,757
6,477
5,928
609
3,342
-
91,113
Income tax provision
(13,009
)
(1,328
)
(1,215
)
(125
)
(685
)
(2,316
)
(18,678
)
Net earnings
$
61,748
$
5,149
$
4,713
$
484
$
2,657
$
(2,316
)
$
72,435
Gross margin
52.6
%
0.0
%
0.8
%
0.0
%
0.0
%
0.0
%
53.4
%
Operating margin
18.2
%
1.5
%
1.3
%
0.1
%
0.8
%
0.0
%
21.9
%
Net earnings per diluted share
$
0.45
$
0.04
$
0.03
$
0.00
$
0.02
$
(0.02
)
$
0.53
Weighted average diluted shares outstanding
137,165
137,165
137,165
137,165
137,165
137,165
137,165
Note: The Company made certain reclassifications to the
prior years' financial statements to conform them to the
presentation as of and for the three months ended March 31, 2020
that management has determined had no material effect for the
periods presented.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200506005186/en/
Investor Relations Lasse Glassen Addo Investor Relations
Investors@flir.com (424) 238-6249
FLIR Systems (NASDAQ:FLIR)
Historical Stock Chart
From Jun 2024 to Jul 2024
FLIR Systems (NASDAQ:FLIR)
Historical Stock Chart
From Jul 2023 to Jul 2024