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FLIR Systems (FLIR) Trims Guidance, Shares Plunge

By  +Follow October 15, 2013 1:28PM
Tickers Mentioned:

Thermal imaging manufacturer FLIR Systems (FLIR) took a hard hit on Tuesday after it reported preliminary earnings for the third quarter of 2013. The company cut its full-year guidance and showed lower-than-expected earnings. Shares declined almost 14 percent on the news.

Reliance on Government Markets Hurts Earnings

FLIR reported that weakness in those markets with exposure to the federal government drove a drop in profits below their expectations. FLIR now expects to report revenues of $358 million to $360 million, or $0.32 to $0.33 per share, for the quarter ending on September 30, 2013. This means full-year 2013 revenue projections have been reduced to $1.45 billion to $1.5 billion, or $1.38 to $1.45 per share, down from previously reported guidance of $1.5 billion to $1.6 billion, or $1.56 to $1.66 per share.

"While we are disappointed in the preliminary results for the third quarter, we have also taken steps, above and beyond those related to our strategic review, to reduce costs in response to the current operating environment, and we remain highly confident in our strategy and outlook for the future," said CEO Andy Teich. "Ongoing uncertainty in the U.S. government is likely to continue to affect our performance in the fourth quarter, and our revised guidance is intended to reflect this environment. We believe our CDMQ(R) strategy is the best alternative for government customers to acquire high performance intelligence, surveillance, reconnaissance, targeting, and detection capabilities with low cost, high quality, and outstanding value. We remain very enthusiastic about the opportunities in our commercial business in 2014 and beyond, and are committed to continuing to innovate for our customers and deliver value to our shareholders, as illustrated by our recent new product introductions and today's strategic business realignment."

Realigning Facilities

FLIR also reported that it would be closing as many as six of its not-to-scale sites and shifting production to other, larger facilities.

"The realignment of operations announced today is the culmination of a strategic operations review we began this past summer to further enhance operating efficiency and profitability and to improve our internal execution with better communication, collaboration, and cooperation across the company," said Teich.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for FLIR
Biz News Pioneer
23 Aug 14 02:20:26
$FLIR: FLIR Systems Q2 Earnings Lag on Weak Government Business http://t.co/nGqcq03CxN http://t.co/rt9lhyRkny
Alpha Maven Alerts
23 Aug 14 01:16:46
$FLIR, Positive, Yesterday, SD +2.34, #NASDAQ #Industrials
21 Aug 14 08:10:07
FLIR Systems : Award Notice - FLIR model EOD idF2-LGH IdentiFINDER http://t.co/XdzqMtY2VB $FLIR
21 Aug 14 08:05:04
FLIR Systems : CONTRACT AWARD - FLIR model EOD idF2-LGH IdentiFINDER http://t.co/1oV12fpVyA $FLIR
Market Int Center
21 Aug 14 06:33:34
FLIR Systems $FLIR Trading Near $33.64 Support Level ( http://t.co/O5DrdNNGee )
The American
20 Aug 14 16:53:20
U.S. Tried to Take Foley and Other Hostages From $ISIS http://t.co/zLwWEu58Ed @NYT $BA $LMT $NOC $FLIR $PPA $ITA $GD $GDX $GDXJ $SIL $GAF
Market News Desk
19 Aug 14 13:20:23
$FLIR: Friday's Top Upgrades (and Downgrades) http://t.co/8mf7sdOVBP http://t.co/XJwXPUGO6N
ARK Indu Innovation
19 Aug 14 12:02:15
$RTN & collaborators will release thermal imaging smartphone add-on for $100 less than $FLIR 's. http://t.co/Sx1BWQdylD
Wall Street Monitor
19 Aug 14 09:20:27
$FLIR: RPC Larger Than S&P 500 Component FLIR Systems http://t.co/qPjYajR84Z http://t.co/xoIEFl17gC
Media Sentiment
19 Aug 14 09:05:32
$FLIR received a new alert. Find out why at http://t.co/WHJp8eTsSr #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 196
Market Int Center
19 Aug 14 09:00:29
FLIR Systems $FLIR Showing Bearish Technicals With Resistance At $34.28 ( http://t.co/IXm2RvgfNU )
19 Aug 14 07:53:38
RT @MarketCurrents: Thermal imaging for smartphones continues to take off http://t.co/tq42QSNFWd #premarket $RTN $FSL $FLIR
19 Aug 14 04:37:22
Thermal imaging for smartphones continues to take off http://t.co/tq42QSNFWd #premarket $RTN $FSL $FLIR
BNK Invest
18 Aug 14 13:43:13
East West Bancorp Moves Up In Market Cap Rank, Passing $FLIR Systems $EWBC #stocks http://t.co/GU3QbbUg3j
Market Int Center
18 Aug 14 06:42:35
FLIR Systems $FLIR Trading Near $34.31 Resistance Level ( http://t.co/QgcOyWzQ7k )
17 Aug 14 14:13:13
FLIR Systems Inc. Quarterly Valuation - July 2014 $FLIR - #investing http://t.co/HTJreM5V9J
Market Updater
17 Aug 14 05:20:22
$FLIR: Coverage initiated on FLIR Systems by Oppenheimer http://t.co/2QG9Dcccqh http://t.co/IdzcFfqQbF
Armand Ruiz
17 Aug 14 04:46:35
RT: @BootheTalitha-It could be breaktout time on $BF $DLR $FLIR $IBM #newsletter http://t.co/ne770HYRi2
Armand Ruiz
15 Aug 14 13:06:16
RT: @CallenderRuth-Seeking the next stock like $FLIR $NFG $GMCR $IBM #investing http://t.co/1HVCidus6u
Market Int Center
15 Aug 14 11:06:31
Potential FLIR Systems $FLIR Trade Targets 3.47% Return ( http://t.co/Yqrbp8TdrB )
By  +Follow October 15, 2013 1:28PM



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