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FLIR Systems (FLIR) Trims Guidance, Shares Plunge

By  +Follow October 15, 2013 1:28PM
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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
InsiderTradingWire
20 Oct 14 13:30:44
$FLIR | FLIR Systems, Inc is down 15% since we reported $1,650,000 of insider selling on 07/30/2014. Did you ... - http://t.co/eaCb5ja3XH
4-traders.com
20 Oct 14 06:25:14
FLIR Systems : Combine Solicitation - 67 -- FLIR Replacement/ Maintenance http://t.co/8FzfQmFLah $FLIR
Don Fishback
20 Oct 14 04:35:35
1 Day Decrease in ATM IV (Point change) $LMCA, $AMD, $ATHN, $CF, $FLIR http://t.co/NshVy7wwF0
OptionApps
20 Oct 14 04:35:34
1 Day Decrease in ATM IV (Point change) $LMCA, $AMD, $ATHN, $CF, $FLIR http://t.co/15Gi2IiE4k
TickerChirp
18 Oct 14 06:24:04
Leading Tweets Pertaining to $FLIR (FLIR SYSTEMS INC symbol flir) on 10/18/2014 http://t.co/l242bGKnrE
ModernGraham
17 Oct 14 17:06:06
FLIR Systems Inc. Quarterly Stock Valuation – October 2014 $FLIR http://t.co/NFBLFp8fcR
BNK Invest
17 Oct 14 11:27:05
Analyst Favorites With Strong Buyback Activity: $FLIR Systems Ranks As a Top Pick #stocks http://t.co/25jcVx4ICt
Media Sentiment
16 Oct 14 08:11:19
$FLIR received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 315
Market Int Center
16 Oct 14 08:06:31
FLIR Systems $FLIR Showing Bearish Technicals With Resistance At $30.32 ( http://t.co/5jRue9zRlI )
Margarita Rivas
16 Oct 14 07:46:51
y también $SWSH @NSP_HEMP: @dcapo25 @iam_kevdidit Do one one on #Ebola for Christ´s sake ! $VSR wants to break 8. Adding more $FLIR here.
Quimanila
16 Oct 14 04:44:26
Valor a comprar y seguir: $FLIR http://t.co/aDv6n4DsUH
FonsieTrader
16 Oct 14 03:58:54
Parabolic Sar Buy Signals $ELX $EXEL $EZPW $FAF $FCEL $FLIR $GERN $GEVA $GOGO $GRMN $HALO $HILL $HL $IMPV $INFN http://t.co/TOJ0AWJnBx
Daily Contracts
15 Oct 14 13:31:02
Real-Time feed of company contracts, original agreements and executive updates from FLIR Systems $FLIR http://t.co/QgeL2ZXWPr
Large Void Bot
15 Oct 14 12:28:10
Daily Reversals: $IPG, $FLIR, $BBEP, $KLIC
4-traders.com
15 Oct 14 11:40:14
FLIR Systems : U.S. Patents Awarded to Inventors in New Hampshire (Oct. 15) http://t.co/KJNLcvrzel $FLIR
Daily Contracts
15 Oct 14 08:26:02
Real-Time feed of company contracts, original agreements and executive updates from FLIR Systems $FLIR http://t.co/QgeL2ZXWPr
4-traders.com
15 Oct 14 04:05:48
FLIR Systems : Assigned Patent http://t.co/r1pSrupDKt $FLIR
Large Void Bot
14 Oct 14 06:40:12
Daily Reversals: $FLIR, $SGMO, $QTM, $HLIT, $SGEN, $MENT
Market Int Center
14 Oct 14 06:40:04
Potential FLIR Systems $FLIR Trade Has 3.88% Downside Protection ( http://t.co/0Z4hmFoehi )
Media Sentiment
13 Oct 14 12:09:52
$FLIR received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 410
Market Int Center
13 Oct 14 12:05:31
FLIR Systems $FLIR Showing Bearish Technicals With Resistance At $29.46 ( http://t.co/Bh3wCaMWts )
Daily Contracts
13 Oct 14 09:34:02
Real-Time feed of company contracts, original agreements and executive updates from FLIR Systems $FLIR http://t.co/QgeL2ZXWPr
Sleek Money
13 Oct 14 08:19:59
Zacks Reaffirms Neutral Rating for FLIR Systems $FLIR http://t.co/rnVUhN8pZJ
				
				
By  +Follow October 15, 2013 1:28PM
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