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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
25 Oct 14 03:02:53
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US Banking News
24 Oct 14 12:41:51
FLIR Systems Stock Price Up 4.9% Following Earnings Beat $FLIR http://t.co/mXcY7V50sw
Day Trade Experiment
24 Oct 14 12:29:34
SELL $FLIR @$31.95 for 6.39% gain
Forex Insight
24 Oct 14 11:46:42
RT @ForTraders: FLIR Systems : Federal Contracts Awarded by Federal Agencies in Alabama (Oct. 24) http://t.co/UF9xK3Yl1v $FLIR $TIK
24 Oct 14 11:40:27
FLIR Systems : Federal Contracts Awarded to Companies in Oregon (Oct. 24) http://t.co/pLCHtP2BJ7 $FLIR
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FLIR Systems : Federal Contracts Awarded by Federal Agencies in Alabama (Oct. 24) http://t.co/UF9xK3Yl1v $FLIR $TIK
24 Oct 14 11:30:39
$FLIR Since last ER, stock dropped 14%. Will drop continue aftr ER on 10/24 Before Open? http://t.co/pfmqhLPrK9
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24 Oct 14 08:24:32
FLIR Systems $FLIR Posts Quarterly Results http://t.co/lH1d3rPQ2W
24 Oct 14 08:08:52
Flir Systems $FLIR #stock #investing: Flir Systems reported declining eps on increasing revenue in the third ... http://t.co/PloAJ48uVb
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24 Oct 14 08:01:22
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24 Oct 14 08:00:02
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24 Oct 14 08:00:02
Conference call: (11:00): $FLIR, $F, $MTX
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24 Oct 14 07:55:04
FLIR Systems (FLIR) Q3 2014 Results - Earnings Call Webcast http://t.co/Y6Ga785xXD $FLIR
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24 Oct 14 07:46:55
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US Banking News
24 Oct 14 07:42:25
FLIR Systems $FLIR Releases Quarterly Earnings, Beats Expectations By $0.02 EPS http://t.co/hqF3C03aqa
24 Oct 14 07:40:28
We are watching this stock $FLIR http://t.co/140Z3t42lX
24 Oct 14 07:34:20
FLIR Systems, Inc. $FLIR Releases FY14 Earnings Guidance http://t.co/F1j0uCJS0P
US Banking News
24 Oct 14 07:19:14
FLIR Systems, Inc. updates FY14 guidance to $1.43-1.48 EPS & revenue guidance to $1.48-1.53 billion. http://t.co/7fOFabIWGj $FLIR #FLIR
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24 Oct 14 07:14:12
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Ticker Report
24 Oct 14 07:13:58
FLIR Systems, Inc. $FLIR Updates FY14 Earnings Guidance http://t.co/ORP08YdhND
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24 Oct 14 06:29:53
More on FLIR's Q3 results $FLIR http://t.co/Pt6rFJtCYs
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24 Oct 14 06:17:24
$FLIR with a nice beat, the thermal imaging and surveillance system #MFG reports Revs. +5% YoY to $375.4M OEM and E-markets div only 2% grth
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24 Oct 14 06:14:54
$FLIR received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 236
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24 Oct 14 06:12:15
FLIR Systems $FLIR Showing Bearish Technicals With Support At $29.37 ( http://t.co/2VWCg7MLnc )
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24 Oct 14 06:11:01
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US Banking News
24 Oct 14 05:57:53
FLIR Systems announces quarterly dividend of $0.10. Payable on 12/5/2014. 1.33% Yield. http://t.co/F28dIrOvfl $FLIR #FLIR
24 Oct 14 05:19:32
More on FLIR's Q3 results http://t.co/NlDxgq8VeU #premarket $FLIR
24 Oct 14 05:15:56
@TrembFredrick Your estimate for $FLIR Q3 2014 has been scored – http://t.co/ZyC9FAvXFs
24 Oct 14 05:15:46
$FLIR beats the Estimize EPS Consensus by 3c and the Estimize Revenue Consensus by $10.32M - http://t.co/euiVUMkVTU
24 Oct 14 05:15:45
$FLIR reports FQ3 earnings of 39c EPS and $375.40M Revs - http://t.co/CNtiRAB8Pj
24 Oct 14 05:05:39
Shocker Earnings and Revenue Beat Courtesy of $FLIR Systems; Shares Skyrocket 9.7% #FLIR http://t.co/wziP14NbEw
By  +Follow October 15, 2013 1:28PM



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