FLIR Systems, Inc.
FLIR today announced that it is realigning multiple
production and engineering organizations and streamlining its global
operations in order to better position FLIR(R) to develop, produce
and market products more quickly and cost-effectively. The
realignment includes closing up to six not-to-scale sites in the
United States and Europe and a proposed transfer of those operations
to larger FLIR facilities. FLIR also intends to consolidate its
optics and laser manufacturing businesses to better realize the
benefits of vertical integration in these areas.
Management expects savings from these actions to exceed $20 million
per year when fully implemented. FLIR expects to record a pre-tax
restructuring charge of approximately $27 million to $30 million in
the fourth quarter of 2013 related to these and additional cost
reduction measures.
FLIR also announced today preliminary revenue and earnings per share
results for the third quarter of fiscal year 2013. Third quarter
preliminary results were negatively impacted by weakness in markets
that have exposure to the U.S. federal government. Extended
procurement and export licensing processes at federal government
agencies caused shipments to be lower than anticipated in FLIR's
Surveillance segment and the cores and components line of business
within the Thermal Vision and Measurement segment. As a result, FLIR
now expects to report revenues of approximately $358 million to $360
million and earnings per diluted share of approximately $0.32 to
$0.33 for the three months ended September 30, 2013. Margins in these
businesses were negatively impacted by product mix and factory
absorption due to lower-than-anticipated unit volumes.
The preliminary informatio
n provided above is based on FLIR's current
estimate of results from operations for the third quarter of 2013 and
remains subject to change based on the ongoing review of results.
Given the influences on the third quarter described above, and
anticipated impacts on the fourth quarter, management now expects
2013 revenue to be in the range of $1.45 billion to $1.5 billion and
net income excluding the restructuring charges discussed above to be
in the range of $1.38 to $1.43 per diluted share. These estimates
compare with management's prior outlook of revenue of $1.5 billion to
$1.6 billion and net income of $1.56 to $1.66 per diluted share.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in