UPDATE: Flir Systems Posts Upbeat Q4 Results

reported stronger-than-expected results for the fourth quarter. The Wilsonville, Oregon-based company posted quarterly net income of $72.8 million, or $0.51 per share, compared to $28.7 million, or $0.20 per share, in the year-ago quarter. The latest quarter net income was negatively impacted by $0.01 per share, versus $0.15 per share in the year-ago quarter due to after-tax restructuring and retirement benefits charges. Its revenue gained 8.5% to $434.4 million. However, analysts were estimating earnings of $0.47 per share on revenue of $418.25 million. Revenue from the Surveillance segment gained 8% to $150.1 million in the quarter, while revenue from the Instruments segment rose 2% to $103.5 million. The OEM & Emerging Markets segment's revenue climbed 8% to $58 million, while revenue from FLIR's Security segment jumped 35% to $56.4 million. Revenue from the Maritime segment slipped 6% to $40.1 million, while the Detection segment revenue climbed 19% to $26.2 million. Operating income surged to $87.4 million from $37.8 million. FLIR's board approved a new 15 million share repurchase program and raised quarterly dividend from $0.10 per share to $0.11 per share. Andy Teich, President and CEO of FLIR said, "Our innovation engine and initiatives for continuous improvement resulted in increased revenue and meaningful growth in profitability during 2014. There remains more to be accomplished and we look forward to executing our strategies for sustained long term growth." For full year, Flir Systems projects earnings of $1.60 to $1.70 per share, on revenue of $1.55 billion to $1.6 billion. Flir Systems shares gained 1.96% to close at $31.80 yesterday.