Morgan Keegan Maintains Outperform Rating On FLIR

FLIR Systems, Inc.

reported revenue of $434.4 million, “above our estimate of $392.0 million, and GAAP EPS of $0.43, in-line with our estimate and below consensus of $0.44 (we note that excluding $2.2 million of ICx acquisition costs EPS would have been $0.45),” Morgan Keegan reports. “Backlog was $534 million, up 0.2% from $533 million at the end of Q3:10, and down 5.2% y/y,” Morgan Keegan writes. “Management issued 2011 guidance of $1.63 - $1.73 billion in revenue and $1.65 - $1.75 in EPS (our previous estimates were $1.68 billion and $1.74). “FLIR had a solid quarter with strong revenue and earnings that would have beat us and consensus if ICx acquisition costs were excluded. Going forward, we see significant potential from improved operating performance in the company's recent acquisitions (Raymarine and ICx) and growth in the commercial market for infrared technology long term. We remain very optimistic about the outlook for FLIR, and we maintain our Outperform rating on shares of FLIR.” FLIR Systems currently trades at $30.25.