Benchmark Says FLIR Systems To Report Earnings April 29

According to Benchmark, FLIR Systems FLIR is scheduled to report Q1FY11 results on Friday April 29th. Benchmark reported that it expects the company to report an in-line or potentially weaker than expected quarter. “We are cautious ahead of earnings due to potentially weaker than expected Government results and bookings. Our channel checks suggest that Government bookings were likely below revenue of approximately $150 million due to slow contracting activities with the U.S. military and the lack of major contract awards. Government backlog has been down for six consecutive quarters and will likely around $300+ million at the end of Q1, which is down 20%+ from last year. This would reduce Government visibility to less than 50% for the year to get to a flat revenue run rate of $661 million for the year. The company on average had funded Government backlog supporting 65% of revenue visibility at the end of Q1 for the last four years.” FLIR Systems closed yesterday at $33.08.