FLIR Systems Q1 Profit Down; Backs 2014 Outlook - Quick Facts

(RTTNews) - FLIR Systems Inc. (FLIR) said that its first quarter 2014 net income was $29.9 million, or $0.21 per share, down from $51.6 million, or $0.35 per share in the first quarter a year ago. The net after tax impact of the restructuring charges in the first quarter was approximately $6.4 million, or $0.04 per share.

Operating income in the first quarter was $42.5 million, compared to $69.1 million in the first quarter of 2013, and was impacted by $8.4 million in pretax charges related to previously-announced restructuring initiatives.

Revenue was $351.5 million, up 1% compared to first quarter 2013 revenue of $348.6 million.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.26 per share and revenues of $346.41 million for the quarter. Analysts' estimates typically exclude special items.

FLIR reaffirmed its outlook for revenue and earnings per share for the full year 2014. It expects revenue for 2014 to be in the range of $1.45 billion to $1.55 billion and net earnings excluding restructuring charges associated with the business realignment to be in the range of $1.40 to $1.50 per share. Street currently is looking for fiscal year 2014 earnings of $1.46 per share on annual revenues of $1.51 billion.

FLIR's Board has declared a quarterly cash dividend of $0.10 per share on common stock, payable June 6, 2014, to shareholders of record as of close of business on May 20, 2014.