Flir 4Q Misses Estimates, And So Does 2011 View

February 9, 2011 / 8:50 PM EST / AP

PORTLAND, Ore. (AP) - Flir Systems Inc., which makes thermal-imaging and threat-detection systems, reported a fourth-quarter profit that was smaller than analysts expected, as expenses for its acquisition of ICx Technologies ate into net income. Its shares fell after it said its 2011 profit would be less than analysts had been expecting.

It also said it would begin paying a dividend.

The company earned $69.8 million, or 43 cents per share, up from $60.3 million, or 38 cents per share, during the same period a year earlier. Revenue rose 39.4 percent to $434.4 million, from $311.6 million a year earlier.

Income from continuing operations was $70.3 million, or 43 cents per share. That was less than expected by analysts surveyed by FactSet, who were looking for a profit of 44 cents per share on revenue of $424.4 million.

Flir said it had $2.2 million in costs from the acquisition during the quarter.

The company said it expects 2011 revenue of $1.63 billion to $1.73 billion, with net income of $1.65 to $1.75 per share. Analysts were expecting a profit of $1.76 per share on revenue of $1.66 billion.

Flir's backlog at the end of the quarter was down by $29 million or 5 percent, to $534 million from the year-ago period. Its government segment backlog fell $61 million to $325 million because of delayed buying by the U.S., where the Pentagon has been tightening spending. The decrease was partially offset by strong international orders, the company said.

For all of 2010, Flir earned $248.1 million, or $1.54 per share, up from $230.2 million, or $1.45 per share, in 2009. Revenue rose 20.8 percent to $1.39 billion.

Flir said it would pay a dividend of 6 cents per share on March 10 to shareholders of record Feb. 22. It said it plans to pay out 24 cents per year to shareholders.

The company also said it will buy back up to 20 million shares over the next two years, replacing a previous buyback authorization that expired Feb. 4.

Flir shares fell $1.72, or 5.3 percent, to $30.74 in aftermarket trading.