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FLIR Systems’ 4Q earnings beat Street on revenue growth

The component of the ROBO Global Robotics & Automation Index saw its shares climb in pre-market trade
An Endeavor ground robot
FLIR Systems entered into a deal to acquire Endeavor Robotic Holdings, which makes ground robots

FLIR Systems Inc (NASDAQ:FLIR) stock climbed in premarket trade Wednesday after it posted fourth-quarter earnings that beat Wall Street analyst expectations.

Shares in the Wilsonville, Oregon company climbed 3.27% to $52.50 pre-market trade.

For the quarter ended December 2018, the company reported earnings of $0.62 per share on revenue of $448.5 million. The consensus earnings estimate was $0.60 per share.

READ: ROBO Global component Teradyne’s 4Q earnings beat Street on sales surge

The company said it expects 2019 earnings of $2.30 to $2.36 per share on revenue of $1.92 billion to $1.95 billion. The current consensus earnings estimate is $2.35 per share on revenue of $1.87 billion for the year ending December 31, 2019.

“We achieved organic revenue growth and margin performance the company hasn’t reached in many years, and we delivered record adjusted earnings per share and operating cash flow,” said FLIR CEO Jim Cannon. “We are well-positioned for 2019 with strong bookings, new product launches, and the recently announced acquisitions of Aeryon Labs and Endeavor Robotics, moving us forward in the execution of our unmanned integrated systems strategy.” 

FLIR Systems announced Monday that it has entered into a deal to acquire Endeavor Robotic Holdings, a top developer of battle-tested, tactical unmanned ground vehicles from Arlington Capital Partners for $385 million in cash.

Endeavor’s mobile ground robots utilize advanced sensing in providing explosive ordnance disposal, reconnaissance, inspection, and hazardous materials support for troops, police, and industrial users at stand-off range.

FLIR Systems is one of the top 10 holdings in the ROBO Global Robotics & Automation Index, the world’s first benchmark index to track companies that focus on robotics, automation and artificial intelligence.

ROBO Global provides its expertise to the ROBO Global Robotics and Automation Index ETF (NYSEARCA:ROBO), which gained 2.9% to $37.54.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

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