DOW JONES NEWSWIRES
Flir Systems Inc.'s (FLIR) fourth-quarter earnings rose 16% but
were still shy of analysts' expectations.
Shares in the night-vision goggle maker were down 6.8% at $30.25
after hours as the company also predicted earnings this year
largely below analysts' expectations. Through the close, the stock
had risen 9% in the last year, underperforming the broader market's
gains.
The company forecast 2011 earnings of $1.65 to $1.75 a share on
revenue of $1.63 billion to $1.73 billion. Analysts surveyed by
Thomson Reuters predicted $1.75 and $1.66 billion respectively.
Separately, Flir announced its first ever quarterly dividend and
a new share repurchase program. It set the dividend at 6 cents a
share, which will cost the company roughly $9.5 million each time
it is paid. The company's board also authorized up to 20 million
shares to be bought back over the next two years, which would
reduce the number outstanding by about 13% if fully exercised.
In its latest results, Flir posted a profit of $69.8 million, or
43 cents a share, from $60.3 million, or 38 cents a share, a year
earlier. Revenue increased 39% to $434.4 million.
Analysts expected earnings of 44 cents a share on revenue of
$423.9 million.
Gross margin fell to 53.4% from 56.5%.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com