DOW JONES NEWSWIRES
Flir Systems Inc. (FLIR) predicted profit would fall in the
second quarter as continued weak government demand weighed on
revenue.
Shares in the night-vision goggle maker fell 8.1% to $29.50 in
after-hours trading. Through the close, the stock had risen 5.3% in
the last year, weaker than the broader market's growth.
Flir, which also makes broadcast camera systems, said it
expected 35 cents a share in earnings excluding a settlement and
related expenses, and it forecast revenue of $390 million.
Analysts, who typically exclude one-time items, expected earnings
of 39 cents a share on revenue of $412 million on average,
according to a survey by Thomson Reuters.
The company said that even though demand was strong in the
commercial-systems division, weakness in the government-system unit
hurt results.
On Thursday, Flir said management was reviewing its full-year
guidance ahead of a planned update on July 22, when it holds its
second-quarter conference call. In April, the company narrowed its
2011 earnings view to $1.70 to $1.75 a share and increased its
outlook for revenue to $1.7 billion to $1.75 billion.
It previous quarterly results fell short of expectations as
well. When it reported those results in April, Chief Executive Earl
Lewis said the government division was hurt by slowed U.S.
procurement, but pointed out the unit "executed well and worked
diligently to position the businesses for continued growth."
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291;
joan.solsman@dowjones.com