Flir Systems forecast falls Short; CFO to retire
The company profit forecast falls short of expectations; profit for the fourth quarter was in line with Wall Street expectations; it earned $60.3 million, or 38 cents per share, in the last three months of the year. That matched the average forecast from analysts, according to a Thomson Reuters poll; profit in the year-ago quarter was $65 million
Flir Systems Inc., maker of thermal imaging gear for the military, homeland security, and law enforcement, on Thursday forecast a smaller profit for 2010 than analysts were expecting and said its finance chief plans to retire at the end of May.
Shares were down $2.22, or 7.5 percent, to $27.45 in afternoon trading.
ABC News reports that Flir’s profit for the fourth quarter was in line with Wall Street expectations. It earned $60.3 million, or 38 cents per share, in the last three months of the year. That matched the average forecast from analysts, according to a Thomson Reuters poll.
Profit in the year-ago quarter was $65 million, or 41 cents per share. The company said its year-ago results got a boost of 4 cents per share from one-time currency gains.
Revenue climbed 3 percent to $311.6 million, while analysts were looking for $303.7 million.
Flir’s forecast for 2010 came in slightly short of expectations. The company said it expects to earn $1.48 to $1.53 per share. On average, analysts projected $1.55.
Flir expects revenue of $1.2 billion to $1.3 billion, in line with the average forecast of $1.22 billion.
Flir said Stephen M. Bailey, who has served as chief financial officer since 2000, plans to retire in May. The company named Anthony L. Trunzo to succeed him. Trunzo has served as senior vice president for corporate strategy and development since 2003.
