FLIR Systems Q4 Profit Grows; Ups Dividend 10%; To Repurchase Shares

(RTTNews) - Flir Systems, Inc.'s (FLIR) fourth-quarter 2014 net income climbed to $72.8 million, or $0.51 per share, from $28.7 million, or $0.20 per share a year ago. According to the company, net income was adversely impacted by $0.7 million, or $0.01 per share, in the fourth quarter of 2014 and $21 million, or $0.15 per share, in the fourth quarter of 2013 owing to after-tax restructuring and retirement benefits charges.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenue of $434.4 million was up 9% compared with fourth quarter 2013 revenue of $400.3 million. Nine analysts estimated revenues of $418.25 million for the quarter.

Looking ahead, the company said it now expects 2015 revenue to be in the range of $1.55 billion to $1.6 billion and net earnings to be in the range of $1.60 to $1.70 per share. Analysts are looking for annual earnings of $1.68 per share on revenues of $1.60 billion.

The board has approved a quarterly cash dividend of $0.11 per share on FLIR common stock, up 10% over the previous paid quarterly dividend of $0.10 per share. The board has declared the dividend payable March 6, 2015, to shareholders of record as of close of business on February 20, 2015.

Further, the board approved a new share repurchase program, authorizing the buyback of up to 15 million shares from time to time over the next two years. This authorization represents nearly 11% of FLIR's outstanding common stock as of December 31, 2014.