FLIR Systems Inc., which makes infrared imaging cameras for commercial and military use, reported a 56 percent rise in second-quarter earnings Thursday, driven by stronger government sales.
For the three months ended June 30, profit jumped to $45.4 million, or 29 cents per share, from $29.1 million, or 19 cents per share, in the same period a year earlier.
Quarterly revenue jumped 42 percent to $261 million from $184.3 million last year. Excluding acquisitions of Extech Instruments Corp. and Cedip Infrared Systems, the company's revenue grew 32 percent.
Second-quarter operating income rose 57 percent to $64.7 million from $41.2 million in the year-earlier period.
Analysts surveyed by Thomson Financial, on average, forecast profit of 28 cents per share on revenue of $251 million. Those estimates usually exclude one-time items.
"Demand was excellent, particularly in our Government Systems division, and backlog at the end of the quarter was again at a record level," Earl Lewis, president and chief executive, said in a statement.
Revenue in the Government Systems division grew 46 percent to $131.6 million in the quarter from a year earlier, helped by stronger sales of airborne and land-based applications, the company said.
The division's order backlog grew sequentially by $93 million to $464 million thanks to more U.S. and international orders.
FLIR Systems' overall backlog of orders for delivery in the next 12 months was roughly $572 million at the end of the second quarter, an increase of $101 million from the March quarter.
The company also raised its 2008 revenue and profit outlook.
Shares of FLIR Systems fell $4.05, or 9.5 percent, to $38.73 in afternoon trading Thursday. The stock is up nearly 37 percent in the year to date and 74 percent in the past 52 weeks.
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