Shares of FLIR Systems Inc. (NASDAQ:FLIR) jumped on Wednesday following the sensor systems provider's second-quarter report. FLIR beat analyst estimates for both revenue and earnings, and the company boosted its full-year guidance. The stock was up 11.8% when the market closed.
FLIR reported second-quarter revenue of $452.7 million, up 4% year over year, and $24.7 million higher than the average analyst estimate. Organic revenue grew by 11%, with the discrepancy due to the divestiture of certain security businesses.
Industrial revenue grew 14.4% to $188.4 million, government and defense revenue grew 10.5% to $161.0 million, and commercial revenue slumped 16.5% to $103.3 million.
Non-GAAP earnings per share came in at $0.55, up from $0.42 in the prior-year period, and $0.06 better than analysts were expecting. EPS was $0.51 on a GAAP basis, up from $0.37 in the second quarter of 2017.
CEO Jim Cannon said: "Our team embraced a number of new business initiatives while maintaining focus on the customer to drive solid first-half results. We're taking this momentum into the second half of the year as we continue executing our mission of innovating technologies that increase awareness and insight so professionals can make more-informed decisions that save lives and livelihoods."
On top of beating expectations for its second-quarter results, FLIR bumped up its guidance for the full year. The company now expects to produce revenue between $1.78 billion and $1.80 billion, up from a previous range of $1.76 billion to $1.79 billion. Non-GAAP EPS is now expected to come in between $2.17 and $2.22, up from a previous range of $2.11 to $2.16.
With organic revenue growth in the double digits, and with a boost to full-year guidance, investors had ample reason to push up the stock on Wednesday.