FLIR sees organic growth in 2018
Raymarine parent reports 6.4% increase in revenue for 2018.
FLIR Systems, the remote sensing and thermal imaging technology company whose brands include Raymarine marine electronics, reported revenue of $1.78 billion (amounts are in US dollars) for the financial year ending December 2018.
This figure was slightly down on the 2017 figure of $1.8 billion which also included revenue from Canadian security businesses which have since been sold. These businesses generated $140.4 million in revenue in 2017. Excluding the contribution of these businesses, revenue grew by 6.4% in 2018 compared to 2017.
Adjusted operating income for 2018 was $403.7 million, 11.1% higher than the 2017 adjusted operating income of $363.5 million, while adjusted net earnings for 2018 were $311.8 million, up 18.7% on the previous year's figure of $262.6 million.
The Commercial Business Unit which includes the Raymarine brand recorded revenue of $394.4 million during 2018, down 21.0% from the prior year, although organic revenue growth increased 7.3% in the same period excluding revenue from the divested security businesses. FLIR noted that strong results in maritime and intelligent transportation systems contributed to the organic revenue growth.
“I’m proud of our team’s performance in 2018,” said Jim Cannon, FLIR president and CEO. “We achieved organic revenue growth and margin performance the company hasn’t reached in many years, and we delivered record adjusted earnings per share and operating cash flow.
“We are well-positioned for 2019 with strong bookings, numerous new product launches, and the recently announced acquisitions of Aeryon Labs and Endeavor Robotics, moving us forward in the execution of our unmanned integrated systems strategy.”
Looking ahead, FLIR estimates revenue in 2019 will be in the range of $1.92 billion to $1.95 billion, representing 8% to 10% revenue growth compared to 2018, including approximately 5% organic revenue growth.