Sensor maker FLIR expects profit to fall in 3rd quarter
Oct 15 (Reuters) - Surveillance products maker FLIR Systems Inc said it expects to report a fall in third-quarter profit as federal agencies cut spending and delayed contracts, sending its shares down 10 percent.
The company, which makes thermal-imaging products and infrared cameras used for airborne and ground-based surveillance and border patrol, estimated earnings of 32-33 cents per share for the quarter ended September. This compares with a profit of 37 cents per share in the same quarter last year.
FLIR also cut its revenue forecast for the full year to $1.45-$1.5 billion from $1.5-$1.6 billion.
"Ongoing uncertainty in the U.S. government is likely to continue to affect our performance in the fourth quarter, and our revised guidance is intended to reflect this environment," Chief Executive Andy Teich said in a statement.
The U.S. government made up more than a quarter of Flir's 2012 revenue.
FLIR also said it would close up to six plants in the United States and Europe and transfer those operations to larger factories. It also intends to consolidate its optics and laser-making businesses.
The company said it would take about $27 million to $30 million in charges related to the realignment in the fourth quarter.
FLIR shares were down at $29.90 on Tuesday morning on the Nasdaq. They have risen 54 percent so far this year, far outperforming the S&P 500 index.
- U.S. Mega Millions lottery up to $400 million, 2nd-biggest ever
- Pope Francis named Time's Person of the Year |
- Uruguay becomes first country to legalize marijuana trade
- Atheists face death in 13 countries, global discrimination: study
- Thousands of South Africans line up to see Mandela lie in state |