Flir CEO Andrew Teich To Retire; Board Approves Share Buyback, Hikes Dividend

(RTTNews) - Flir Systems, Inc. (FLIR) said that Andrew Teich, its President, Chief Executive Officer and a member of its Board of Directors, plans to retire after 33 years of service. Teich will continue to serve in his current roles until a successor is appointed.

As part of Flir's succession planning process, the Board will conduct a comprehensive search for a new CEO. FLIR has retained Korn Ferry International, a leading executive search firm, to assist in the search process.

Separately, Flir said its board of directors has approved a quarterly cash dividend of $0.15 per share on Flir common stock, an increase of 25 percent over the previous quarterly dividend of $0.12 per share.

The board of directors has declared the dividend payable on March 10, 2017, to shareholders of record as of close of business on February 24, 2017.

In addition, the board approved a new share repurchase program that authorizes the repurchase of up to 15 million shares over the next two years. The number of shares authorized for repurchase represents approximately 11 percent of FLIR's outstanding common stock as of December 31, 2016.

Looking ahead to fiscal 2017, Flir forecast revenue in a range of $1.78 billion to $1.83 billion and adjusted earnings per share of $1.81 to $1.91. This represents 7 percent to 10 percent growth in revenue and 7 percent to 13 percent growth in adjusted earnings per diluted share.

On average, analysts polled by Thomson Reuters expect the company to earn $1.79 per share for the year on revenues of $1.72 billion. Analysts' estimates typically exclude special items.