FLIR Q4 EPS Misses Estimates, Yet Ups Dividend; Guides FY14 EPS Above View

(RTTNews) - FLIR Systems, Inc (FLIR), a maker of thermal imaging systems, Friday reported a fall in earnings for the fourth quarter, reflecting a revenue growth of only 4 percent, lower gross margins, and significantly higher restructuring expenses. The company announced an increase in quarterly cash dividend to $0.10, compared with $0.09 previously paid. Further, the company provided guidance for adjusted earnings per share for 2014 that were above Street view.

The dividend is payable to shareholders by March 7, on record February 19.

Earnings plunged to $28.73 million or $0.20 per share, from $77.26 million or $0.52 per share, for the corresponding period last year.

On average, 11 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.30 for the quarter. Analysts' estimates typically exclude one-time items.

Restructuring expenses increased to $25.83 million from $1.11 million a year ago.

Revenue rose to $400.32 million from $386.38 million in the fourth quarter of last year.

For the three months to December, cost of goods sold rose to $210.23 million from $181.01 million a year earlier.

Looking ahead, the company expects 2014 revenue of $1.45 billion to $1.55 billion and adjusted earnings per share in the range of $1.40 to $1.50. Analysts expect revenue of $1.48 billion and adjusted earnings per share of $1.33.