Flir Profit Up 16% But Shares Fall On Weak Outlook

   DOW JONES NEWSWIRES 
 

Flir Systems Inc.'s (FLIR) fourth-quarter earnings rose 16% but were still shy of analysts' expectations.

Shares in the night-vision goggle maker were down 6.8% at $30.25 after hours as the company also predicted earnings this year largely below analysts' expectations. Through the close, the stock had risen 9% in the last year, underperforming the broader market's gains.

The company forecast 2011 earnings of $1.65 to $1.75 a share on revenue of $1.63 billion to $1.73 billion. Analysts surveyed by Thomson Reuters predicted $1.75 and $1.66 billion respectively.

Separately, Flir announced its first ever quarterly dividend and a new share repurchase program. It set the dividend at 6 cents a share, which will cost the company roughly $9.5 million each time it is paid. The company's board also authorized up to 20 million shares to be bought back over the next two years, which would reduce the number outstanding by about 13% if fully exercised.

In its latest results, Flir posted a profit of $69.8 million, or 43 cents a share, from $60.3 million, or 38 cents a share, a year earlier. Revenue increased 39% to $434.4 million.

Analysts expected earnings of 44 cents a share on revenue of $423.9 million.

Gross margin fell to 53.4% from 56.5%.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; [e-mail]