FLIR Shares Up After Profit Rise

PORTLAND, Ore. (TheStreet) -- Thermal-imaging product manufacturer FLIR gave profit and sales numbers that topped forecasts in the third quarter.

In a press release issued Wednesday morning, FLIR said revenue grew 3% to $285.6 million compared to $276.7 million in the year-ago quarter. When broken down by division, sales in government systems and commercial vision systems jumped 7% and 15% respectively, though revenue in the company's thermography division fell by 12%.

Net income rose to $60 million, or 38 cents a share, versus $54.8 million, or 35 cents a share in the year-earlier quarter. Wall Street forecasts centered at 35 cents per share and $281.1 million in revenue.

Just after the opening bell, shares were up 40 cents, or 1.4%, at $29.35.

FLIR also said it bought Freeport, Pa.-based OmniTech Partners for $42 million in cash. FLIR hopes OmniTech will add image intensified capability to its product line and the deal will likely be immaterial to FLIR's 2009 and 2010 earnings.

Looking ahead, the company said it expected 2009 earnings per share to be "slightly above the most recent outlook." In July, FLIR announced a forecast range of $1.40 to $1.44 per share.

-- Written by Sung Moss in New York

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