2. FLIR Systems designs and manufactures thermal imaging systems and operates through divisions like thermography and commercial vision systems.

Revenue for the third quarter rose 16% to $333 million. Operating margins dipped, while net income was up 5% to $63 million.

Although FLIR derives about one-third of its revenue from the U.S., it is trying to diversify its revenue sources by gaining traction in other geographies. The company built an operation center in Riyadh during the third quarter, eyeing to capture a part of the proposed $60 billion arms deal announced between the U.S. and Saudi Arabia.

Based on third-quarter results, the outlook for revenue and earnings per share for 2010 has improved. Revenue and net earnings per share for 2010 are pegged at $1.375 billion to $1.4 billion and $1.53 to $1.56, respectively. Order backlog stands at $533 million, with delivery scheduled within the next 12 months. The stock is trading at 10 to 11 times its 2011 earnings.

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