FLIR Systems Inc. (FLIR) announced that it has obtained a $13.5 million order from Naval Surface Warfare Center (NSWC), Crane Division for its BRITE Star® II multi-sensor target designation systems.
The units delivered under this order will be used by the U.S. Marine Corps and U.S. Navy for various missions.
The company produces invisible infrared cameras and night vision technology, which is used at all American airports. FLIR’s equipment is also used to protect nuclear facilities and U.S. bases in Afghanistan. Bullishness on FLIR is attributed to rising orders and what appears as an attractive valuation. FLIR is a pure play on thermal imaging and infrared technology, an area with lots of growth potential.
The company has developed extensive competencies in the design and integration of numerous capabilities and payloads. Competencies such as stabilization, packaging and systems integration allow it to effectively combine a wide variety of technologies and payloads to design and manufacture complex systems to suit its customer needs.
The company acquired Salvador Imaging, Inc. in June 2009, OmniTech Partners, Inc. in October 2009, and Directed Perception, Inc. in December 2009. The Salvador acquisition expands its capabilities to include low-light electron-multiplying charge coupled device cameras, which can be integrated into many of its multi-sensor systems for government applications and has significant potential for stand-alone applications.
The OmniTech acquisition adds image intensified capability to its product line, and creates the opportunity to leverage its capabilities to expand in the growing market for fused image intensified/thermal imagers. The Directed Perception acquisition enhances and differentiates its pan-tilt-zoom camera systems for both commercial and military markets through lower cost, improved functionality, and ease-of-use.
FLIR Systems, Inc. designs, manufactures, and markets thermal imaging and infrared camera systems in the United States and internationally. Major competitors are Lockheed Martin Corporation (LMT) and L-3 Communication Holdings Inc. (LLL).
We currently have a Neutral recommendation on FLIR.
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