FLIR Systems Inc. (FLIR) reported fourth-quarter earnings per share from continuing operations of 38 cents, matching the Zacks Consensus Estimate.

Revenue was $311.6 million, up 3% compared to fourth quarter 2008. Excluding the effects of currency translation, revenue for the quarter increased by 1%.

Revenue from the company’s Government Systems division decreased 1% from the fourth quarter of 2008, to $169.7 million. Revenue from the Commercial Vision Systems division increased 34% over the fourth quarter of last year, to $57 million, reflecting strong growth across multiple product lines. Revenue from the Thermography division decreased 4% from the fourth quarter of last year, to $84.8 million.

The backlog of firm orders for delivery within the next twelve months was approximately $563 million at Dec 31, 2009, a decrease of $45 million during the quarter, and a decrease of $100 million, or 15% compared with backlog at Dec 31, 2008. Backlog in the Government System’s division was $433 million, down $54 million during the quarter, as U.S. procurement activity slowed due partly to late approval of government budgets.

Backlog in the Commercial Vision Systems division was $103 million, up $10 million during the quarter due primarily to strong demand for its cores and components and security and surveillance product lines. Backlog in the Thermography division was $27 million, down $1 million during the quarter.

FLIR announced that it expects net revenue in fiscal 2010 to be in the range of $1.2 billion to $1.3 billion, an increase of approximately 9% compared with 2009, and net earnings to be in the range of $1.48 to $1.53 per diluted share, an increase of approximately 4% compared with 2009.

FLIR announced the retirement of Stephen M. Bailey, Senior Vice President and Chief Financial Officer, at the end of May 2010. Mr. Bailey has served in his present position since 2000, and effective June 1, 2010, will be succeeded by Anthony L. Trunzo, who has served as the Company’s Senior Vice President for Corporate Strategy and Development since 2003.

FLIR designs, manufactures, and markets thermal imaging and infrared camera systems in the United States and internationally. Its major competitors are Lockheed Martin Corp. (LMT) and L-3 Communication Holdings Inc. (LLL).

We currently have a Neutral recommendation on FLIR.

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