Senior VP and CFO Anthony Trunzo of FLIR Systems, Inc. (FLIR) shares highlights from his company’s third-quarter results. Mr. Trunzo says in Q3, the company saw significant growth in its commercial businesses, though is still dealing with headwinds from U.S. government revenue.
“Other than the U.S. government, our revenue grew by about 14% in Q3, which is the fastest we have seen in quite a while. The U.S. government continues to be a bit of a headwind for us from a revenue-growth perspective. It is still our largest customer at around 18% of our total, but that’s down from a high of more than 40% of the total in 2009,” Trunzo said.
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FLIR Systems designs, manufactures and markets thermal imaging systems.
Mr. Trunzo says the company has been able to backfill the decline in government revenue with robust growth in specific commercial businesses.
“In particular, we saw good growth in our commercial security business as well as in our instruments business, and our maritime business had a good quarter as well,” Trunzo said. “Internationally, our government demand is a little bit better, but overall, those businesses are challenged to see growth at this point, after a pretty meaningful spate of growth earlier in the decade.”
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