Insider Trader Watch: FLIR Systems, Inc. (FLIR)

FLIR Systems, Inc. (NASDAQ:FLIR) insider has recently participated in insider trading activity. President and CEO, TEICH ANDREW C sold 95,538 shares for $2,707,547 via one transaction Feb 12. Following the transaction, the insider now owns 235,924 shares in total, priced at $7,139,060.2 as of Tuesday. Another notable insider trading was done by the same insider on Dec 03. LEWIS EARL R sold50,000 shares at an average price of $30.13 for a total of $1,506,500. Moreover, FRANK JEFFREY carried out a sale of 4,500 shares at $28.37 each on Sep 15. The transaction amounted to $127,665. Vice President, Global Product FRANK JEFFREY sold680 shares for $19,360 through one transaction Sep 11. Following this sale, this insider’s stake in the company comprises 29,504 shares, priced at $892,791.04 as of Tuesday.

The stock has experienced a total of 5 insider trades in the past three months. These trades include 5 sell activities and 0 buy trades. Furthermore, over the past 12 months, the stock was traded 59 times by insiders. In 42 of these trades, the insider was a seller while an employee of the company was the buyer in just 17 instances.

FLIR Systems, Inc. (FLIR) on February 11, 2016 announced financial results for the fourth quarter and full year ended December 31, 2015. Fourth quarter 2015 revenue was $437.6 million, up 1% compared to fourth quarter 2014 revenue of $434.4 million. On a constant currency basis, fourth quarter 2015 revenue was up 3% versus the prior year. Operating income in the fourth quarter was $93.5 million, compared to $87.4 million in the fourth quarter of 2014. Operating income was impacted by pretax charges related to previously-announced restructuring initiatives of $0.3 million in the fourth quarter of 2015 and $1.0 million in the fourth quarter of 2014.

Fourth quarter 2015 net income was $70.2 million, or $0.51 per diluted share, compared with net income of $72.8 million, or $0.51 per diluted share in the fourth quarter a year ago. Net income in the fourth quarter of 2015 was impacted by an after-tax gain on the sale of an investment of $12.7 million, offset by after-tax restructuring charges of $0.2 million and discrete tax charges of $7.4 million, netting to a $0.04 benefit to earnings per diluted share. Net income in the fourth quarter of 2014 was impacted by after-tax restructuring charges of $0.7 million and a discrete tax benefit of $9.4 million, netting to a $0.06 benefit to earnings per diluted share. Cash provided by operations in the fourth quarter reached $78.3 million, increasing 25% over the fourth quarter of 2014.

Revenue from the Surveillance segment was $150.7 million, a decrease of 5% from the fourth quarter results last year. The Instruments segment contributed $98.6 million of revenue during the fourth quarter, down 5% from the prior year but flat on a constant currency basis. The Security segment recorded revenue of $68.4 million in the fourth quarter, up 21% from the prior year. FLIR’s OEM & Emerging Markets segment had $49.2 million of revenue, a decrease of 2% from the prior year. Revenue from the Maritime segment was $36.0 million, and was down 10% from the fourth quarter of 2014 and down 4% on a constant currency basis. The Detection segment contributed $34.7 million of revenue, an increase of 32% from the prior year.

For the full year, revenue was $1,557.1 million, up 2% compared to $1,530.7 million for the year ended December 31, 2014. On a constant currency basis, full year 2015 revenue grew 6% over 2014. Operating income for 2015 was $305.8 million compared to $259.2 million in 2014, an increase of 18% for the year. Net income for 2015 was $241.7 million, or $1.72 per diluted share, compared with 2014 net income of $200.3 million, or $1.39 per diluted share. Cash provided by operations during 2015 was $275.8 million, which compares to $226.2 million in the prior year and represents a 22% increase.