Flir Systems profit forecast falls short of expectations; CFO plans to retire

Flir Systems forecast falls short; CFO to retire

PORTLAND, Ore. — Flir Systems Inc. forecast a smaller profit for 2010 than analysts were expecting on Thursday and said its finance chief plans to retire at the end of May.

Shares were down $2.22, or 7.5 percent, to $27.45 in afternoon trading.

Flir’s profit for the fourth quarter was in line with Wall Street expectations. It earned $60.3 million, or 38 cents per share, in the last three months of the year. That matched the average forecast from analysts, according to a Thomson Reuters poll.

Profit in the year-ago quarter was $65 million, or 41 cents per share. But the company said its year-ago results got a boost of 4 cents per share from one-time currency gains.

Revenue climbed 3 percent to $311.6 million, while analysts were looking for $303.7 million.

Flir’s forecast for 2010 came in slightly short of expectations. The company said it expects to earn $1.48 to $1.53 per share. On average, analysts projected $1.55.

Flir expects revenue of $1.2 billion to $1.3 billion, in line with the average forecast of $1.22 billion.

Flir said Stephen M. Bailey, who has served as chief financial officer since 2000, plans to retire in May. The company named Anthony L. Trunzo to succeed him. Trunzo has served as senior vice president for corporate strategy and development since 2003.