FLIR Systems Inc. (FLIR) share price continues to climb in a very challenging environment. Just last week, this stock broke above a key level of resistance at $40 and established a new 52-week and all-time high. Analysts have continued to boost their earnings projections in accordance with the move higher.

FLIR Systems Inc. develops and manufactures thermal imaging and camera systems both domestically and internationally. The company was founded in 1978, carries a market cap. of $5.95 billion and is headquartered in Wilsonville, Oregon.

A Good Start To Fiscal 2008

FLIR Systems Inc. is set to report its second-quarter results, on Jul 24, and if the company’s second-quarter results, reported on Apr 24 are any indication, investors should be pleased.

Revenue increased to $236.9 million, up 47% from the same period last year. Net income was also up big, jumping to $37.3 million, compares to $26.3 million in the same period last year. This produced earnings of 24 cents, safely ahead of analyst estimates.

This is the fourth time in four quarters that FLIR has either beaten or matched analyst estimates, having done so by an average of 2 cents, or 10.15%.

Revenue in FLIR’s government systems division was up 40% from last year, coming in at $113.7 million.

FLIR also noted that the it had $471 million in backlog orders, an increase of $78 million from the same time last year.

Estimates Are Rising

Analysts have continued to boost their earnings projections over the last 3 months, with the current-year estimate tacking on six cents and advancing to its current level of $1.21 per share. Within the last 7 days the current-year estimate has tacked on a penny.

The Chart

As previously mentioned, shares of FLIR have had a great year, advancing from $30 per share in early January to their current price of over $43, a very impressive short-term gain of more than 40%. Just last week, this stock advanced beyond a key level of resistance and established a new 52-week and all-time high. Moving forward, this stock does look a little pricey based upon valuations, so earnings will be important to support additional share appreciation.

Content Courtesy: Zacks Investment Research

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