Benzinga | Aug 6, 2020 02:54PM EDT

Why Flir Systems Is Trading Lower Today

Flir Systems (NASDAQ:FLIR) shares are trading lower on Thursday despite reporting better-than-expected second-quarter EPS and sales results.

The company withdrew its previously-issued fiscal year 2020 guidance due to uncertainty surrounding COVID-19's impact on its operations.

Flir Systems designs, develops, markets, and distributes technologies that detect people, objects, and substances. The company's three business units are industrial business, government and defense, and commercial. The industrial business segment develops components used to create thermal, industrial, and other imaging systems.

The government and defense business unit develops imaging and recognition solutions for military, law enforcement, and other government customers. The commercial business segment develops cameras, video recording systems, and video management systems for use in commercial and infrastructure settings. The company operates around the world, with a significant portion of revenue coming from the U.S.

Flir Systems shares were trading down 11.51% at $37.90 time of publication on Thursday. The stock has a 52-week high of $59.44 and a 52-week low of $23.85.