FLIR Systems Inc.’s FLIR fourth-quarter 2020 adjusted earnings of 78 cents per share surpassed the Zacks Consensus Estimate of 63 cents by 23.8%. Also, the reported figure increased 47.2% from 53 cents in the prior-year quarter.The company reported GAAP earnings of 57 cents per share, compared with a penny in the year-ago quarter.For 2020, the company reported adjusted earnings of $2.48, higher than the year-ago figure of $2.16. The full-year earnings also surpassed the Zacks Consensus Estimate of $2.33. FLIR Systems, Inc. Price, Consensus and EPS Surprise FLIR Systems, Inc. price-consensus-eps-surprise-chart | FLIR Systems, Inc. Quote Operational PerformanceFLIR Systems’ revenues improved 7.2% year over year to $524.3 million in the reported quarter. Moreover, the top line beat the Zacks Consensus Estimate of $491 million by 6.8%.For 2020, the company reported revenues of $1.92 billion, higher than the year ago figure of $1.89 billion. Full-year revenues also beat the Zacks Consensus Estimate of $1.89 billion.Total backlog at the end of the fourth quarter increased 0.3% to $809.7 million on a year-over-year basis.The company’s adjusted operating expenses declined 9.1% year over year to $133.7 million.Adjusted operating income came in at $122.5 million compared with operating income of $101.7 million in the fourth quarter of 2019.Segment UpdateSegment-wise, quarterly revenues in the Industrial Technologies segment were $298.3 million, representing an increase of 7.2% from the prior-year quarter. The increase was primarily attributable to heightened demand for EST solutions as a result of the COVID-19 pandemic and an increase in maritime product sales.The Industrial Technologies segment’s operating income was $85.2 million compared with $71.8 million in the prior-year quarter. Segment operating margin expanded to 28.6% from 25.8% in the prior-year quarter.Revenues in the Defense Technologies segment were $226 million, which rose 7.2% from the prior-year quarter. The increase was primarily attributable to improved volumes for unmanned systemsThe Defense Technologies segment’s operating income was $55.3 million compared with $50.1 million in the prior-year quarter. Segment operating margin expanded to 24.5% from 23.8% in the prior-year quarter.Liquidity & Cash FlowAs of Dec 31, 2020, the company’s cash and cash equivalents were $297.8 million compared with $284.6 million as of Dec 31, 2019.Long-term debt totaled $724.9 million, up from $648.4 million as of Dec 31, 2019.Cash flow from operating activities for 2020 amounted to $312.4 million compared with $370.4 million as of Dec 31, 2019.Acquisition UpdateOn Jan 4, 2021, FLIR Systems entered into a definitive agreement to be acquired by Teledyne Technologies Incorporated, a manufacturer and supplier of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems.The transaction is expected to close in the middle of 2021 subject to the receipt of required regulatory approvalsZacks RankFLIR Systems carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Other Defense Q4 ReleasesLockheed Martin Corp. LMT reported fourth-quarter 2020 earnings from continuing operations of $6.38 per share, which came in line with the Zacks Consensus Estimate.Hexcel Corporation HXL reported fourth-quarter 2020 loss of 18 cents per share, in line with the Zacks Consensus Estimate.General Dynamics Corporation GD reported fourth-quarter 2020 earnings from continuing operations of $3.49 per share, which missed the Zacks Consensus Estimate of $3.55 by 1.7%More Stock News: This Is Bigger than the iPhone!It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.Click here for the 4 trades >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report FLIR Systems, Inc. (FLIR): Free Stock Analysis Report General Dynamics Corporation (GD): Get Free Report Lockheed Martin Corporation (LMT): Get Free Report Hexcel Corporation (HXL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research