Shares in thermal imaging manufacturing Flir Systems tumbled nearly 18% Thursday after the company reported a disappointing financial outlook and announced a tepid outlook for 2020.

Flir splits its headquarters between Wilsonville and Virginia, though its top executives work in the East Coast office. It makes thermal imaging technology to help soldiers, security officers and others see at night or in difficult weather.

Flir’s portfolio include commercial products for boats and private security and that’s where the company said its problems lie. Sales in its commercial business were down 10.6% last quarter compared to the same period a year ago, Flir said in Thursday’s quarterly earnings announcement.

So Flir said it will restructure the company and consider selling its Raymarine maritime electronics business, which does not use thermal imaging. Other parts of Flir’s commercial business will fold into its industrial segment in the restructuring.

Flir’s restructuring announcement includes a reference to “employee separation costs,” but it did not specify how many jobs may be cut or provide details in response to an inquiry Thursday.

Flir’s 2019 sales totaled $1.9 billion, up 6.3% from the prior year. But Flir told investors to expect growth of just 1% this year.

It’s stock fell $9.53 cents early Thursday, a 17.7% plunge, to $44.53. That’s its lowest point since late 2018. Flir’s shares have traded as high as $59.44 in the past year.

-- Mike Rogoway | mrogoway@oregonian.com | twitter: @rogoway | 503-294-7699

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