Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) reported lower profits and revenue for the second quarter of 2012, as well as a smaller orders backlog.
Revenue fell to $676.4 million for the second quarter from $691.6 million ($0.90 per share) for the corresponding quarter of 2011. GAAP-based net profit fell to $38.3 million for the second quarter from $38.9 million for the corresponding quarter, and non-GAAP net profit fell to $48.2 million ($1.14 per share) from $50.5 million.
Elbit Systems' orders backlog fell to $5.47 billion at the end of June from $5.53 billion at the end of 2011. 76% of the orders are for export, and 73% are due for delivery through the end of 2013.
Cash flow from operations more than doubled to $56.2 million in the first half from $23.3 million in the first half of last year.
Elbit Systems president and CEO Joseph Ackerman said, "Our second quarter continues the trend of increased revenues from the Latin American and Asia-Pacific markets, which made up over a third of our revenues in the quarter. In fact, over half of our revenues are coming from regions whose defense budgets are continuing to grow, including Israel. I believe that our focus on these regions will enable us to continue to grow, even against the background of tightening budgets in Europe and the US."
Elbit Systems' share price rose 0.2% by midday on the TASE today to NIS 127.20, after falling 4.3% on Nasdaq yesterday to $31.41, giving a market cap of $1.34 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on August 14, 2012
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