Elbit Systems reports record backlog

The defense electronics company reported slightly higher full-year revenue but flat net profit at $206.3 million.

Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) today reported 11% profit growth despite flat revenue for the fourth quarter of 2012, while full-year profits were unchanged from the year before. The orders backlog rose to a record $5.68 billion at the end of 2012 from $5.53 billion a year earlier. 67% of the orders are for export, and 68% are due for delivery through the end of 2014.

Fourth quarter revenue rose slightly to $843.9 million from $841.9 million for the corresponding quarter of 2011. GAAP-based net profit was $57.2 million for the fourth quarter ($1.36 per share), compared with a net loss of $13 million for the corresponding quarter, and non-GAAP net profit rose to $67.9 million ($1.62 per share) from $60.6 million.

Full-year revenue rose to $2.89 billion from $2.82 billion in 2011. GAAP-based net profit rose to $167.9 million ($3.97 per share) in 2012 from $90.3 million in 2011, and non-GAAP net profit was flat at $206.3 million ($4.88 per share).

Elbit Systems beat the analysts' fourth quarter consensus of earnings per share of $0.88 on $838.4 million revenue and the full-year consensus of earnings per share of $3.53 on $2.89 billion.

Cash flow from operations rose to $198.4 million in 2012 from $190.9 million in 2011.

Elbit Systems said that higher sales of airborne systems and C4ISR systems, especially sales of avionic systems and aerostructures and maintenance services in North America were offset by lower sales of land systems, especially fire control and life support systems, in Israel and North America.

Elbit Systems president and CEO Joseph Ackerman said, "We witnessed growth in the Latin-America and Asia-Pacific regions, two markets characterized with growing defense budgets, and this trend, as well as the global markets' recognition of our innovative solutions, have enabled us to resume our growth in 2012."

Published by Globes [online], Israel business news - www.globes-online.com - on March 13, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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