Elbit Systems reports higher revenue and profit

The orders backlog was $5.7 billion at the end of the third quarter, down from $5.8 billion at the end of the preceding quarter.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) reported higher revenue and profit for the third quarter of 2013. The main contributors to the company's revenue were the Airborne and the C4ISR systems areas of operations.

The defense systems manufacturer reported revenue of $730.6 million in the third quarter, up from $677 million in the corresponding quarter of 2012. GAAP gross profit was $61.1 million, up from $49 million in the corresponding quarter. Non-GAAP gross profit was $72.3 million, up from $61 million in the corresponding quarter.

Non-GAAP net profit was $49.6 million ($1.17 per share) up from $39.5 million in the corresponding quarter.

Orders backlog amounted to $5.7 billion at the end of the third quarter down from $5.8 billion at the end of the preceding quarter.

Elbit Systems president and CEO Bezhalel (Butzi) Machlis said, “The solid third quarter results reflect the year-over-year trend of improvements in revenue and profitability resulting from our ongoing focus on efficiency and on realizing the business-wide synergies of our global organization. In line with our decision to further enhance the effectiveness of our technological capabilities, we are placing increased efforts in R&D as well as in sales and marketing, in order to capitalize on the opportunities we are seeing.”

He added: “We are encouraged by the global markets' recognition of our innovative solutions, and we believe that, together with our efficiency measures, will maintain future growth.”

Published by Globes [online], Israel business news - www.globes-online.com - on November 14, 2013

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

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