Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has reported a record backlog of orders worth $10 billion in its financial report for the fourth quarter and full year 2019. 61% of the backlog is for orders from outside Israel and 65% of the backlog is to be performed during 2020 and 2021.
Fourth quarter revenue was $1.322 billion up from $1.078 billion in the corresponding quarter of 2018. The rise was driven by the acquisitions of IMI Systems and Harris Night Vision. Revenue for 2019 was $4.508 billion, up from $3.684 billion in the year ended December 31, 2018.
Non-GAAP net profit in the fourth quarter of 2019 was $109.3 million ($2.47 per share), up from $84.0 million ($1.96 per share) in the fourth quarter of 2018. GAAP net profit in the fourth quarter of 2019 was $51.5 million ($1.16 per share) up from $1.1 million ($0.03 per share) in the fourth quarter of 2018.
Non-GAAP net profit for 2019 was $297.8 million ($6.79 per share)) up from $267.5 million ($6.25 per share) in 2018. GAAP net profit in 2019 was $227.9 million ($5.20 per share), up from $206.7 million ($4.83 per share) in 2018.
Elbit Systems president and CEO Bezhalel Machlis told "Globes" that the defense sector will be the last to be effected by the coronavirus. "To date we have not experienced a material impact on our ongoing business from the Covid-19 pandemic. However, we continue to monitor the situation, including its macro-economic impacts, and have initiated a series of measures to protect our employees while maintaining our ongoing commitments to our customers."
"Looking forward into 2020 and beyond, Elbit Systems is a strong and stable business, with a healthy balance sheet and a broad long-term backlog that should support our globally diversified sales."
Published by Globes, Israel business news - en.globes.co.il - on March 25, 2020
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