Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) today predicts growth in 2014, after reporting higher orders backlog, but only slow revenue and profit growth for 2013. Full-year revenue rose to $2.95 billion from $2.89 billion in 2012.
GAAP-based net profit rose to $183.4 million ($4.34 per share) in 2013 from $167.9 million in 2012, and non-GAAP net profit rose to $210.8 million ($4.99) from $206.3 million.
The orders backlog rose to $5.82 billion at the end of 2013 from $5.68 billion a year earlier. 69% of the orders are for exports, and the same proportion will be delivered through 2015. Cash flow from operations fell to $167 million in 2013 from $198.4 million in 2012
Airborne systems, including unmanned aerial vehicles (UAVs) and C4ISR systems were the main growth engines in 2013, mostly due to higher sales of avionics, command and control systems, and maintenance services in Israel. Sales of land systems fell because of lower sales for fire control and life support systems in Israel and North America.
"The record backlog provides us good visibility into 2014 and beyond," said Elbit Systems president and CEO Bezhalel (Butzi) Machlis. "We have implemented some organizational changes to enhance our market position in the areas of cyber and intelligence systems as well as commercial avionics systems. We consider both of these areas as growth engines for the company and complementary to our traditional defense-based business lines."
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2014
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