Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) saw GAAP net profit rise 14.1% and revenue rise 4.4% in the first quarter of 2021, while it beat the analysts on earnings per share.
Revenue in the first quarter of 2021 was $1.118 billion, up 14% from $1.071 billion in the first quarter of 2020. GAAP net profit in the first quarter of 2021 was $72.5 million, up from $63.6 million in the first quarter of 2020. Non-GAAP net profit was $76.2 million up from $72 million in the first quarter of 2020.
Elbit Systems president and CEO Bezhalel Machlis said, "Our financial results for 2021 have started well, with revenues up 4.4% over those of the first quarter last year. Sustained demand for our products and solutions from customers around the world led to a 9% increase in our order backlog, reaching a record $11.8 billion. This backlog and a healthy pipeline of opportunities provide us with good visibility and confidence in the Company's prospects."
59% of the backlog of $11.8 billion is for implementation in 2021 and 2022.
Elbit's share price is currently down 2.22% on Nasdaq at $132.49, giving a market cap of $5.82 billion. The share price is up 1.7% since the start of 2021.
Published by Globes, Israel business news - en.globes.co.il - on May 25, 2021
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