Elbit Systems posts $6.18m 2018 profit

Bezhalel Machlis Photo: PR

The fourth quarter and full year 2018 financials are the first that Elbit Systems has released after completing the acquisition of Israel Military Industries.

Israeli defense company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT), controlled by Michael (Mickey) Federmann, posted a net profit of $6.18 million in 2018 on revenue of $3.7 billion in 2018. At the end of the year, the company had an orders backlog of $9.4 billion.

These are the first financials to be released by Elbit Systems after the completion of the acquisition of Israel Military Industries (IMI) for NIS 1.8 billion in the fourth quarter of 2018.

Elbit Systems president and CEO Bezalel Machlis said this morning, "We posted 9% growth in sales last year and positive cash flow of over $190 million. The fourth quarter of 2018 was exceptional and strategically important for Elbit Systems, with several one-time events impacting our results, chiefly the fact that we completed the acquisition of IMI in the quarter.

"We start 2018 with a much larger Elbit Systems," Machlis added, "and with an annual rate of sales of more than $4 billion and an orders backlog close to $10 billion."

Published by Globes, Israel business news - en.globes.co.il - on March 19, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Bezhalel Machlis Photo: PR
Bezhalel Machlis Photo: PR
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018