Elbit Systems Q2 profit soars 65%

Bezhalel Machlis  / Photo: Elbit Systems PR, PR

The Israeli defense electronics company's backlog of orders has risen to $10.8 billion.

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has reported strong financial results for the second quarter of 2020 despite the Covid-19 crisis.

Revenue in the second quarter of 2020 was $1.079 billion, salightly higher than the $1.064 billion in the second quarter of 2019. GAAP net profit in the second quarter of 2020 was $89.3 million ($2.02 per share) up from $53.8 million ($1.22 per share) in the second quarter of 2019. Non-GAAP net profit was $68.9 million ($1.56 per share) up from $64.3 million ($1.46) in the second quarter of 2019.

Elbit's backlog of orders as of June 30, 2020 was $10.804 billion, up from $9.796 billion as of June 30, 2019. 63% of the current backlog is attributable to orders from outside Israel and 55% of the backlog is scheduled to be performed during the second half of 2020 and during 2021.

Elbit Systems president and CEO Bezhalel Machlis said, "Our second quarter results demonstrate the resilience of our business during a period in which we continued to face the operational and logistical challenges posed by the Covid-19 pandemic. We are particularly pleased by the improved operating profit margin and cash flow in the quarter.

He added, "Our ability to win new business and grow our backlog during the quarter is a testimony to the continued interest in our products and solutions around the world, even during the pandemic. As we look towards a post-pandemic world, our $10.8 billion backlog provides us with good revenue visibility."

Published by Globes, Israel business news - en.globes.co.il - on August 13, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Bezhalel Machlis  / Photo: Elbit Systems PR, PR
Bezhalel Machlis / Photo: Elbit Systems PR, PR
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