Elbit Systems reports flat Q1 profit on higher revenue

Elbit Systems
Elbit Systems

65% of the Israeli defense electronics company's $6.775 billion backlog is for orders from outside Israel.

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has reported its financial results for the first quarter of 2016

Revenue in the first quarter of 2016 was $721.2 million, up from $706.6 million in the corresponding quarter of 2015. Non-GAAP net profit attributable to the company's shareholders in the first quarter of 2016 was $51.2 million (7.1% of revenue), down slightly from $52.6 million (7.4% of revenue) in the corresponding quarter of 2015. GAAP net profit in the first quarter of 2016 was $52.3 million (7.3% of revenue), up from $44.6 million (6.3% of revenue) in the first quarter of 2015.

The company’s backlog of orders for the quarter ended March 31 2016 was $6.775 billion, up from $6.275 million as of March 31 2015. 65% of the backlog is attributable to orders from outside Israel and 63% of the backlog is scheduled to be performed during 2016 and 2017.

Elbit Systems president and CEO Bezhalel (Butzi) Machlis said, “We are pleased with our first quarter financial results, especially our solid growth in backlog which provides us with strong revenue visibility over the long term. We are also encouraged by the gradual trend, over the past few years, of improving gross margins which is as a result of the efforts we have taken to operate efficiently, improve internal processes while harvesting synergies across our various business units. The ongoing growth in the backlog coupled with an improving environment for defense spending throughout the world, positions us well to continue our long-term growth for the foreseeable future.”

Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Elbit Systems
Elbit Systems
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