Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) reported flat revenue and profit for the second quarter of 2014.
Revenue in the second quarter of 2014 was $702.6 million compared with $702.9 million in the second quarter of 2013. Gross profit was $199.4 million (28.4% of revenue) in the second quarter of 2014, compared with $203.1 million (28.9% of revenue) in the second quarter of 2013. The non-GAAP gross profit in the second quarter of 2014 was $204.8 million (29.1% of revenue), compared with $208.5 million (29.7% of revenue) in the second quarter of 2013. The decrease in the gross profit rate was mainly due to the mix of programs sold in the quarter and the stronger Israeli shekel versus the US dollar in the second quarter of 2014 compared to last year, the company said.
Elbit Systems' backlog of orders as of June 30, 2014 was $6.174 billion up from $5.804 billion as of June 30, 2013. 72% of the current backlog is attributable to orders from outside Israel and 59% of the backlog is scheduled to be performed during the second half of 2014 and 2015.
Elbit President and CEO Bezhalel (Butzi) Machlis, "Our second quarter results demonstrate continued solid performance. These achievements are a result of our ongoing efforts to focus on efficiently managing our operations while increasingly leveraging our global inter company resources and synergies. We are pleased with the continued growth in our backlog, which is a good indicator of potential revenue growth in the future."
Published by Globes [online], Israel business news - www.globes-online.com - on August 6, 2014
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