Israeli defense company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has reported third quarter revenue of $895.2 million, up from $800.7 million in the third quarter of 2017.
On a non-GAAP basis, operating profit in the third quarter was $85.7 million (9.6% of revenue), which compares with $89.2 million (11.1% of revenue) in the third quarter of 2017. On a GAAP basis, operating profit in the third quarter of 2018 was $79.1 million (8.8% of revenue), which compares with $82.2 million (10.3% of revenue) in the third quarter of 2017.
Research and development expenses, net were $69.6 million (7.8% of revenue) in the third quarter of 2018, which compares with $67.1 million (8.4% of revenue) in the third quarter of 2017.
On a non-GAAP basis, net profit attributable to the company's shareholders in the third quarter of 2018 was $69.8 million (7.8% of revenue), or $1.63 per share, which compares with $67.3 million (8.4% of revenue), or $1.57 per share, in the third quarter of 2017. On a GAAP basis, net income attributable to the company's shareholders in the third quarter of 2018 was $64.1 million (7.2% of revenue), which compares with $61.5 million (7.7% of revenue) in the third quarter of 2017.
Elbit Systems had a backlog of orders at the end of the third quarter of $8,108 million, which compares with $7,641 million at the end of the third quarter of 2017. Approximately 72% of the current backlog is attributable to orders from outside Israel, and approximately 45% is scheduled to be performed during 2018 and 2019.
Elbit Systems president and CEO Bezhalel (Butzi) Machlis said, "We reported a solid level of revenue in the quarter, growing by 12% over last year to almost $900 million. At the same time, we were able to show growth in backlog. This demonstrates that our business remains strong, in line with our strategy of consistently expanding our addressable markets through internal development of defense related products and solutions, as well as acquisitions of synergistic businesses."
Published by Globes, Israel business news - en.globes.co.il - on November 20, 2018
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