Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has reported higher revenue and profit for the first quarter of 2015 and announced that it is setting up new intelligence and cyber units. Revenue in the first quarter of 2015 was $706.6 million, up from $682.6 million in the corresponding quarter of 2014.GAAP net profit in the first quarter of 2015 was $44.6 million ($1.04 per share), as compared to $48.2 million ($1.13 per share) in the first quarter of 2014. Non-GAAP net profit in the first quarter of 2015 was $52.6 million ($1.23 per share), up from $51.9 million ($1.22 per share) in the corresponding quarter of 2014.
Elbit Systems's backlog of orders for the quarter ended March 31 2015, was $6.27 billion compared with $6.064 billion on March 31 2014. 70% of the backlog is for orders from outside Israel and 66% of the backlog is scheduled to be performed during 2015 and 2016.
Operating cash flow for the quarter ended March 31 2015 was $83.9 million, up from $80.8 million in the quarter ended March 31 2014.
Elbit Systems president and CEO Bezhalel Machlis said, "We are pleased with our first quarter financial results, which show that the ongoing improvement in our backlog over the past two years is being translated into revenue growth."
He added, "We are focused on adapting to market trends and needs. This has led us to recently create a division known as ISTAR to focus on providing our customers with a full range of solutions for intelligence applications. We also have established CYBERBIT, a new cyber company that consolidates our activities in this rapidly emerging sector. Looking ahead, through both internal measures as well as through acquisitions, we intend to continue our efforts to remain ahead of industry trends and capitalize on our ability to provide our customers with the right solutions for their emerging needs."
Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2015
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