Elbit Systems: Shekel depreciation will hit Q3 profit

Elbit Systems

The defense company estimates that its finance expense will rise by $15-20 million.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) announced today that, on the basis of an initial review of the elements comprising its third quarter 2014 results, the it expects an extraordinary level of finance expenses for the quarter. The company explains that the increase in finance expenses resulted primarily from the accelerated depreciation of the Israeli shekel and its impact on its US dollar derivative activities, as well as from the impact of the exchange rate differences on balance sheet items.

Elbit Systems estimates that the impact on finance expenses for the quarter will be in the range of $15-20 million, with a corresponding adverse impact on the quarter's net profit.

Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2014

Elbit Systems
Elbit Systems
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