Harris acquisition to hit Elbit's profits

Elbit night vision

Elbit Systems announced today that it would post a $55 million expense in its cost of sales item.

The $350 million acquisition of Harris Night Vision last September will have a negative impact on the gross profit of Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) in the fourth quarter of 2019, the Israeli defense electronics company has announced.

Elbit Systems announced today that it would post a $55 million expense in its cost of sales item. This expense, however, will not be included in its non-GAAP results.

Elbit Systems' GAAP gross profit in the fourth quarter of 2018 was negatively influenced by its acquisition of IMI Systems; its GAAP gross profit in that quarter was $235 million, compared with a non-GAAP gross profit of $307 million, while its GAAP and non-GAAP gross profits in the third quarter of 2019 were $286 million and $290 million, respectively.

Published by Globes, Israel business news - en.globes.co.il - on February 6, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Elbit night vision
Elbit night vision
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