Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has reported its financial results for the first quarter of 2019.
Revenue in the first quarter of 2019 was $1.021.7 billion, up from to $818.5 million in the first quarter of 2018. The strong growth was mainly due to the consolidation of IMI Systems and Universal in the first quarter of 2019.
Non-GAAP net profit in the first quarter of 2019 was $65.8 million ($1.54 per share), up from $55.1 million ($1.29 per share) in the first quarter of 2018. GAAP net profit in the first quarter of 2019 was $50.5 million ($1.18 per share), compared with $49.6 million ($1.16 per share) in the first quarter of 2018.
The company's backlog of orders as of March 31 2019 was $9.658 billion up from $8.046 billion as of March 31 2018. 59% of the backlog is attributable to orders from outside Israel and 61% of the current backlog is scheduled to be performed during 2019 and 2020.
Elbit Systems president and CEO Bezhalel Machlis said, "The results of the first quarter of 2019 mark the first full quarter that includes the results of IMI. I am pleased with our results, especially the 25% growth in revenue with a well-diversified global presence in which our major geographic regions grew on an absolute basis. Our economies of scale enabled us to maintain a similar level of operating margins despite lower gross margins following the IMI acquisition. The significant increase in our backlog and the progress in the integration of IMI into the company, support our long-term growth potential."
Published by Globes, Israel business news - en.globes.co.il - on May 28, 2019
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