Strong demand boosts Elbit Systems revenue and profit

Bezhalel Machlis  / Photo: Elbit Systems PR, PR

The company’s backlog of orders as of June 30, 2021 totaled $13.6 billion, compared with $11.8 billion as of March 31, 2021.

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) reported 20.7% revenue growth in its second quarter financial results, following strong demand.

Revenue amounted to $1.3 billion in the second quarter up from $1.08 billion in the second quarter of 2020. GAAP net profit in the second quarter of 2021 was $101.7 million ($2.30 per share), up from $89.3 million ($2.02 per share) in the second quarter of 2020. Non-GAAP net profit in the second quarter of 2021 was $93.4 million ($2.11 per share), up from $68.9 million ($1.56 per share) in the second quarter of 2020.

The company’s backlog of orders as of June 30, 2021 totaled $13.6 billion, compared with $11.8 billion as of March 31, 2021. 72% of the current backlog is attributable to orders from outside Israel and 51% of the backlog is scheduled to be performed during the remainder of 2021 and 2022.

Elbit Systems president and CEO Bezhalel Machlis said, "Our second quarter results included a 21% growth in revenues, underscoring our diversified portfolio of technologies and broad global footprint. I am also pleased by the improvement in profitability and cash generation. Demand for our systems and services from customers around the world supported the 26% growth in our backlog to $13.6 billion. The diversification of our growth across areas of operation and geographies reflects successful implementation of our strategy and provides us with confidence in the company’s future."

Elbit's share price is up 5.86% in premarket trading on Nasdaq at $139.90. The share price closed up 0.89% yesterday, giving a market cap of $5.84 billion.

Published by Globes, Israel business news - en.globes.co.il - on August 12, 2021

© Copyright of Globes Publisher Itonut (1983) Ltd. 2021

Bezhalel Machlis  / Photo: Elbit Systems PR, PR
Bezhalel Machlis / Photo: Elbit Systems PR, PR
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018