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6-K
ELBIT SYSTEMS LTD filed this Form 6-K on 11/14/2017
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 Earning Release
 
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ELBIT SYSTEMS REPORTS
THIRD QUARTER OF 2017 RESULTS

Backlog of orders at $7.6 billion; Revenues at $801 million;
Non-GAAP net income of $67 million; GAAP net income of $61 million; Non-GAAP net EPS of $1.57; GAAP net EPS of $1.44

Haifa, Israel, November 14, 2017 – Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT), (the "Company") the international high technology company, reported today its consolidated results for the quarter ended September 30, 2017.

In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is GAAP financial data.



Management Comment:

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: “We are pleased with our results, particularly the increase in our backlog, which positions us well for long-term growth. We see ongoing increases in defense budgets, which we have been able to capitalize on in many of our target markets, and during the quarter we announced a number of significant contract wins. This has enabled us to achieve a 12% increase year-over-year in our backlog, with the growth favoring the long-term component. Furthermore, our improved gross and operating profit margins this quarter underscore the fruits of our ongoing effort to improve business efficiencies and build on inter-company synergies. Elbit Systems remains well positioned to benefit over the long-term from the positive momentum in our markets.”

Third quarter 2017 results:

Revenues in the third quarter of 2017 were $800.7 million, as compared to $780.8 million in the third quarter of 2016.

Non-GAAP (*) gross profit amounted to $256.3 million (32.0% of revenues) in the third quarter of 2017, as compared to $238.1 million (30.5% of revenues) in the third quarter of 2016. GAAP gross profit in the third quarter of 2017 was $251.0 million (31.3% of revenues), as compared to $230.4 million (29.5% of revenues) in the third quarter of 2016.

Research and development expenses, net were $67.1 million (8.4% of revenues) in the third quarter of 2017, as compared to $65.6 million (8.4% of revenues) in the third quarter of 2016.



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* see page 3


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