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.
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.
* see page 3