IAI reports profit boost with net income of US$81 million

Israel Aerospace Industries, Israel’s largest national military and civilian security defense company, has issued its consolidated financial statements for the year ended December 31, 2017.

The Company reported a notable growth in profits with net income of US$81m, coupled with a record scope of engagements in new transactions with customers totaling approximately US$5.8bn in 2017 and a growth in order backlog to US$11.2bn. Sales in 2017 totaled US$3.5bn. IAI’s CEO: “the large increase in order backlog in the past year, at a scope of some US$ 2.2bn, is expected to be reflected in a significant growth in sales in the coming years”. The Company’s cash balances and liquidity amounted to approximately US$1.6bn, with positive cash flows from operating activities of US$301m.

Operating income in 2017 amounted to US$121 million (3.4% of sales) compared with an operating loss of US$105m in 2016 which mainly resulted from recording early retirement expenses in respect of employees following the signing of the growth agreement as explained above.

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