Elbit Systems reports second quarter of 2018 results

Elbit Systems, the international high technology company, has reported its consolidated results for the quarter ended June 30, 2018. Revenues in the second quarter of 2018 were US$892.2 million, as compared to US$818.3 million in the second quarter of 2017.

Non-GAAP gross profit amounted to US$254.8 million (28.6% of revenues) in the second quarter of 2018, as compared to US$248.3 million (30.4% of revenues) in the second quarter of 2017. GAAP gross profit in the second quarter of 2018 was US$250.0 million (28.0% of revenues), as compared to US$242.3 million (29.6% of revenues) in the second quarter of 2017. The gross profit margin was affected by the mix of projects sold in the quarter.

Net income attributable to non-controlling interests was US$0.1 million in the second quarter of 2018, as compared to US$0.4 million in the second quarter of 2017.

Non-GAAP net income attributable to the Company’s shareholders in the second quarter of 2018 was US$57.5 million (6.5% of revenues), as compared to US$68.8 million (8.4% of revenues) in the second quarter of 2017. GAAP net income in the second quarter of 2018 was US$91.9 million (10.3% of revenues), as compared to US$62.6 million (7.6% of revenues) in the second quarter of 2017.

The Company’s backlog of orders for the quarter ended June 30, 2018 totaled US$8,065 million as compared to US$7,329 million as of June 30, 2017. Approximately 74% of the current backlog is attributable to orders from outside Israel. Approximately 55% of the current backlog is scheduled to be performed during 2018 and 2019.

Operating cash flow used in the six months ended June 30, 2018 was US$1.1 million, as compared to US$2.7 million provided in the six months ended June 30, 2017.

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