IAI experienced growth in operating income and net income in first half of 2020

Israel Aerospace Industries (IAI) has reported sales increase of 4.6% to US$2,078 million in the first half of 2020 (H1 2020), compared with US$1,986 million in H1 2019 and growth of 7.6% in company sales in the second quarter of 2020 (Q2 2020) to about US$1,060 million compared with US$985 million in Q2 2019.

Sales of the Military Groups in H1 2020 increased to US$1,706 million compared with US$1,448 million in the corresponding period of last year. IAI reported a decrease of 15% in sales of the Aviation Group in H1 2020 to US$612 million compared with about US$721 million in the corresponding period of last year

Net income increased 64% to US$82 million in H1 2020 compared with US$50 million in H1 2019 and an increase of 33% in net income to US$48 million in Q2 2020 compared with about US$36 million in Q2 2019.

The company reported an increase of 28.7% in net income of the Military Groups in H1 2020 to about US$130 million compared with about US$101 million in the corresponding period of last year.  The net loss sustained by the Aviation Group in H1 2020 amounted to US$8 million compared with a loss of US$7 million in the corresponding period of last year.

EBITDA grew by 35% to US$223 million in H1 2020 compared with US$165 million in H1 2019 and EBITDA in Q2 2020 grew by 26%, totaling US$121 million (representing 11.4% of sales), compared with about US$96 million (representing 9.7% of sales) in Q2 2019.

IAI reported 25% growth in gross profit in H1 2020 to US$333 million (16% of sales) as opposed to US$267 million in H1 2019 (13% of sales) and 12.4% growth in gross profit in Q2 2020 to US$163 million (15.4% of sales) as opposed to US$145 million in Q2 2019 (14.7% of sales).

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