IAI posts first-quarter financial results

Israel Aerospace Industries, Israel’s national military and civilian security defence company, has issued its consolidated financial statements for the quarter which ended on March 31, 2022.

The company’s sales in Q1 2022 totalled US$1,200 million compared to US$1,015 million in Q1 2021, an increase of US$185 million mainly arising from the increase in the sales of the Systems Missiles & Space Group and the Aviation Group. Sales of the Military Groups in Q1 2022 increased by approx. 13% to US$1,030 million compared to US$914 million in Q1 2021, an increase of US$116 million. Sales of the Aviation Group in Q1 2022 increased by 37% to US$ 325 million compared to US$237 million in Q1 2021 – an increase of US$88 million owing to the increased revenues in the aircraft, MRO and business jet divisions.

Sales for export in Q1 2022 accounted for 70% of sales at US$836 million (US$364 million to Israel, representing 30% of sales) compared to US$722 million, accounting for 71% of sales in Q1 2021 (US$293 million to Israel, representing 29% of sales).

Net income in Q1 2022 grew by 86% to US$78 million (6.5% of sales), compared to net income of US$42 million (4.1% of sales) in Q1 2021. The net income of the Military Groups in Q1 2022 increased by 29% to US$88 million compared to US$68 million in Q1 2021, an increase of US$20 million. The net income of the Aviation Group in Q1 2022 amounted to US$7 million compared to a net loss of US$8 million in Q1 2021.

EBITDA in Q1 2022 grew by 34% to US$161 million (about 13.4% of sales), compared with US$120 million (11.8% of sales) in Q1 2021. (£1.00 = US$1.25 at time of publication).

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