Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has reported steady growth in revenue and profit and a large increase in its orders backlog in its third quarter results.
Revenue in the third quarter of 2017 was $800.7 million, up from $780.8 million in the third quarter of 2016.
Non-GAAP net profit in the third quarter of 2017 was $67.3 million ($1.57 per share), up from $62.5 million ($1.46 per share) in the third quarter of 2016. GAAP net profit in the third quarter of 2017 was $61.5 million ($1.44 per share), down from $63.4 million ($1.48 per share) in the third quarter of 2016.
Energean's backlog of orders as of September 30, 2017 totaled $7.641 billion, up from $6.836 billion as of September 30, 2016. 73% of the current backlog is attributable to orders from outside Israel and 45% of the current backlog is scheduled to be performed during 2017 and 2018.
Elbit Systems president and CEO Bezhalel Machlis said, "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."
Published by Globes [online], Israel business news - www.globes-online.com - on November 14, 2017
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