Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) released its financial statements for the first quarter of 2103 this morning. The defense company's revenue fell to $680.2 million from $690.8 million in the first quarter of 2012.
Operating profit rose to $53.7 million, 7.9% of revenue, from $41.7 million in the corresponding quarter. Net profit was $41.4 million, or $0.98 per share, compared with $32.9 million in the corresponding quarter. Non-GAAP earnings per share in the first quarter of 2013 were $1.22, compared with $0.96 in the first quarter of 2012.
The company’s backlog of orders was $5,777 million at the end of March 2013, compared with $5,683 million at the end of 2012. Approximately 77% of the backlog relates to orders outside of Israel. Approximately 63% of the company’s backlog at the end of March 2013 is scheduled to be performed during the upcoming three quarters of 2013 and during 2014.
Operating cash flow was $13.8 million during the first quarter of 2013, compared with $51.8 million in the first quarter of 2012.
Elbit Systems president and CEO Bezhalel (Butzi) Machlis said, “I am pleased to be reporting a solid start to 2013 with a record backlog of orders. We have demonstrated continuous improvement in profitability, by leveraging our global intercompany synergies as well as our focus on operational efficiency. This has enabled us to reduce our operating expenses and improve our operating margins. Growth in our backlog for the past four consecutive quarters provides us with confidence that we will continue our improved performance in the future.
"Yossi Ackerman, the company’s former president and CEO, left the company with a solid foundation and on the right path to maintain its long-term growth trajectory," Machlis added.
Published by Globes [online], Israel business news - www.globes-online.com - on May 8, 2013
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