Elbit Systems reports growing orders backlog

The defense systems manufacturer reported higher revenue and profits for the second quarter and $5.8 billion in orders.

Defense systems manufacturer Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) reported higher revenue and profits for the second quarter of 2013, and boosted its orders backlog for the fifth consecutive quarter.

Revenue rose to $702.9 million for the second quarter from $676.4 million for the corresponding quarter of 2012, driven by sales of airborne and C4ISR systems.

GAAP-based net profit rose to $49.6 million ($1.17 per share) for the second quarter from $38.3 million for the corresponding quarter, and non-GAAP net profit rose to $50.4 million from $48.2 million ($1.19 per share)

The orders backlog rose to $5.8 billion at the end of June from $5.68 billion at the end of 2012. 67% of the orders backlog are for export, and 59% are due for delivery through the end of 2014.

Cash flow from operations for to $60.9 million in the first half from $56.2 million in the corresponding half.

Elbit Systems president and CEO Bezhalel Machlis said, “We have recently decided to further enhance the effectiveness of our R&D efforts and to manage them from an organization-wide perspective in order to better identify and leverage market-leading, innovative solutions that combine the full range of our broad technological capabilities. I am confident that such measures will enable us to successfully meet global market challenges and support maintaining our long-term growth and technological leadership."

Published by Globes [online], Israel business news - www.globes-online.com - on August 13, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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