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20 mars 2014 4 20 /03 /mars /2014 13:30
Elbit Systems: Net Income Increased

19/3/2014 IsraelDefense

 

The company released its annual reports. Despite a decline in revenues in the last quarter of 2013, the annual net income rose compared to 2012. Machlis: "The results show growth in revenues and backlog”

 

Elbit Systems reported its consolidated results for the fourth quarter and full year ended December 31, 2013. According a press release, the net income in the fourth quarter of 2013 was $42.9 million (5.3% of revenues), as compared to $57.2 million (6.8% of revenues) in the fourth quarter of 2012. The non-GAAP net income in the fourth quarter of 2013 was $53.5 million (6.6% of revenues), as compared to $67.9 million (8.0% of revenues) in the fourth quarter of 2012.

 

However, the net income attributable to the company's shareholders for the year ended December 31, 2013 was $183.4 million (6.3% of revenues), as compared to $167.9 million (5.8% of revenues) in the year ended December 31, 2012. The non-GAAP net income in the year ended December 31, 2013 was $210.8 million (7.2% of revenues), as compared to $206.3 million (7.1% of revenues) in the year ended December 31, 2012.

 

Revenues for the year ended December 31, 2013 were $2,925.2 million, as compared to $2,888.6 million in the year ended December 31, 2012.

 

The leading contributors to the Company's revenues in 2013 were the airborne systems and C4ISR systems areas of operations. The increases in the airborne systems and C4ISR systems areas of operation were primarily due to increased revenues in Israel for avionic systems, command and control systems and maintenance services sold to the Israel Ministry of Defense ("IMOD"). The decrease in the land systems area of operations was mainly due to a decline in revenues for fire control and life support systems in Israel and North America.

 

The operating income for the year ended December 31, 2013 was $239.4 million (8.2% of revenues), as compared to operating income of $203.1 million (7.0% of revenues), in the year ended December 31, 2012. The non-GAAP operating income in 2013 was $278.6 million (9.5% of revenues) compared with $252.3 million (8.7% of revenues) in 2012.

 

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: “I am pleased with our 2013 full year results that show growth in revenues and backlog, as well as a continued trend of controlling operational costs. The record backlog provides us good visibility into 2014 and beyond. Our continued focus on maintaining an efficient operation, while taking advantage of synergies across the various parts of our organization, resulted in solid year over year improvements in our margins.

 

Recently, we implemented some organizational changes to enhance our market position in the areas of cyber and intelligence systems as well as commercial avionics systems. We consider both of these areas as growth engines for the Company and complementary to our traditional defense-based business lines. Looking back on last year, I believe Elbit Systems is well positioned financially, with diversification across our range of markets and business lines. We look forward to the opportunities ahead in 2014”.

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