Elbit Systems Reports Second Quarter 2019 Results
HAIFA, Israel, Aug. 15, 2019 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT), (the "Company") the international high technology company, reported today its consolidated results for the quarter ended June 30, 2019.
In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is GAAP financial data.
Management Comment:
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: "We are pleased with the results of the second quarter, with an ongoing increase in backlog as well as solid revenue growth of over 19%, diversified across all our main regions of business.
We are also encouraged that, with the IMI consolidation, our ongoing focus on efficient operations enabled us to maintain a similar level of operating margins to that of the second quarter last year.
We continue to integrate and extract synergies from all our recent acquisitions and are looking forward to further growth of our business."
Second quarter 2019 results:
Revenues in the second quarter of 2019 were $1,064.0 million, as compared to $892.2 million in the second quarter of 2018. The strong growth was driven mainly by the consolidation of IMI.
Non-GAAP ((*)) gross profit amounted to $294.3 million (27.7% of revenues) in the second quarter of 2019, as compared to $254.8 million (28.6% of revenues) in the second quarter of 2018. GAAP gross profit in the second quarter of 2019 was $288.4 million (27.1% of revenues), as compared to $250.0 million (28.0% of revenues) in the second quarter of 2018.
Research and development expenses, net were $77.3 million (7.3% of revenues) in the second quarter of 2019, as compared to $76.6 million (8.6% of revenues) in the second quarter of 2018.
Marketing and selling expenses, net were $73.6 million (6.9% of revenues) in the second quarter of 2019, as compared to $69.9 million (7.8% of revenues) in the second quarter of 2018.
_____________
* see page 3
General and administrative expenses, net were $57.2 million (5.4% of revenues) in the second quarter of 2019, as compared to $37.0 million (4.2% of revenues) in the second quarter of 2018.
Other operating income, net in the second quarter of 2018 was $45.4 million. This was the result of net gains related to valuation of shares in two of our Israeli subsidiaries in the commercial cyber and medical instrument areas, due to third party investments.
Non-GAAP((*)) operating income was $89.6 million (8.4% of revenues) in the second quarter of 2019, as compared to $73.1 million (8.2% of revenues) in the second quarter of 2018. GAAP operating income in the second quarter of 2019 was $80.3 million (7.5% of revenues), as compared to $111.8 million (12.5% of revenues) in the second quarter of 2018.
Financial expenses, net were $20.3 million in the second quarter of 2019, as compared to $10.7 million in the second quarter of 2018. Financial expenses, net in the second quarter of 2019 include exchange rate differences of approximately $5.2 million related to the recognition of lease liabilities denominated in foreign currencies (mainly in New Israeli Shekels) as a result of the adoption of ASC 842, Leases, effective January 1, 2019.
Other income, net was $1.6 million in the second quarter of 2019, as compared to other expenses, net of $5.1 million in the second quarter of 2018, mainly due to the non-service cost components of pension plans, in accordance with ASU 2017-07 and adjustments to the fair value of our investments in Israeli subsidiaries.
Taxes on income were $10.8 million (effective tax rate of 17.6%) in the second quarter of 2019, as compared to $7.3 million (effective tax rate of 7.6%) in the second quarter of 2018. The effective tax rate is affected by the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income and other income and expenses that are not a part of the taxable income.
Equity in net earnings of affiliated companies and partnerships was $3.5 million (0.3% of revenues) in the second quarter of 2019, as compared to $3.3 million (0.4% of revenues) in the second quarter of 2018.
Net income attributable to non-controlling interests was $0.4 million in the second quarter of 2019, as compared to $0.1 million in the second quarter of 2018.
Non-GAAP((*)) net income attributable to the Company's shareholders in the second quarter of 2019 was $64.3 million (6.0% of revenues), as compared to $61.0 million (6.8% of revenues) in the second quarter of 2018. GAAP net income attributable to the Company's shareholders in the second quarter of 2019 was $53.8 million (5.1% of revenues), as compared to $91.9 million (10.3% of revenues) in the second quarter of 2018.
Non-GAAP((*)) diluted net earnings per share attributable to the Company's shareholders were $1.46 for the second quarter of 2019, as compared to $1.43 for the second quarter of 2018. GAAP diluted earnings per share in the second quarter of 2019 were $1.22, as compared to $2.15 for the second quarter of 2018.
The Company's backlog of orders as of June 30, 2019 totaled $9,796 million, as compared to $8,065 million as of June 30, 2018. Approximately 60% of the current backlog is attributable to orders from outside Israel. Approximately 56% of the current backlog is scheduled to be performed during the second half of 2019 and 2020.
_____________
* see page 3
Operating cash flows used in the six months ended June 30, 2019 was $91.5 million, as compared to $1.1 million used in the six months ended June 30, 2018.
Investing cash flows include approximately $344.9 million in proceeds from factoring of the premises evacuation asset related to the IMI acquisition.
Financing cash flows include approximately $184.8 million in proceeds resulting from the issuance of shares to institutional investors.
Adoption of New Accounting Standard:
The Company adopted Accounting Standards Update (ASU) 2016-02, Leases (ASC 842), effective January 1, 2019, using a modified retrospective transition method. Consequently, periods prior to January 1, 2019 are not restated for the adoption of ASU 2016-02.
Leases (ASC 842), as amended, requires lessees to recognize a Right of Use (ROU) asset and lease liability on the balance sheet for most lease arrangements and expands disclosures about leasing arrangements for both lessees and lessors, among other items. We adopted ASU 2016-02 using the optional transition method whereby we applied the new lease requirements under ASU 2016-02 through a cumulative-effect adjustment.
On January 1, 2019, we recognized approximately $377 million of ROU operating lease assets and lease liabilities as a result of adopting this standard. As part of our adoption, we elected all of the available practical expedients with the exception of the practical expedient permitting the use of hindsight when determining the lease term and assessing impairment of ROU assets. The adoption of the standard increased our financial expenses in the first half of 2019 in the amount of $14.5 million as a result of exchange rate differences on lease liabilities denominated in foreign currencies (mainly NIS). The comparative periods have not been restated for the adoption of ASU 2016-02.
* Non-GAAP financial data:
The following non-GAAP financial data is presented to enable investors to have additional information on the Company's business performance as well as a further basis for periodical comparisons and trends relating to the Company's financial results. The Company believes such data provides useful information to investors by facilitating more meaningful comparisons of the Company's financial results over time. Such non-GAAP information is used by the Company's management to make strategic decisions, forecast future results and evaluate the Company's current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies.
The non-GAAP financial data includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, the Company factors out items such as those that have a non-recurring impact on the income statements, various non-cash items, including significant exchange rate differences, significant effects of retroactive tax legislation and changes in accounting guidance and other items, which in management's judgment, are items that are considered to be outside of the review of core operating results.
In the Company's non-GAAP presentation, the Company made certain adjustments, as indicated in the table below.
These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.
Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data:
---
(US Dollars in millions, except per share amount)
Six Months Ended
Three Months Ended Year Ended
June 30, June 30, December 31,
2019 2018 2019 2018 2018
---
GAAP gross profit $
566.0 $
485.4 $
288.4 $
250.0 $
976.2
Adjustments:
---
Amortization of
purchased intangible
assets 11.7 9.2 5.9 4.8 19.1
Expenses related to
IMI acquisition - 66.6
Non-GAAP gross
profit $
577.7 $
494.6 $
294.3 $
254.8 $
1,061.9
Percent of revenues 27.7% 28.9% 27.7% 28.6% 28.8%
GAAP operating income $
156.3 $
175.1 $
80.3 $
111.8 $
292.8
Adjustments:
---
Amortization of
purchased intangible
assets 18.5 12.8 9.3 6.7 26.5
Expenses related to
IMI acquisition - 66.8
Gain from changes in
holdings (1.2) (45.4) (45.4) (45.4)
Non-GAAP operating
income $
173.6 $
142.5 $
89.6 $
73.1 $
340.7
Percent of revenues 8.3% 8.3% 8.4% 8.2% 9.2%
GAAP net income
attributable to Elbit $
104.3 $
141.6 $
53.8 $
91.9 $
206.7
Systems' shareholders
Adjustments:
---
Amortization of
purchased intangible
assets 18.5 12.8 9.3 6.7 26.5
Expenses related to
IMI acquisition - 66.8
Impairment of
investment - 5.1 5.1 17.6
Exchange rate
differences (*) 15.5 3.7 7.0 3.5 3.4
Gain from changes in
holdings (5.8) (45.4) (4.6) (45.4) (45.4)
Related tax benefits (2.4) (1.7) (1.2) (0.8) (8.1)
Non-GAAP net income
attributable to $
130.1 $
116.1 $
64.3 $
61.0 $
267.5
Elbit Systems' shareholders
Percent of revenues 6.2% 6.8% 6.0% 6.8% 7.3%
GAAP diluted net EPS $
2.40 $
3.31 $
1.22 $
2.15 $
4.84
Adjustments, net 0.60 (0.59) 0.24 (0.72) 1.42
Non-GAAP diluted net
EPS $
3.00 $
2.72 $
1.46 $
1.43 $
6.26
(*) Exchange rate differences in the first half of 2019 included exchange rate differences of $ 14.5 million on lease contracts as a result of the implementation of ASC 842, effective as of January 1, 2019, as well as other assets and liabilities denominated in currencies other than U.S.
dollars.
Recent Events:
On June 16, 2019, the Company announced that its wholly-owned subsidiary, Elbit Systems - Cyclone Ltd., was awarded an approximately $50 million contract for the supply of structural parts from composite materials for an aircraft of a customer in North America. The contract will be performed over six years.
On June 19, 2019, the Company announced that it was awarded an approximately $73 million contract from Diehl Defence GmbH & Co. KG to provide J-MUSIC(TM) Directed Infrared Counter Measure systems for the German Air Forces' Airbus A400M aircraft. The contract will be performed over a four-year period.
On June 25, 2019, the Company announced that its subsidiary, BrightWay Vision Ltd. (BWV), raised a $25 million investment from Koito Manufacturing Co, Ltd. and Magenta Venture Partners, following which they hold approximately 38.5% of BWV's shares, on a fully diluted basis.
On June 26, 2019, the Company announced, further to its announcement of August 17, 2017, that on June 25, 2019, the United States Court of Appeals for the Federal Circuit in Washington, DC ruled completely in Elbit Systems' favor against Hughes Network Systems, LLC for infringing an Elbit Systems patent relating to high-speed satellite communications, U.S. Patent No. 6,240,073.
On June 26, 2019, the Company announced that its subsidiary in the U.S., Elbit Systems of America, LLC ("Elbit Systems of America"), was awarded an approximately $26 million contract from the United States Customs and Border Protection (CBP) to install an Integrated Fixed Towers (IFT) system in the U.S. Border Patrol Casa Grande Area of Responsibility (AoR) in Arizona. The project will be performed over a one-year period. To date, Elbit Systems of America has been awarded a number of contracts from CBP to install IFT systems in numerous AoR's covering a total of approximately 200 miles of the Arizona-Mexico border.
On August 7, 2019, the Company announced that it was awarded a contract valued at approximately $80 million to upgrade tanks and supply radio systems for an Army of a country in South East Asia. The contract will be performed over a period of 32 months.
On August 12, 2019, the Company announced that its subsidiary, Elbit Systems of America LLC, ("Elbit Systems of America") was awarded a contract by the U.S. Navy for the supply of components of the for Color Helmet Mounted Display System of the CV-22 aircraft. The contract is in an amount that is not material to Elbit Systems and is expected to be completed by October 2020.
Dividend:
The Board of Directors declared a dividend of $0.44 per share for the second quarter of 2019. The dividend's record date is September 9, 2019. The dividend will be paid from income generated as Preferred Income (as defined under Israel tax laws), on September 23, 2019, net of taxes and levies, at the rate of 20%.
Conference Call:
The Company will be hosting a conference call on Thursday, August 15, 2019 at 9:00 a.m. Eastern Time. On the call, management will review and discuss the results and will be available to answer questions.
To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Numbers: 1-888-407-2553
Canada Dial-in Numbers: 1-888-604-5839
UK Dial-in Number: 0-800-917-9141
ISRAEL Dial-in Number: 03-918-0664
INTERNATIONAL Dial-in Number: +972-3-918-0664
at: 9:00 am Eastern Time; 6:00 am Pacific Time; 2:00 pm UK Time; 4:00 pm Israel Time
This call will also be broadcast live on Elbit Systems' web-site at http://www.elbitsystems.com . An online replay will be available from 24 hours after the call ends.
Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are:
1-888-326-9310 (US and Canada) or +972-3-925-5925 (Israel and International).
About Elbit Systems
Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of airborne, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services, including training and simulation systems.
For additional information, visit: www.elbitsystems.com or follow us on Twitter
Attachments:
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flow
Consolidated revenue distribution by areas of operation and by geographical regions
This press release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1943, as amended) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current fact. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results, performance and trends may differ materially from these forward-looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this release. The Company does not undertake to update its forward-looking statements.
Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.
(FINANCIAL TABLES TO FOLLOW)
ELBIT SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
---
(In thousands of US Dollars)
June 30, 2019 December 31,
2018
---
Unaudited Audited
---
Assets
---
Current assets:
Cash and cash
equivalents
$ 191,810 $
208,479
Short-term bank
deposits and
restricted
deposits 10,825 16,447
Trade and
unbilled
receivables and
contract assets,
net 1,839,624 1,712,915
Other receivables
and prepaid
expenses 197,671 199,148
Inventories, net 1,276,806 1,141,996
Total current
assets 3,516,736 3,278,985
---
Investments in
affiliated
companies and
partnerships and
other companies 198,362 196,180
Long-term trade
and unbilled
receivables and
contract assets 254,779 297,145
Premises
evacuation - 365,436
Long-term bank
deposits and
other
receivables 77,531 42,962
Deferred income
taxes, net 43,316 42,804
Severance pay
fund 285,646 278,732
859,634 1,223,259
---
Operating lease
right of use
assets 368,676
Property, plant
and equipment,
net 711,516 686,620
Goodwill and
other intangible
assets, net 1,293,647 1,261,921
---
Total assets $
6,750,209 $
6,450,785
Liabilities and Equity
---
Short-term bank
credit and loans $
154,536 $
208,821
Current
maturities of
long-term loans
and Series A
Notes 164,006 62,546
Operating lease
liabilities 63,707
Trade payables 758,139 776,100
Other payables
and accrued
expenses 1,095,463 1,081,992
Contract
liabilities 812,704 780,994
3,048,555 2,910,453
---
Long-term loans,
net of current
maturities 126,528 467,649
Series A Notes,
net of current
maturities - 56,303
Employee benefit
liabilities 748,830 736,798
Deferred income
taxes and tax
liabilities, net 88,310 78,677
Operating lease
liabilities 319,751
Contract
liabilities 89,769 175,890
Other long-term
liabilities 202,558 170,607
1,575,746 1,685,924
---
Elbit Systems
Ltd.'s equity 2,103,016 1,832,453
Non-controlling
interests 22,892 21,955
Total equity 2,125,908 1,854,408
---
Total liabilities
and equity $
6,750,209 $
6,450,785
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
---
(In thousands of US Dollars, except for share and per share amount)
Six Months Ended Three Months Ended Year Ended
June 30, December 31,
June 30,
2019 2018 2019 2018 2018
---
Unaudited
Unaudited Audited
Revenues $
2,085,704 $
1,710,694 $
1,063,981 $
892,166 $
3,683,684
Cost of revenues 1,519,689 1,225,283 775,588 642,180 2,707,505
Gross profit 566,015 485,411 288,393 249,986 976,179
Operating expenses:
---
Research and
development, net 154,658 144,740 77,303 76,555 287,352
Marketing and selling,
net 145,405 138,119 73,573 69,949 281,014
General and
administrative, net 110,866 72,784 57,226 37,045 160,348
Other operating
income, net (1,234) (45,367) (45,367) (45,367)
Total operating
expenses 409,695 310,276 208,102 138,182 683,347
Operating income 156,320 175,135 80,291 111,804 292,832
Financial expenses,
net(*) (34,254) (20,994) (20,329) (10,745) (44,061)
Other (expenses)
income, net (1,807) (5,088) 1,623 (5,110) (11,449)
Income before income
taxes 120,259 149,053 61,585 95,949 237,322
---
Taxes on income (20,924) (13,639) (10,825) (7,277) (26,445)
99,335 135,414 50,760 88,672 210,877
---
Equity in net earnings
(losses) of 5,741 6,445 3,494 3,311 (2,222)
affiliated companies and partnerships
Net income $
105,076 $
141,859 $
54,254 $
91,983 $
208,655
Less: net income
attributable to non- (800) (299) (434) (53) (1,917)
controlling interests
Net income
attributable to Elbit $
104,276 $
141,560 $
53,820 $
91,930 $
206,738
Systems Ltd.'s shareholders
Earnings per share attributable to Elbit Systems Ltd
.'s shareholders:
---
Basic net earnings per
share $
2.41 $
3.31 $
1.23 $
2.15 $
4.84
Diluted net earnings
per share $
2.40 $
3.31 $
1.22 $
2.15 $
4.84
Weighted average number of shares (in thousands)(**)
---
Shares used in
computation of basic 43,340 42,752 43,927 42,753 42,753
earnings per share
Shares used in
computation of
diluted 43,391 42,754 44,026 42,755 42,753
earnings per share
(*) Financial expenses in the first half of 2019 included exchange rate differences of $14.5 million on lease contracts as a result of the implementation of ASC 842.
(**) During the second quarter of 2019 the Company issued 1,408,921 shares to institutional investors.
ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
---
(In thousands of US dollars)
Six Months Ended Year Ended
June 30, December 31,
2019 2018 2018
---
Unaudited Audited
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $
105,076 $
141,859 $
208,655
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and
amortization 66,854 56,413 118,205
Adjustment to fair value
investment - 5,114 13,334
Stock-based compensation 1,951 1,387
Amortization of Series A
Notes premium and
related issuance costs,
net (46) (46) (92)
Deferred income taxes and
reserve, net 9,267 1,305 13,724
Loss (gain) on sale of
property, plant and
equipment (432) (89) 2,080
Loss (gain) on sale and
revaluation of
investments (4,479) (43,201) (41,822)
Equity in net earnings of
affiliated companies and
partnerships, net of
dividend 411 (4,093) 17,929
received (*)
Changes in operating assets and
liabilities, net of amounts acquired:
Decrease (increase) in
short and long-term
trade and unbilled
receivables and (78,562) 18,077 (89,099)
contract assets and prepaid expenses
Increase in inventories,
net (134,370) (136,949) (117,221)
Decrease in trade
payables, other payables
and accrued expenses (5,638) (91,660) (89,956)
Severance, pension and
termination indemnities,
net 3,012 439 (31,363)
Increase (decrease) in
contract liabilities (54,515) 51,689 185,898
Net cash provided by
(used in) operating
activities (91,471) (1,142) 191,659
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property,
plant and equipment and
other assets (64,904) (48,374) (102,301)
Acquisition of
subsidiaries and
business operations (5,634) (127,569) (504,447)
Proceeds from premises
evacuation 344,913
Investments in affiliated
companies and other
companies (1,350) (3,748) (7,538)
Deconsolidation of
subsidiary - (2,873) (2,873)
Proceeds from sale of
property, plant and
equipment 1,039 1,106 4,388
Investment in long-term
deposits (289) (180) (183)
Proceeds from sale of
long-term deposits 350 67 82
Investment in short-term
deposits and marketable
securities (15,649) (5,072) (10,361)
Proceeds from sale of
short-term deposits and
marketable securities 21,856 18,104 30,363
Net cash provided by
(used in) investing
activities 280,332 (168,539) (592,870)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of
options - 48 48
Issuance of shares 184,840
Repayment of long-term
loans (241,984) (28) (775)
Proceeds from long-term
loans - 340,386 342,528
Repayment of Series A
Notes (55,532) (55,532)
Dividends paid (38,273) (18,827) (75,305)
Change in short-term
bank credit and loans,
net (54,581) (120,995) 242,652
Net cash (used in)
provided by financing
activities (205,530) 200,584 453,616
Net increase (decrease)
in cash and cash
equivalents (16,669) 30,903 52,405
Cash and cash equivalents
at the beginning of the
year 208,479 156,074 156,074
Cash and cash equivalents
at the end of the period $
191,810 $
186,977 $
208,479
* Dividend received from
affiliated companies and
partnerships $
6,152 $
2,352 $
15,707
ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES
Consolidated Revenues by Areas of Operation:
---
Six months ended June 30,
Three months ended June 30,
2019 2018 2019 2018
$ millions %
$ millions %
$ millions %
$ millions %
---
Airborne
systems 781.3 37.5 678.3 39.7 412.9 38.8 367.3 41.2
Land systems 565.5 27.1 256.5 15.0 262.0 24.6 142.1 15.9
C4ISR systems 505.4 24.2 563.1 32.9 261.9 24.6 287.9 32.3
Electro-optic
systems 171.3 8.2 154.8 9.0 93.4 8.8 66.8 7.5
Other (mainly
non-defense 62.2 3.0 58.0 3.4 33.8 3.2 28.1 3.1
engineering and
production services)
Total 2,085.7 100.0 1,710.7 100.0 1,064.0 100.0 892.2 100.0
Consolidated Revenues by Geographical Regions:
---
Six months ended June 30,
Three months ended June 30,
---
2019 2018 2019 2018
$ millions %
$ millions %
$ millions %
$ millions %
---
Israel 494.3 23.7 351.9 20.6 232.4 21.8 166.3 18.6
North
America 575.3 27.6 461.2 27.0 299.6 28.2 252.5 28.3
Europe 388.0 18.6 315.7 18.5 191.5 18.0 162.9 18.3
Asia-
Pacific 483.9 23.2 364.0 21.3 267.3 25.1 190.4 21.3
Latin
America 72.6 3.5 91.0 5.3 40.8 3.8 50.9 5.7
Other
countries 71.6 3.4 126.9 7.3 32.4 3.1 69.2 7.8
Total 2,085.7 100.0 1,710.7 100.0 1,064.0 100.0 892.2 100.0
Company Contact:
Joseph Gaspar, Executive VP & CFO
Tel: +972-772946663
j.gaspar@elbitsystems.com
David Vaaknin, VP, Head of Corporate Communications
Tel: +972-772946691
david.vaaknin@elbitsystems.com
Elbit Systems Ltd.
IR Contact:
Ehud Helft
Kenny Green
GK Investor Relations
Tel: 1-646-201-9246
elbitsystems@gkir.com
View original content:http://www.prnewswire.com/news-releases/elbit-systems-reports-second-quarter-2019-results-300902335.html
SOURCE Elbit Systems Ltd.
