ELBIT SYSTEMS REPORTS FIRST QUARTER 2024 RESULTS
Elbit Systems (NASDAQ: ESLT) reported its Q1 2024 results, showing a significant increase in order backlog to $20.4 billion and revenues of $1.6 billion, up from $1.39 billion in Q1 2023. The company's non-GAAP net income was $81 million, with a non-GAAP EPS of $1.81. GAAP net income was $74 million, with a GAAP EPS of $1.65. Notable revenue growth was seen in C4I and Cyber (12%), ISTAR and EW (17%), and Land (26%). However, gross profit margins declined compared to the previous year. Cash flow used in operating activities improved to $6.4 million from $73 million. Management highlighted increased demand from the Israeli Ministry of Defense due to ongoing regional conflicts and announced several new contracts worth hundreds of millions of dollars.
- Order backlog increased to $20.4 billion.
- Q1 2024 revenues grew to $1.6 billion, up from $1.39 billion in Q1 2023.
- Non-GAAP net income rose to $81 million.
- Non-GAAP EPS increased slightly to $1.81 from $1.78.
- Significant revenue growth in C4I and Cyber (12%), ISTAR and EW (17%), and Land (26%).
- Cash flow used in operating activities improved significantly to $6.4 million from $73 million.
- Several new contracts awarded, totaling over $1.1 billion.
- Dividend declared at $0.50 per share.
- Gross profit margin declined to 24.7% from 26.5%.
- GAAP net income margin decreased to 4.7% from 5.7%.
- Financial expenses increased to $31.2 million, mainly due to rising interest rates.
- Higher marketing and selling expenses (5.7% of revenues) and general and administrative expenses (5.2% of revenues).
- Ongoing regional conflicts may cause operational disruptions and supply chain issues.
Insights
Elbit Systems' quarterly financial results present a mixed yet overall positive outlook for the company. The order backlog has surged to a significant
The company's revenue for Q1 2024 stood at
On a net income basis, both GAAP and non-GAAP figures show improvement, with GAAP net income reaching
In summary, while operational costs and external factors introduce some volatility, Elbit Systems demonstrates strong financial health and a promising outlook due to its substantial backlog and diversified revenue streams.
Elbit Systems' performance in Q1 2024 highlights its critical role in the global defense industry. The substantial increase in the order backlog to
The increased demand from the Israeli Ministry of Defense due to the 'Swords of Iron' war has significantly influenced the company's operations. This surge in local demand underscores Elbit Systems' strategic importance to national defense, while also highlighting the company's ability to respond rapidly to emergent defense needs.
However, the operational challenges, such as supply chain disruptions and the relocation of production lines, pose potential risks. The company's proactive measures, including increased inventory and supply chain monitoring, demonstrate a robust risk management strategy. This proactive approach is important for maintaining production continuity, especially in a volatile geopolitical landscape.
Overall, Elbit Systems' strong market position and its responsiveness to operational challenges reinforce its standing as a vital player in the defense sector.
From a market perspective, Elbit Systems' latest financial results reflect a solid positioning in the defense sector. The notable revenue increase of
The breakdown of revenue by segments illustrates a strategic growth in critical areas, such as electronic warfare and cyber solutions. These segments are becoming increasingly important as modern defense strategies shift towards more technologically advanced solutions. The growth in the C4I and Cyber segment by
Despite a slight decline in gross margins, the company's strategic investments in R&D are likely to pay off in the long run by fostering innovation and maintaining technological edge. Additionally, the awarded contracts, totaling approximately
For retail investors, these positive trends in revenue and order backlog, combined with strategic international contracts and sustained R&D investments, present a promising long-term growth trajectory for Elbit Systems.
Order backlog at
Non-GAAP net income of
Non-GAAP net EPS of
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 view of the Company's business results and trends. For a description of the Company's non-GAAP definitions see page 4 below, "Non-GAAP financial data". Unless otherwise stated, all financial data presented is US-GAAP financial data.
Management Comment:
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented:
"The significant increase in our order backlog, which surpassed
Elbit Systems is continuing to implement its long-term strategy and plans, while strengthening its global presence and maintaining its commitments to customers."
First quarter 2024 results:
Revenues in the first quarter of 2024 were
Aerospace revenues were similar to the revenues in the first quarter of 2023. C4I and Cyber revenues increased by
For distribution of revenues by segments and geographic regions see the tables on page 12.
Non-GAAP(*) gross profit amounted to
Research and development expenses, net were
Marketing and selling expenses, net were
General and administrative expenses, net were
Non-GAAP(*) operating income was
Financial expenses, net were
Taxes on income were
Non-GAAP(*) net income attributable to the Company's shareholders in the first quarter of 2024 was
Non-GAAP(*) diluted net earnings per share attributable to the Company's shareholders were
The Company's order backlog as of March 31, 2024 totaled
Cash flow used in operating activities in the three months ended March 31, 2024 was
___________
* see page 4
Impact of the "Swords of Iron" War on the Company:
On October 7, 2023, Hamas terrorists infiltrated
Since the commencement of hostilities, Elbit Systems has experienced a material increased demand for our products and solutions from the Israel Ministry of Defense (IMOD) compared to the demand levels prior to the war. We have also increased our support to the IMOD, mainly through deliveries of our systems and the dedicated efforts of our employees. At the same time, the Company continues its activities in the international market including through its local subsidiaries. Subject to further developments, which are difficult to predict, the IMOD's increased demand for the Company's products and solutions may continue and could generate material additional orders to the Company.
While the vast majority of our facilities in
Elbit Systems has taken a number of steps to protect the safety and security of our employees, support our increased production, mitigate potential supply chain disruptions and maintain business continuity, among them relocation of production lines from facilities in areas of the country that have been evacuated to other facilities; recruitment of additional employees; increased monitoring of our global supply chain to identify delays, shortages and bottlenecks; rescheduled deliveries to certain of our customers as necessary; and increased inventories.
The extent of the effects of the war on the Company's performance will depend on future developments of the war that are difficult to predict at this time, including its duration and scope. We continue to monitor the situation closely.
* Non-GAAP financial data:
The following non-GAAP financial data, including Adjusted gross profit, Adjusted operating income, Adjusted net income, and Adjusted diluted earnings per share, is presented to enable investors to have additional information on our business performance as well as a further basis for periodical comparisons and trends relating to our financial results. We believe such data provides useful information to investors and analysts by facilitating more meaningful comparisons of our financial results over time. The non-GAAP adjustments exclude amortization expenses of intangible assets related to acquisitions that occurred mainly in prior periods, capital gains related primarily to the sale of investments, restructuring activities, uncompensated costs related to "Swords of Iron" war, non-cash stock based compensation expenses, revaluations of investments in affiliated companies, non-operating foreign exchange gains or losses, one-time tax expenses, and the effect of tax on each of these items. We present these non-GAAP financial measures because management believes they supplement and/or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past, and future periods.
Specifically, management uses Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company's shareholders to measure the ongoing gross profit, operating profit and net income performance of the Company because the measure adjusts for more significant non-recurring items, amortization expenses of intangible assets relating to prior acquisitions, and non-cash expense which can fluctuate year to year.
We believe Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company's shareholders are useful to existing shareholders, potential shareholders and other users of our financial information because they provide measures of the Company's ongoing performance that enable these users to perform trend analysis using comparable data.
Management uses Adjusted diluted earnings per share to evaluate further adjusted net income attributable to the Company's shareholders while considering changes in the number of diluted shares over comparable periods.
We believe adjusted diluted earnings per share is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income attributable to Company's shareholders on a per-share basis.
The non-GAAP measures used by the Company are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.
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. They 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 Supplemental Financial Data: | |||||
(US Dollars in millions, except for per share amounts) | |||||
Three | Three | Year ended | |||
GAAP gross profit | $ 374.1 | $ 361.5 | $ 1,483.0 | ||
Adjustments: | |||||
Amortization of purchased intangible assets(*) | 6.4 | 7.0 | 27.3 | ||
Restructuring of a subsidiary's activities | — | — | 17.5 | ||
Stock based compensation | 0.4 | 0.5 | 1.8 | ||
Uncompensated labor costs related to "Swords of Iron" war | 2.5 | — | 4.3 | ||
Non-GAAP gross profit | $ 383.4 | $ 369.0 | $ 1,533.9 | ||
Percent of revenues | 24.7 % | 26.5 % | 25.7 % | ||
GAAP operating income | $ 105.4 | $ 93.9 | $ 369.1 | ||
Adjustments: | |||||
Amortization of purchased intangible assets(*) | 10.3 | 11.2 | 43.9 | ||
Restructuring of a subsidiary's activities | — | — | 17.5 | ||
Stock based compensation | 2.4 | 3.4 | 12.1 | ||
Uncompensated labor costs related to "Swords of Iron" war | 3.5 | — | 6.1 | ||
Non-GAAP operating income | $ 121.6 | $ 108.5 | $ 448.7 | ||
Percent of revenues | 7.8 % | 7.8 % | 7.5 % | ||
GAAP net income attributable to Elbit Systems' shareholders | $ 73.7 | $ 62.1 | $ 215.1 | ||
Adjustments: | |||||
Amortization of purchased intangible assets(*) | 10.3 | 11.2 | 43.9 | ||
Restructuring of a subsidiary's activities | — | — | 17.5 | ||
Stock based compensation | 2.4 | 3.4 | 12.1 | ||
Uncompensated labor costs related to "Swords of Iron" war | 3.5 | — | 6.1 | ||
Revaluation of investment measured under fair value method | — | — | 3.0 | ||
Non-operating foreign exchange (gains) losses | (7.5) | 3.7 | 12.0 | ||
Tax effect and other tax items, net | (1.7) | (1.4) | (10.9) | ||
Non-GAAP net income attributable to Elbit Systems' shareholders | $ 80.7 | $ 79.0 | $ 298.8 | ||
Percent of revenues | 5.2 % | 5.7 % | 5.0 % | ||
GAAP diluted net EPS | $ 1.65 | $ 1.40 | $ 4.82 | ||
Adjustments, net | 0.16 | 0.38 | 1.88 | ||
Non-GAAP diluted net EPS | $ 1.81 | $ 1.78 | $ 6.70 | ||
(*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies | |||||
Recent Events:
On April 30, 2024, the Company announced that it was awarded a contract in an amount of approximately
On May 5, 2024, the Company announced that it was awarded an initial contract of approximately
On May 8, 2024, the Company announced that it was awarded a contract worth approximately
On May 21, 2024, the Company announced, further to the report in its Annual Report on Form 20-F for the year ended December 31, 2023, filed on March 28, 2024, that it was awarded a group of contracts in an aggregate amount of approximately
On May 23, 2024, the Company announced that it was awarded a contract to supply systems to an international customer, in an amount of approximately
Dividend:
The Board of Directors declared a dividend of
Conference Call:
The Company will be hosting a conference call today, Tuesday, May 28, 2024, 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 Number: 1-866-744-5399
Canada Dial-in Number: 1-866-485-2399
Israel Dial-in Number: 03-918-0644
International Dial-in Number: 972-3-918-0644
at 9:00am Eastern Time; 6:00am Pacific Time; 4:00pm Israel Time
The conference call will also be broadcast live on Elbit Systems' website at https://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: 1-888-782-4291 (US and
About Elbit Systems
Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains.
Driven by its agile, collaborative culture, and leveraging
Elbit Systems employs over 19,000 people in dozens of countries across five continents. The Company reported as of March 31, 2024 approximately
For additional information, visit: https://elbitsystems.com/, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn channels.
Attachments:
Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flows
Consolidated revenue distribution by geographical regions and by segments
Company Contact:
Dr. Yaacov (Kobi) Kagan, EVP & Chief Financial Officer Tel: +972-77-2946663
Dr. David Ravia, Investor Relations Tel: +972-77-2947169
Dalia Bodinger, VP, Communications & Brand Tel: +972-77-2947602 |
This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions about future events. 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, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. 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
Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. 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) | |||
As of March 31, 2024 | As of December 31, 2023 | ||
Assets | |||
Cash and cash equivalents | $ 108,292 | $ 197,429 | |
Short-term bank deposits | 36,627 | 10,518 | |
Trade and unbilled receivables and contract assets, net | 2,909,158 | 2,716,762 | |
Other receivables and prepaid expenses | 294,741 | 285,352 | |
Inventories, net | 2,567,193 | 2,298,019 | |
Total current assets | 5,916,011 | 5,508,080 | |
Investments in affiliated companies and other companies | 149,778 | 145,350 | |
Long-term trade and unbilled receivables and contract assets | 372,386 | 364,719 | |
Long-term bank deposits and other receivables | 82,110 | 87,648 | |
Deferred income taxes, net | 22,357 | 23,423 | |
Severance pay fund | 207,409 | 206,943 | |
Total | 834,040 | 828,083 | |
Operating lease right of use assets | 490,314 | 425,884 | |
Property, plant and equipment, net | 1,143,525 | 1,087,950 | |
Goodwill and other intangible assets, net | 1,873,617 | 1,889,585 | |
Total assets | $ 10,257,507 | $ 9,739,582 | |
Liabilities and Equity | |||
Short-term bank credit and loans | $ 618,772 | $ 576,594 | |
Current maturities of long-term loans and Series B, C and D Notes | 74,460 | 75,286 | |
Operating lease liabilities | 68,743 | 67,390 | |
Trade payables | 1,152,994 | 1,254,126 | |
Other payables and accrued expenses | 1,165,709 | 1,194,347 | |
Contract liabilities | 2,003,884 | 1,656,103 | |
Total current liabilities | 5,084,562 | 4,823,846 | |
Long-term loans, net of current maturities | 32,582 | 41,227 | |
Series B, C and D Notes, net of current maturities | 339,190 | 342,847 | |
Employee benefit liabilities | 505,694 | 510,416 | |
Deferred income taxes and tax liabilities, net | 54,959 | 55,240 | |
Contract liabilities | 517,038 | 354,319 | |
Operating lease liabilities | 421,577 | 363,100 | |
Other long-term liabilities | 290,810 | 298,296 | |
Total long-term liabilities | 2,161,850 | 1,965,445 | |
Elbit Systems Ltd.'s equity | 3,008,280 | 2,947,503 | |
Non-controlling interests | 2,815 | 2,788 | |
Total equity | 3,011,095 | 2,950,291 | |
Total liabilities and equity | $ 10,257,507 | $ 9,739,582 | |
ELBIT SYSTEMS LTD. | ||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||
(In thousands of US Dollars, except for share and per share amounts) | ||||||
Three months | Three months | Year ended | ||||
Revenues | $ 1,553,951 | $ 1,393,488 | $ 5,974,744 | |||
Cost of revenues | 1,179,802 | 1,031,972 | 4,491,790 | |||
Gross profit | 374,149 | 361,516 | 1,482,954 | |||
Operating expenses: | ||||||
Research and development, net | 98,521 | 110,318 | 424,420 | |||
Marketing and selling, net | 89,082 | 80,160 | 359,141 | |||
General and administrative, net | 81,182 | 77,140 | 330,285 | |||
Total operating expenses | 268,785 | 267,618 | 1,113,846 | |||
Operating income | 105,364 | 93,898 | 369,108 | |||
Financial expenses, net | (31,185) | (24,212) | (137,827) | |||
Other income (expenses), net | 5,296 | (1,846) | (4,787) | |||
Income before income taxes | 79,475 | 67,840 | 226,494 | |||
Taxes on income | (11,598) | (8,695) | (22,913) | |||
Income after taxes on income | 67,877 | 59,145 | 203,581 | |||
Equity in net earnings of affiliated companies | 5,849 | 3,028 | 12,275 | |||
Net income | $ 73,726 | $ 62,173 | $ 215,856 | |||
Less: net income attributable to non-controlling interests | (53) | (104) | (725) | |||
Net income attributable to Elbit Systems Ltd.'s shareholders | $ 73,673 | $ 62,069 | $ 215,131 | |||
Earnings per share attributable to Elbit Systems Ltd.'s shareholders: | ||||||
Basic net earnings per share | $ 1.66 | $ 1.40 | $ 4.85 | |||
Diluted net earnings per share | $ 1.65 | $ 1.40 | $ 4.82 | |||
Weighted average number of shares used in computation of: | ||||||
Basic earnings per share (in thousands) | 44,462 | 44,345 | 44,375 | |||
Diluted earnings per share (in thousands) | 44,659 | 44,459 | 44,592 | |||
ELBIT SYSTEMS LTD. | |||||
CONSOLIDATED STATEMENTS OF CASH FLOW | |||||
(In thousands of US Dollars) | |||||
Three months | Three months | Year ended | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | $ 73,726 | $ 62,173 | $ 215,856 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 39,960 | 41,058 | 164,799 | ||
Stock-based compensation | 2,412 | 3,416 | 12,141 | ||
Amortization of series B, C and D related issuance costs, net | 134 | 153 | 579 | ||
Deferred income taxes and reserve, net | 5,036 | 659 | (13,165) | ||
Gain on sale of property, plant and equipment | (322) | (189) | (651) | ||
Loss on sale of investment, remeasurement of investment held under fair value | 158 | — | 4,990 | ||
Equity in net earnings of affiliated companies, net of dividend received (*) | (4,558) | 597 | 10,046 | ||
Changes in operating assets and liabilities, net of amounts acquired: | |||||
Increase in trade and unbilled receivables and prepaid expenses | (204,368) | (101,647) | (96,594) | ||
Increase in inventories, net | (273,806) | (225,366) | (351,594) | ||
Increase (decrease) in trade payables and other payables and accrued expenses | (146,130) | 91,704 | 175,446 | ||
Severance, pension and termination indemnities, net | (9,308) | (10,615) | (24,331) | ||
Increase in contract liabilities | 510,679 | 65,032 | 16,187 | ||
Net cash (used in) provided by operating activities | (6,387) | (73,025) | 113,709 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Purchase of property, plant and equipment and other assets | (80,024) | (36,812) | (187,037) | ||
Acquisition of subsidiaries, net of cash assumed | — | — | (10,380) | ||
Investments in affiliated companies and other companies, net | (250) | (1,200) | (5,416) | ||
Proceeds from sale of property, plant and equipment | 4,362 | 359 | 1,466 | ||
Proceeds from sale of a subsidiary and an investment | 7,376 | — | 151 | ||
Investment in short-term deposits, net | (26,182) | (1,000) | (9,467) | ||
Proceeds from sale of (investment in) long-term deposits, net | (598) | 30 | 83 | ||
Net cash used in investing activities | (95,316) | (38,623) | (210,600) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Issuance of shares | 22 | 3 | 30 | ||
Issuance of commercial paper | — | — | 313,620 | ||
Repayment of long-term loans | (7,402) | (37,366) | (246,231) | ||
Proceeds from long-term bank loans | — | — | 20,000 | ||
Repayment of Series B, C and D Notes | — | — | (62,434) | ||
Dividends paid (**) | (22,231) | (22,171) | (89,248) | ||
Change in short-term bank credit and loans, net | 42,177 | 111,547 | 147,475 | ||
Net cash provided by financing activities | 12,566 | 52,013 | 83,212 | ||
Net decrease in cash and cash equivalents | (89,137) | (59,635) | (13,679) | ||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | $ 197,429 | $ 211,108 | $ 211,108 | ||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | $ 108,292 | $ 151,473 | $ 197,429 | ||
(*) Dividend received from affiliated companies and partnerships | $ 1,384 | $ 3,625 | $ 22,321 | ||
(**) Dividends paid during 2023 included approximately | |||||
ELBIT SYSTEMS LTD. | |||||||
DISTRIBUTION OF REVENUES | |||||||
(In millions of US Dollars) | |||||||
Consolidated revenues by geographical regions:
| |||||||
Three | % | Three | % | ||||
$ 452.1 | 29.1 | $ 255.4 | 18.3 | ||||
North America | 327.2 | 21.1 | 352.3 | 25.3 | |||
384.9 | 24.8 | 368.7 | 26.5 | ||||
307.1 | 19.8 | 338.6 | 24.3 | ||||
34.2 | 2.2 | 30.2 | 2.2 | ||||
Other countries | 48.5 | 3.0 | 48.3 | 3.4 | |||
Total revenue | $ 1,554.0 | 100.0 | $ 1,393.5 | 100.0 | |||
Consolidated revenues by segments: | |||
Three months | Three months | ||
Aerospace | |||
External customers | $ 367.6 | $ 362.2 | |
Intersegment revenue | 54.4 | 58.6 | |
Total | 422.0 | 420.8 | |
C4I and Cyber | |||
External customers | 184.5 | 161.9 | |
Intersegment revenue | 12.5 | 13.8 | |
Total | 197.0 | 175.7 | |
ISTAR and EW | |||
External customers | 297.2 | 249.2 | |
Intersegment revenue | 48.9 | 45.5 | |
Total | 346.1 | 294.7 | |
Land | |||
External customers | 360.7 | 278.6 | |
Intersegment revenue | 19.4 | 22.8 | |
Total | 380.1 | 301.4 | |
ESA | |||
External customers | 344.0 | 341.6 | |
Intersegment revenue | 0.1 | 3.7 | |
Total | 344.1 | 345.3 | |
Revenues | |||
Total revenues (external customers and intersegment) for reportable segments | 1,689.3 | 1,537.9 | |
Less - intersegment revenue | (135.3) | (144.4) | |
Total revenues | $ 1,554.0 | $ 1,393.5 | |
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SOURCE Elbit Systems Ltd.
FAQ
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