ELBIT SYSTEMS REPORTS SECOND QUARTER 2024 RESULTS
Elbit Systems reported strong Q2 2024 results, with revenues of $1.6 billion, up 12% year-over-year. Key highlights include:
- Non-GAAP net income of $93 million, up 26% YoY
- Non-GAAP EPS of $2.08, up 26% YoY
- Order backlog of $21.1 billion
- 12% revenue growth driven by increased demand across segments
- Gross profit margin of 24.4% (non-GAAP)
The company saw increased demand from the Israeli Ministry of Defense due to ongoing conflicts. While facing some disruptions, Elbit has taken steps to protect employees, support increased production, and maintain business continuity. Management remains focused on long-term growth and profitability goals.
Elbit Systems ha riportato risultati brillanti per il secondo trimestre del 2024, con ricavi di 1,6 miliardi di dollari, in aumento del 12% rispetto all'anno precedente. I punti salienti includono:
- Utile netto non-GAAP di 93 milioni di dollari, in aumento del 26% su base annua
- EPS non-GAAP di 2,08 dollari, in aumento del 26% su base annua
- Portafoglio ordini di 21,1 miliardi di dollari
- Crescita dei ricavi del 12% sostenuta da una maggiore domanda in tutti i settori
- Margine di profitto lordo del 24,4% (non-GAAP)
L'azienda ha registrato un aumento della domanda da parte del Ministero della Difesa israeliano a causa dei conflitti in corso. Sebbene stia affrontando alcune interruzioni, Elbit ha adottato misure per proteggere i dipendenti, supportare l'aumento della produzione e mantenere la continuità aziendale. La direzione rimane concentrata sugli obiettivi di crescita e redditività a lungo termine.
Elbit Systems reportó resultados sólidos para el segundo trimestre de 2024, con ingresos de 1.6 mil millones de dólares, un aumento del 12% en comparación con el año anterior. Los aspectos más destacados incluyen:
- Ingreso neto no-GAAP de 93 millones de dólares, un incremento del 26% interanual
- EPS no-GAAP de 2.08 dólares, un aumento del 26% interanual
- Cartera de pedidos de 21.1 mil millones de dólares
- Crecimiento de ingresos del 12% impulsado por una mayor demanda en todos los segmentos
- Margen de ganancia bruta del 24.4% (no-GAAP)
La empresa vio un aumento en la demanda por parte del Ministerio de Defensa de Israel debido a los conflictos en curso. A pesar de enfrentar algunas interrupciones, Elbit ha tomado medidas para proteger a sus empleados, apoyar el aumento de la producción y mantener la continuidad del negocio. La dirección sigue enfocada en los objetivos de crecimiento y rentabilidad a largo plazo.
엘빗 시스템즈는 2024년 2분기 강력한 실적을 보고했으며, 수익은 16억 달러로 전년 대비 12% 증가했습니다. 주요 하이라이트는 다음과 같습니다:
- 비-GAAP 순이익 9300만 달러, 전년 대비 26% 증가
- 비-GAAP 주당 순이익( EPS) 2.08 달러, 전년 대비 26% 증가
- 수주 잔고 211억 달러
- 부문 전반의 수요 증가에 힘입어 12%의 수익 성장
- 총 매출 총이익률 24.4% (비-GAAP)
회사는 진행 중인 갈등으로 인해 이스라엘 국방부의 수요 증가를 목격했습니다. 일부 중단에 직면했지만, 엘빗은 직원 보호, 생산 증가 지원 및 사업 지속성을 유지하기 위한 조치를 취했습니다. 경영진은 장기 성장 및 수익성 목표에 집중하고 있습니다.
Elbit Systems a annoncé de solides résultats pour le deuxième trimestre 2024, avec des revenus de 1,6 milliard de dollars, en hausse de 12 % par rapport à l'année précédente. Les faits marquants incluent :
- Revenu net non-GAAP de 93 millions de dollars, en hausse de 26 % sur un an
- BPA non-GAAP de 2,08 dollars, en hausse de 26 % sur un an
- Carnet de commandes de 21,1 milliards de dollars
- Croissance des revenus de 12 % grâce à une demande accrue dans tous les segments
- Marge brute de 24,4 % (non-GAAP)
L'entreprise a observé une augmentation de la demande de la part du ministère israélien de la Défense en raison des conflits en cours. Bien qu'elle ait rencontré certaines interruptions, Elbit a pris des mesures pour protéger les employés, soutenir l'augmentation de la production et maintenir la continuité des affaires. La direction reste concentrée sur les objectifs de croissance et de rentabilité à long terme.
Elbit Systems berichtete über starke Ergebnisse im zweiten Quartal 2024 mit einem Umsatz von 1,6 Milliarden Dollar, was einem Anstieg von 12% im Vergleich zum Vorjahr entspricht. Die wichtigsten Highlights sind:
- Non-GAAP-Nettogewinn von 93 Millionen Dollar, ein Anstieg von 26% im Vergleich zum Vorjahr
- Non-GAAP-EPS von 2,08 Dollar, ein Anstieg von 26% im Vergleich zum Vorjahr
- Auftragsbestand von 21,1 Milliarden Dollar
- Umsatzwachstum von 12%, angetrieben durch erhöhte Nachfrage in allen Segmenten
- Bruttomargen von 24,4% (non-GAAP)
Das Unternehmen verzeichnete eine erhöhte Nachfrage vom israelischen Verteidigungsministerium aufgrund der laufenden Konflikte. Trotz einiger Störungen hat Elbit Maßnahmen ergriffen, um Mitarbeiter zu schützen, die Produktionssteigerung zu unterstützen und die Geschäftskontinuität aufrechtzuerhalten. Das Management bleibt auf langfristiges Wachstum und Rentabilitätsziele konzentriert.
- Revenue increased 12% year-over-year to $1.6 billion
- Non-GAAP net income rose 26% to $93 million
- Non-GAAP EPS grew 26% to $2.08
- Order backlog remained strong at $21.1 billion
- Experiencing increased demand from Israeli Ministry of Defense
- Awarded new contracts worth over $900 million in recent months
- Gross profit margin declined to 24.4% from 26.1% in Q2 2023
- Some operations disrupted due to ongoing conflict in Israel
- Approximately 6% of employees mobilized for reserve duty
- Experiencing supply chain and operational constraints in certain areas
Insights
Elbit Systems' Q2 2024 results demonstrate solid performance with notable growth. Revenues increased by 12% year-over-year to
Profitability improved, with non-GAAP net income rising
The ongoing conflict has led to increased demand from the Israeli Ministry of Defense, potentially generating significant additional orders. While this presents growth opportunities, it also poses operational challenges due to employee mobilization and supply chain disruptions.
Overall, Elbit's financial position remains strong, with the company well-positioned to capitalize on increased defense spending globally.
Elbit Systems' performance reflects the current geopolitical landscape and increasing global defense budgets. The 37% growth in Land segment revenues, primarily due to ammunition and munition sales in Israel, underscores the immediate impact of the ongoing conflict.
The company's diverse portfolio across aerospace, C4I, cyber, ISTAR and electronic warfare positions it well to address evolving battlefield needs. Recent contract wins, including a
The establishment of a new ammunition manufacturing facility signals long-term commitment to meeting increased demand. However, potential supply chain disruptions and operational challenges due to the conflict could impact near-term execution.
Elbit's focus on innovation, evidenced by its
The ongoing 'Swords of Iron' war has significantly impacted Elbit Systems' operations and outlook. The increased demand from the Israeli Ministry of Defense presents both opportunities and challenges. While it could lead to substantial new orders, it also strains the company's production capabilities and workforce.
The mobilization of approximately
Globally, rising geopolitical tensions are likely to drive increased defense spending, benefiting Elbit. The company's strong international presence, with
However, potential supply chain disruptions and the unpredictable nature of the conflict introduce significant uncertainty. Investors should closely monitor the situation's evolution and its impact on Elbit's ability to meet delivery schedules and maintain profitability.
Order backlog at
In this release, the Company is providing US-GAAP results as well as 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:
"Elbit Systems demonstrated a
Second quarter 2024 results:
Revenues in the second quarter of 2024 were
Aerospace revenues were similar to the revenues in the second 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 second 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 June 30, 2024 totaled
Cash flow provided by operating activities in the six months ended June 30, 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; reschedule of deliveries to certain of our customers as necessary; and increase of 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) | |||||||||
Six | Six | Three | Three | Year | |||||
GAAP gross profit | $ 763.8 | $ 733.7 | $ 389.7 | $ 372.2 | |||||
Adjustments: | |||||||||
Amortization of purchased intangible assets(*) | 10.6 | 13.6 | 4.2 | 6.6 | 27.3 | ||||
Restructuring of a subsidiary's activities | — | — | — | — | 17.5 | ||||
Stock based compensation | 0.9 | 1.0 | 0.5 | 0.5 | 1.8 | ||||
Uncompensated labor costs related to "Swords of Iron" war | 4.3 | — | 1.8 | — | 4.3 | ||||
Non-GAAP gross profit | $ 779.6 | $ 748.3 | $ 396.2 | $ 379.3 | |||||
Percent of revenues | 24.5 % | 26.3 % | 24.4 % | 26.1 % | 25.7 % | ||||
GAAP operating income | $ 221.8 | $ 195.5 | $ 116.5 | $ 101.6 | $ 369.1 | ||||
Adjustments: | |||||||||
Amortization of purchased intangible assets(*) | 18.4 | 21.8 | 8.1 | 10.6 | 43.9 | ||||
Restructuring of a subsidiary's activities | — | — | — | — | 17.5 | ||||
Stock based compensation | 5.7 | 6.8 | 3.3 | 3.3 | 12.1 | ||||
Uncompensated labor costs related to "Swords of Iron" war | 6.2 | — | 2.6 | — | 6.1 | ||||
Non-GAAP operating income | $ 252.1 | $ 224.1 | $ 130.5 | $ 115.5 | $ 448.7 | ||||
Percent of revenues | 7.9 % | 7.9 % | 8.0 % | 7.9 % | 7.5 % | ||||
GAAP net income attributable to Elbit Systems' shareholders | $ 152.0 | $ 124.4 | $ 78.4 | $ 62.4 | $ 215.1 | ||||
Adjustments: | |||||||||
Amortization of purchased intangible assets(*) | 18.4 | 21.8 | 8.1 | 10.6 | 43.9 | ||||
Restructuring of a subsidiary's activities | — | — | — | — | 17.5 | ||||
Stock based compensation | 5.7 | 6.8 | 3.3 | 3.3 | 12.1 | ||||
Uncompensated labor costs related to "Swords of Iron" war | 6.2 | — | 2.6 | — | 6.1 | ||||
Revaluation of investment measured under fair value option | 7.4 | — | 7.4 | — | 3.0 | ||||
Non-operating foreign exchange (gains) losses | (12.3) | 2.4 | (4.9) | (1.4) | 12.0 | ||||
Tax effect and other tax items, net | (4.0) | (2.8) | (2.2) | (1.4) | (10.9) | ||||
Non-GAAP net income attributable to Elbit Systems' shareholders | $ 173.4 | $ 152.6 | $ 92.7 | $ 73.5 | $ 298.8 | ||||
Percent of revenues | 5.5 % | 5.4 % | 5.7 % | 5.1 % | 5.0 % | ||||
GAAP diluted net EPS | $ 3.41 | $ 2.79 | $ 1.76 | $ 1.40 | $ 4.82 | ||||
Adjustments, net | 0.48 | 0.63 | 0.32 | 0.25 | 1.88 | ||||
Non-GAAP diluted net EPS | $ 3.89 | $ 3.42 | $ 2.08 | $ 1.65 | $ 6.70 | ||||
(*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation.
Recent Events:
On June 10, 2024, the Company announced that S&P Global Ratings Maalot Ltd., an Israeli rating agency ("Maalot"), issued its rating report regarding Elbit Systems (the "Rating Report"). In its Rating Report, Maalot reaffirmed its long term rating of "ilAA" (on local scaling) with a stable outlook regarding the Company's Series B, C and D Notes, and its short term rating of "ilA-1+" (on local scaling) regarding the Company's Commercial Paper.
On July 29, 2024, the Company announced that it was awarded a contract worth approximately
On August 1, 2024, the Company announced that it was awarded a contract in an amount of approximately
On August 6, 2024, the Company announced that it was awarded a contract worth approximately
On August 8, 2024, the Company announced that it was awarded a contract worth approximately
Dividend:
The Board of Directors declared a dividend of
Conference Call:
The Company will be hosting a conference call today, Wednesday, August 14, 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 20,000 people in dozens of countries across five continents. The Company reported as of June 30, 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 June 30, 2024 | As of December 31, 2023 | ||
Assets | |||
Cash and cash equivalents | $ 120,662 | $ 197,429 | |
Short-term bank deposits | 18,160 | 10,518 | |
Trade and unbilled receivables and contract assets, net | 2,941,362 | 2,716,762 | |
Other receivables and prepaid expenses | 317,340 | 285,352 | |
Inventories, net | 2,698,651 | 2,298,019 | |
Total current assets | 6,096,175 | 5,508,080 | |
Investments in affiliated companies and other companies | 145,727 | 145,350 | |
Long-term trade and unbilled receivables and contract assets | 415,603 | 364,719 | |
Long-term bank deposits and other receivables | 80,777 | 87,648 | |
Deferred income taxes, net | 23,602 | 23,423 | |
Severance pay fund | 195,129 | 206,943 | |
Total | 860,838 | 828,083 | |
Operating lease right of use assets | 526,099 | 425,884 | |
Property, plant and equipment, net | 1,173,176 | 1,087,950 | |
Goodwill and other intangible assets, net | 1,863,299 | 1,889,585 | |
Total assets | $ 10,519,587 | $ 9,739,582 | |
Liabilities and Equity | |||
Short-term bank credit and loans | $ 704,285 | $ 576,594 | |
Current maturities of long-term loans and Series B, C and D Notes | 73,364 | 75,286 | |
Operating lease liabilities | 72,488 | 67,390 | |
Trade payables | 1,276,826 | 1,254,126 | |
Other payables and accrued expenses | 1,222,019 | 1,194,347 | |
Contract liabilities | 2,058,219 | 1,656,103 | |
Total current liabilities | 5,407,201 | 4,823,846 | |
Long-term loans, net of current maturities | 28,330 | 41,227 | |
Series B, C and D Notes, net of current maturities | 272,157 | 342,847 | |
Employee benefit liabilities | 485,364 | 510,416 | |
Deferred income taxes and tax liabilities, net | 56,967 | 55,240 | |
Contract liabilities | 510,379 | 354,319 | |
Operating lease liabilities | 449,815 | 363,100 | |
Other long-term liabilities | 285,092 | 298,296 | |
Total long-term liabilities | 2,088,104 | 1,965,445 | |
Elbit Systems Ltd.'s equity | 3,021,235 | 2,947,503 | |
Non-controlling interests | 3,047 | 2,788 | |
Total equity | 3,024,282 | 2,950,291 | |
Total liabilities and equity | $ 10,519,587 | $ 9,739,582 | |
ELBIT SYSTEMS LTD. | |||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||
(In thousands of US Dollars, except for share and per share amounts) | |||||||||
Six months | Six months | Three months | Three months | Year ended | |||||
Revenues | $ 3,180,108 | $ 2,847,383 | $ 1,626,157 | $ 1,453,895 | $ 5,974,744 | ||||
Cost of revenues | 2,416,274 | 2,113,711 | 1,236,472 | 1,081,739 | 4,491,790 | ||||
Gross profit | 763,834 | 733,672 | 389,685 | 372,156 | 1,482,954 | ||||
Operating expenses: | |||||||||
Research and development, net | 215,320 | 203,750 | 116,799 | 93,432 | 424,420 | ||||
Marketing and selling, net | 176,795 | 181,878 | 87,713 | 101,718 | 359,141 | ||||
General and administrative, net | 149,872 | 152,564 | 68,690 | 75,424 | 330,285 | ||||
Total operating expenses | 541,987 | 538,192 | 273,202 | 270,574 | 1,113,846 | ||||
Operating income | 221,847 | 195,480 | 116,483 | 101,582 | 369,108 | ||||
Financial expenses, net | (60,266) | (56,269) | (29,081) | (32,057) | (137,827) | ||||
Other income (expenses), net | 3,267 | (3,524) | (2,029) | (1,678) | (4,787) | ||||
Income before income taxes | 164,848 | 135,687 | 85,373 | 67,847 | 226,494 | ||||
Taxes on income | (22,859) | (17,943) | (11,261) | (9,248) | (22,913) | ||||
Income after taxes on income | 141,989 | 117,744 | 74,112 | 58,599 | 203,581 | ||||
Equity in net earnings of affiliated companies | 10,341 | 6,852 | 4,492 | 3,824 | 12,275 | ||||
Net income | $ 152,330 | $ 124,596 | $ 78,604 | $ 62,423 | $ 215,856 | ||||
Less: net income attributable to non-controlling interests | (292) | (176) | (239) | (72) | (725) | ||||
Net income attributable to Elbit Systems Ltd.'s shareholders | $ 152,038 | $ 124,420 | $ 78,365 | $ 62,351 | $ 215,131 | ||||
Earnings per share attributable to Elbit Systems Ltd.'s shareholders: | |||||||||
Basic net earnings per share | $ 3.42 | $ 2.81 | $ 1.76 | $ 1.41 | $ 4.85 | ||||
Diluted net earnings per share | $ 3.41 | $ 2.79 | $ 1.76 | $ 1.40 | $ 4.82 | ||||
Weighted average number of shares used in computation of: | |||||||||
Basic earnings per share (in thousands) | 44,469 | 44,346 | 44,476 | 44,348 | 44,375 | ||||
Diluted earnings per share (in thousands) | 44,641 | 44,548 | 44,623 | 44,637 | 44,592 | ||||
ELBIT SYSTEMS LTD. | |||||
CONSOLIDATED STATEMENTS OF CASH FLOW | |||||
(In thousands of US Dollars) | |||||
Six months | Six months | Year ended | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income | $ 152,330 | $ 124,596 | $ 215,856 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 78,122 | 80,735 | 164,799 | ||
Stock-based compensation | 5,705 | 6,761 | 12,141 | ||
Amortization of series B, C and D related issuance costs, net | 248 | 311 | 579 | ||
Deferred income taxes and reserve, net | 6,045 | (448) | (13,165) | ||
Gain on sale of property, plant and equipment | (317) | (232) | (651) | ||
Loss on sale of investment, remeasurement of investments held under fair value method | 7,834 | — | 4,990 | ||
Equity in net (earnings) losses of affiliated companies, net of dividend received (*) | (4,999) | (1,808) | 10,046 | ||
Changes in operating assets and liabilities, net of amounts acquired: | |||||
Increase in trade and unbilled receivables and prepaid expenses | (300,943) | (109,320) | (96,594) | ||
Increase in inventories, net | (405,263) | (269,281) | (351,594) | ||
Increase (decrease) in trade payables and other payables and accrued expenses | (47,845) | (43,738) | 175,446 | ||
Severance, pension and termination indemnities, net | (23,272) | (13,337) | (24,331) | ||
Increase in contract liabilities | 558,352 | 15,032 | 16,187 | ||
Net cash (used in) provided by operating activities | 25,997 | (210,729) | 113,709 | ||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Purchase of property, plant and equipment and other assets | (115,528) | (97,237) | (187,037) | ||
Acquisition of subsidiaries, net of cash assumed | — | (10,380) | (10,380) | ||
Investments in affiliated companies and other companies, net | (1,098) | (1,035) | (5,416) | ||
Proceeds from sale of property, plant and equipment | 4,362 | 590 | 1,466 | ||
Proceeds from sale of a subsidiary and an investment | 7,376 | — | 151 | ||
Investment in short-term deposits, net | (7,591) | (25,584) | (9,467) | ||
Investment in long-term deposits, net | (441) | 83 | 83 | ||
Net cash used in investing activities | (112,920) | (133,563) | (210,600) | ||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Issuance of shares | 6 | 1 | 30 | ||
Issuance of commercial paper | 36,380 | — | 313,620 | ||
Repayment of long-term loans | (11,203) | (226,118) | (246,231) | ||
Proceeds from long-term bank loans | — | — | 20,000 | ||
Repayment of Series B, C and D Notes | (61,862) | (62,434) | (62,434) | ||
Dividends paid (**) | (44,473) | (44,857) | (89,248) | ||
Change in short-term bank credit and loans, net | 91,308 | 578,272 | 147,475 | ||
Net cash provided by financing activities | 10,156 | 244,864 | 83,212 | ||
Net decrease in cash and cash equivalents | (76,767) | (99,428) | (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 | $ 120,662 | $ 111,680 | $ 197,429 | ||
(*) Dividend received from affiliated companies and partnerships | $ 5,342 | $ 5,044 | $ 22,321 | ||
(**) Dividends paid during 2023 included approximately
ELBIT SYSTEMS LTD. | |||||||||||||||||||
DISTRIBUTION OF REVENUES | |||||||||||||||||||
(In millions of US Dollars) | |||||||||||||||||||
Consolidated revenues by geographical regions: | |||||||||||||||||||
Six | % | Six | % | Three | % | Three | % | Year | % | ||||||||||
$ 896.0 | 28.2 | $ 499.9 | 17.6 | $ 444.0 | 27.3 | $ 244.5 | 16.8 | $ 1,167.2 | 19.5 | ||||||||||
695.6 | 21.9 | 690.0 | 24.2 | 368.4 | 22.7 | 337.7 | 23.2 | 1,417.7 | 23.7 | ||||||||||
857.3 | 27.0 | 832.9 | 29.3 | 472.5 | 29.1 | 464.1 | 31.9 | 1,776.4 | 29.7 | ||||||||||
542.8 | 17.1 | 653.9 | 23.0 | 235.7 | 14.5 | 315.3 | 21.7 | 1,263.8 | 21.2 | ||||||||||
73.9 | 2.3 | 58.2 | 2.0 | 39.7 | 2.4 | 28.0 | 1.9 | 120.7 | 2.0 | ||||||||||
Other countries | 114.5 | 3.5 | 112.5 | 3.9 | 65.9 | 4.0 | 64.3 | 4.5 | 228.9 | 3.9 | |||||||||
Total revenue | $ 3,180.1 | 100.0 | $ 2,847.4 | 100.0 | $ 1,626.2 | 100.0 | $ 1,453.9 | 100.0 | $ 5,974.7 | 100.0 | |||||||||
Consolidated revenues by segments: | |||||||||
Six months | Six months | Three months | Three months | Year ended | |||||
Aerospace | |||||||||
External customers | $ 782.2 | $ 784.1 | $ 414.7 | $ 421.9 | $ 1,613.2 | ||||
Intersegment revenue | 120.9 | 123.7 | 66.5 | 65.1 | 260.1 | ||||
Total | 903.1 | 907.8 | 481.2 | 487.0 | 1,873.3 | ||||
C4I and Cyber | |||||||||
External customers | 359.6 | 318.9 | 175.1 | 157.1 | 668.4 | ||||
Intersegment revenue | 25.1 | 25.5 | 12.6 | 11.6 | 52.7 | ||||
Total | 384.7 | 344.4 | 187.7 | 168.7 | 721.1 | ||||
ISTAR and EW | |||||||||
External customers | 561.6 | 492.7 | 264.4 | 243.4 | 996.9 | ||||
Intersegment revenue | 103.3 | 94.7 | 54.4 | 49.3 | 182.5 | ||||
Total | 664.9 | 587.4 | 318.8 | 292.7 | 1,179.4 | ||||
Land | |||||||||
External customers | 741.4 | 554.7 | 380.7 | 276.2 | 1,241.0 | ||||
Intersegment revenue | 41.4 | 40.8 | 22.0 | 17.9 | 65.2 | ||||
Total | 782.8 | 595.5 | 402.7 | 294.1 | 1,306.2 | ||||
ESA | |||||||||
External customers | 735.3 | 697.0 | 391.3 | 355.3 | 1,455.2 | ||||
Intersegment revenue | 1.7 | 3.7 | 1.6 | — | 9.7 | ||||
Total | 737.0 | 700.7 | 392.9 | 355.3 | 1,464.9 | ||||
Revenues | |||||||||
Total revenues (external customers and intersegment) for reportable segments | 3,472.5 | 3,135.8 | 1,783.3 | 1,597.8 | 6,544.9 | ||||
Less - intersegment revenue | (292.4) | (288.4) | (157.1) | (143.9) | (570.2) | ||||
Total revenues | $ 3,180.1 | $ 2,847.4 | $ 1,626.2 | $ 1,453.9 | $ 5,974.7 | ||||
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SOURCE Elbit Systems Ltd.
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