Elbit Systems Ltd. the international high technology defense company, reported its consolidated results for the first quarter ended March 31, 2024.
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.
First quarter 2024 results:
Revenues in the first quarter of 2024 were $1,554.0 million, as compared to $1,393.5 million in the first quarter of 2023.
Aerospace revenues were similar to the revenues in the first quarter of 2023.
C4I and Cyber revenues increased by 12% in the first quarter of 2024, as compared to the first quarter of 2023 mainly due to radio systems sales in Israel.
ISTAR and EW revenues increased by 17% mainly due to Electronic Warfare and Electro-Optic systems sales in Israel.
Land revenues increased by 26% due to the increase in ammunition and munition sales in Israel.
Elbit Systems of America revenues were similar to the revenues in the first quarter of 2023.
Non-GAAP(*) gross profit amounted to $383.4 million (24.7% of revenues) in the first quarter of 2024, as compared to $369.0 million (26.5% of revenues) in the first quarter of 2023.
GAAP gross profit in the first quarter of 2024 was $374.1 million (24.1% of revenues), as compared to $361.5 million (25.9% of revenues) in the first quarter of 2023.
Research and development expenses, net were $98.5 million (6.3% of revenues) in the first quarter of 2024, as compared to $110.3 million (7.9% of revenues) in the first quarter of 2023.
Marketing and selling expenses, net were $89.1 million (5.7% of revenues) in the first quarter of 2024, as compared to $80.2 million (5.8% of revenues) in the first quarter of 2023.
General and administrative expenses, net were $81.2 million (5.2% of revenues) in the first quarter of 2024, as compared to $77.1 million (5.5% of revenues) in the first quarter of 2023.
Non-GAAP(*) operating income was $121.6 million (7.8% of revenues) in the first quarter of 2024, as compared to $108.5 million (7.8% of revenues) in the first quarter of 2023.
GAAP operating income in the first quarter of 2024 was $105.4 million (6.8% of revenues), as compared to $93.9 million (6.7% of revenues) in the first quarter of 2023.
Financial expenses, net were $31.2 million in the first quarter of 2024, as compared to $24.2 million in the first quarter of 2023.
The financial expenses in 2024 were higher mainly as a result of the significant increase in interest rates, and the required increase in net working capital.
Taxes on income were $11.6 million in the first quarter of 2024, as compared to $8.7 million in the first quarter of 2023.
Non-GAAP(*) net income attributable to the Company’s shareholders in the first quarter of 2024 was $80.7 million (5.2% of revenues), as compared to $79.0 million (5.7% of revenues) in the first quarter of 2023.
GAAP net income attributable to the Company’s shareholders in the first quarter of 2024 was $73.7 million (4.7% of revenues), as compared to $62.1 (4.5% of revenues) in the first quarter of 2023.
Non-GAAP(*) diluted net earnings per share attributable to the Company’s shareholders were $1.81 for the first quarter of 2024, as compared to $1.78 for the first quarter of 2023.
GAAP diluted earnings per share attributable to the Company’s shareholders in the first quarter of 2024 were $1.65, as compared to $1.40 in the first quarter of 2023.
The Company’s order backlog as of March 31, 2024 totaled $20.4 billion.
Approximately 71% of the current backlog is attributable to orders from outside Israel. Approximately 51% of the backlog is scheduled to be performed during the remainder of 2024 and 2025.
Cash flow used in operating activities in the three months ended March 31, 2024 was $6.4 million, as compared to $73.0 million in the three months ended March 31, 2023.
The cash flow in the three months ended March 31, 2024 was affected mainly by the increase in inventories and trade receivables offset by the increase in contract liabilities.
Source: https://mayafiles.tase.co.il/rpdf/1594001-1595000/P1594799-00.pdf
