Elbit Systems Reports Third Quarter of 2016 Results

Non-GAAP^(*) gross profit amounted to $238.1 million (30.5% of revenues) in the third quarter of 2016, as compared to $233.5 million (30.5% of revenues) in the third quarter of 2015. GAAP gross profit in the third quarter of 2016 was $230.4 million (29.5% of revenues), as compared to $223.3 million (29.2% of revenues) in the third quarter of 2015.

Research and development expenses, net were $65.6 million (8.4% of revenues) in the third quarter of 2016, as compared to $61.0 million (8.0% of revenues) in the third quarter of 2015.

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Marketing and selling expenses, net were $60.9 million (7.8% of revenues) in the third quarter of 2016, as compared to $60.6 million (7.9% of revenues) in the third quarter of 2015.

General and administrative expenses, net were $36.1 million (4.6% of revenues) in the third quarter of 2016, as compared to $36.4 million (4.8% of revenues) in the third quarter of 2015.

Other operating income, net in the third quarter of 2016 amounted to $10.5 million. The amount reflects a net gain related to valuation of shares in a newly established Israeli subsidiary due to a third party investment. The subsidiary, established in July 2016, is acting in the area of energy technology solutions for civilian transportation applications.

Non-GAAP^(*) operating income was $77.9 million (10.0% of revenues) in the third quarter of 2016, as compared to $80.3 million (10.5% of revenues) in the third quarter of 2015.  GAAP operating income in the third quarter of 2016 was $78.3 million (10.0% of revenues), as compared to $65.3 million (8.5% of revenues) in the third quarter of 2015.

Financial expenses, net were $7.3 million in the third quarter of 2016, as compared to $6.1 million in the third quarter of 2015.

Taxes on income were $8.9 million (effective tax rate of 12.5%) in the third quarter of 2016, as compared to $10.3 million (effective tax rate of 17.3%) in the third quarter of 2015.  The lower effective tax rate in the third quarter of 2016 was mainly a result of prior years adjustments related to finalizing a tax assessment of a subsidiary. The tax rate was also affected by the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income.

Equity in net earnings of affiliated companies and partnerships was $1.4 million in the third quarter of 2016, as compared to $1.7 million in the third quarter of 2015.

Net income attributable to non-controlling interests was $0.2 million  in the third quarter of 2016, as compared to $1.0 million  in the third quarter of 2015.

Non-GAAP^(*) net income attributable to the Company's shareholders in the third quarter of 2016 was $62.5 million (8.0% of revenues), as compared to $62.3 million (8.1% of revenues) in the third quarter of 2015. GAAP net income in the third quarter of 2016 was $63.4 million (8.1% of revenues), as compared to $49.7 million (6.5% of revenues) in the third quarter of 2015.

Non-GAAP^(*) diluted net earnings per share attributable to the Company's shareholders were $1.46 for the third quarter of 2016, as compared to $1.46 for the third quarter of 2015. GAAP diluted earnings per share in the third quarter of 2016 were $1.48, as compared to $1.16 for the third quarter of 2015.

The Company's backlog of orders as of September 30, 2016, totaled 6,836 million, as compared to 6,420 million as of September 30, 2015. Approximately 69% of the current backlog is attributable to orders from outside Israel. Approximately 48% of the current backlog is scheduled to be performed during 2016 and 2017.

Operating cash flow used in the nine months ended September 30, 2016 was $32.4 million, as compared to $255.7 million provided in the nine months ended September 30, 2015. The deficit in our operating cash flow in 2016 was mainly a result of delay in receipts of cash payments from customers. The Company does not see risk in receiving these payments.

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* 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, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, 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)

	Nine months ended September 30,						Three months ended September 30,						Year Ended December 31,
	2016			2015			2016			2015			2015
GAAP gross profit	678.7			643.7			230.4			223.3			897.1
Adjustments:
Amortization of purchased intangible assets	23.5			20.8			7.7			10.2			29.9
Non-GAAP  gross profit	702.2			664.5			238.1			233.5			927.0
Percent of revenues	30.4	%		29.9	%		30.5	%		30.5	%		29.8	%
GAAP operating income	211.5			190.6			78.3			65.3			268.6
Adjustments:
Amortization of  purchased intangible assets	31.3			34.5			10.1			15.0			48.1
Gain from changes in holdings	(17.6)			—			(10.5)			—			—
Non-GAAP operating income	225.2			225.1			77.9			80.3			316.7
Percent of revenues	9.8	% Werbung Mehr Nachrichten zur Elbit Systems Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 08:29 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Shanta Gold Ltd 08:28 - PR Newswire Samson Rock Capital LLP - Form 8.3 - Gresham Technologies Plc 02:00 - PR Newswire FirstGroup Plc - Transaction in Own Shares Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59