Top-News
Dienstag,
14.11.2017 10:05
von
PR Newswire
| Aufrufe: 83
Elbit Systems Reports Third Quarter of 2017 Results
Mann mit Smartphone und Tablet (Symbolbild).
© metamorworks / iStock / Getty Images Plus / Getty Images
PR Newswire
HAIFA, Israel, Nov. 14, 2017
HAIFA, Israel, Nov. 14, 2017 /PRNewswire/ --
Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT), (the "Company") the international high technology company, reported today its consolidated results for the quarter ended September 30, 2017.
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 our results, particularly the increase in our backlog, which positions us well for long-term growth. We see ongoing increases in defense budgets, which we have been able to capitalize on in many of our target markets, and during the quarter we announced a number of significant contract wins. This has enabled us to achieve a 12% increase year-over-year in our backlog, with the growth favoring the long-term component. Furthermore, our improved gross and operating profit margins this quarter underscore the fruits of our ongoing effort to improve business efficiencies and build on inter-company synergies. Elbit Systems remains well positioned to benefit over the long-term from the positive momentum in our markets."
Third quarter 2017 results:
Revenues in the third quarter of 2017 were $800.7 million, as compared to $780.8 million in the third quarter of 2016.
Non-GAAP [(*)] gross profit amounted to $256.3 million (32.0% of revenues) in the third quarter of 2017, as compared to $238.1 million (30.5% of revenues) in the third quarter of 2016. GAAP gross profit in the third quarter of 2017 was $251.0 million (31.3% of revenues), as compared to $230.4 million (29.5% of revenues) in the third quarter of 2016.
Research and development expenses, net were $67.1 million (8.4% of revenues) in the third quarter of 2017, as compared to $65.6 million (8.4% of revenues) in the third quarter of 2016.
____________
* see page 3
Marketing and selling expenses, net were $66.9 million (8.4% of revenues) in the third quarter of 2017, as compared to $60.9 million (7.8% of revenues) in the third quarter of 2016. The increase in marketing and selling expenses in the third quarter of 2017 was mainly related to the mix of countries and types of marketing activities for projects in which we invest our marketing efforts.
General and administrative expenses, net were $34.8 million (4.3% of revenues) in the third quarter of 2017, as compared to $36.1 million (4.6% of revenues) in the third quarter of 2016.
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.
Non-GAAP[(*)] operating income was $89.2 million (11.1% of revenues) in the third quarter of 2017, as compared to $77.9 million (10.0% of revenues) in the third quarter of 2016. GAAP operating income in the third quarter of 2017 was $82.2 million (10.3% of revenues), as compared to $78.3 million (10.0% of revenues) in the third quarter of 2016.
Financial expenses, net were $9.3 million in the third quarter of 2017, as compared to $7.3 million in the third quarter of 2016.
Taxes on income were $14.6 million (effective tax rate of 20.0%) in the third quarter of 2017, as compared to $8.9 million (effective tax rate of 12.5%) in the third quarter of 2016. 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. 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.
Equity in net earnings of affiliated companies and partnerships was $3.5 million (0.4% of revenues) in the third quarter of 2017, as compared to $1.4 million (0.2% of revenues) in the third quarter of 2016.
Net income attributable to non-controlling interests was $0.3 million in the third quarter of 2017, as compared to $0.2 million in the third quarter of 2016.
Non-GAAP[(*)] net income attributable to the Company's shareholders in the third quarter of 2017 was $67.3 million (8.4% of revenues), as compared to $62.5 million (8.0% of revenues) in the third quarter of 2016. GAAP net income in the third quarter of 2017 was $61.5 million (7.7% of revenues), as compared to $63.4 million (8.1% of revenues) in the third quarter of 2016.
Non-GAAP[(*)] diluted net earnings per share attributable to the Company's shareholders were $1.57 for the third quarter of 2017, as compared to $1.46 for the third quarter of 2016. GAAP diluted earnings per share in the third quarter of 2017 were $1.44, as compared to $1.48 for the third quarter of 2016.
The Company's backlog of orders as of September 30, 2017 totaled $7,641 million, as compared to $6,836 million as of September 30, 2016. Approximately 73% of the current backlog is attributable to orders from outside Israel. Approximately 45% of the current backlog is scheduled to be performed during 2017 and 2018.
Operating cash flow used in the nine months ended September 30, 2017 was $140.0 million, as compared to $31.5 million used in the nine months ended September 30, 2016.
_____________
* see page 3
Accounting policies update:
ASU 2014-09, "Revenue from Contracts with Customers" (ASC 606), will be effective for the Company beginning January 1, 2018. The Company is adopting ASC 606 effective January 1, 2018 and expects to do so using the modified retrospective method.
The Company has made progress toward completing the evaluation of the potential changes from adopting the new standard on its financial reporting and disclosures. The Company is evaluating the impact of the standard on its revenue streams and some of its significant representative contracts. The Company has significantly progressed in its assessment of the impact on its business processes, controls and systems. We are in the process of implementing changes to business processes, systems and internal controls required to implement and account for the new standard.
The adoption of the new standard may primarily impact the Company's contracts where revenue is currently recognized using the percentage-of-completion units-of-delivery method, with the possible resulting impact being revenue which may be recognized earlier in the performance period as it incurs costs, as opposed to when units are delivered. This change may also impact the Company's balance sheet presentation with a possible decrease in inventories, an increase in contract assets (i.e., unbilled receivables) and a net increase to retained earnings to primarily reflect the impact of converting units-of-delivery contracts to the cost-to-cost method for recognizing revenue and profits.
Our evaluation of the standard and its impact on the financial statements, contracts and required financial controls will continue through the adoption date, including any impacts related to new contracts awarded.
* 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 | | Three Months Ended | | Year Ended | ||||||||||||||
| | 2017 | | 2016 | | 2017 | | 2016 | | 2016 | ||||||||||
| | | | | | | | | | | ||||||||||
| GAAP gross profit | $ | 714.5 | | | $ | 678.7 | | | $ | 251.0 | | | $ | 230.4 | | | $ | 959.6 | |
| Adjustments: | | | | | | | | | | ||||||||||
| Amortization of purchased intangible assets | 16.9 | | | 23.5 | | | 5.3 | | | 7.7 | | | 31.2 | | |||||
| Non-GAAP gross profit | $ | 731.4 | | | $ | 702.2 | | | $ | 256.3 | | | $ | 238.1 | | | $ | 990.8 | |
| Percent of revenues | 30.9 | % | | 30.4 | % | | 32.0 | % | | 30.5 | % | | 30.4 | % | |||||
| | | | | | | | | | | ||||||||||
| | | | | | | | | | | ||||||||||
| GAAP operating income | $ | 215.7 | | | $ | 211.5 | | | $ | 82.2 | | | $ | 78.3 | | | $ | 299.0 | |
| Adjustments: | | | | | | | | | | ||||||||||
| Amortization of purchased intangible assets | 21.7 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 | ||||||||||||||||||
