HAIFA, Israel , March 5, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today that it expects to record non-cash expenses of approximately $52 million in the fourth quarter of 2023. The expenses are related to the write-off of inventory due to the closing of an underperforming subsidiary with limited synergies to the Company, and of contract assets related to a discontinued project managed under the subsidiary. Approximately $34 million of th ...

HAIFA, Israel, Feb. 26, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company"), announced today, following its announcement from August 16, 2023, that it was awarded a contract worth approximately $600 million to supply systems to Hanwha Defense Australia for the Australian Land 400 Phase 3 Project. This project aims to deliver advanced protection, fighting capabilities and sensors suite to the Redback Infantry Fighting Vehicles (IFV) for the Australian Army. ...

Conference Call Scheduled for March 26, 2024 at 9:00am ETHAIFA, Israel, Feb. 26, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems") announced today that it will be releasing its fourth quarter and full year 2023 financial results on Tuesday, March 26, 2024. Results Conference CallThe Company will host a conference call on March 26, 2024, at 9:00am Eastern Time. On the call, management will review and discuss the results and will be available to answer questions. To partici ...

HAIFA, Israel, Feb. 20, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today that it was awarded a contract in an amount of approximately $300 million to supply weapon, reconnaissance, driving, and situational awareness systems for approximately 230 armored vehicles, to a European customer. The contract will be performed over a period of six years and includes custom design, production, lifecycle maintenance and complete in-country support.  ...

Financial Data and Key Metrics Changes - Third quarter revenues increased by 11% to $1.52 billion compared to $1.34 billion in the third quarter of 2022 [4] - Non-GAAP diluted EPS was $1.65 in the third quarter compared with $1.40 in 2022, while GAAP diluted EPS was $1.36 for the third quarter compared with $1.26 in 2022 [7] - Non-GAAP operating income was $117 million or 7.8% of revenues, compared to $84.3 million or 6.3% of revenues last year [62] - GAAP operating income for the third quarter was $106.1 million or 7.1% of revenues versus $73.4 million or 5.4% of revenues in the third quarter of 2022 [62] - The backlog of orders as of September 30, 2023, was $16.6 billion, approximately $1.9 billion higher than the backlog at the end of the third quarter of 2022 [88] Business Line Data and Key Metrics Changes - Aerospace revenues increased by 24% in the third quarter of 2023 compared to the third quarter of 2022, mainly due to training and simulation sales in Europe and UAS sales in Asia Pacific [4] - C4I and Cyber revenues increased by 9% year-over-year, mainly due to radio system sales in Europe [4] - Land revenues increased by 7%, mainly due to artillery and weapon station sales [4] - Elbit Systems of America revenues declined 2% in the third quarter due to lower precision guided munition sales [85] Market Data and Key Metrics Changes - Europe was the largest market, contributing 33% of group revenues; North America contributed 24%; Asia Pacific contributed 21%; and Israel contributed 15% of revenues [5] - European revenues increased due to growth in sales of radio systems, artillery, weapon station, and training and simulation solutions [85] - Israel revenues declined mainly due to lower ammunition sales in the quarter [86] Company Strategy and Development Direction - The company is implementing an operational improvement plan to support transformation into a larger, more profitable entity [15] - The war in Israel has not changed long-term plans but has increased focus on the portfolio to identify capability or technology gaps [15] - The company is exploring M&A opportunities to enhance capabilities and divest less relevant businesses [22][104] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming short-term challenges and delivering on long-term potential [9] - The impact of the war on financial results is uncertain and will depend on future developments [60] - The company has ramped up production to support the IDF while maintaining deliveries to international customers [66] Other Important Information - The effective tax rate in the third quarter was 15% compared to 13% in 2022 [7] - Operating cash flow in the third quarter was an $11 million inflow compared to $178 million inflow in the same quarter last year [64] - The company has increased production capacity by adding shifts and hiring temporary employees to support operations [66] Q&A Session Summary Question: Will the mobilization of employees have a financial impact? - Management indicated that the mobilization of approximately 15% of the workforce would not contribute financially in the quarter, but temporary employees are being recruited to mitigate disruptions [25][80] Question: What is the status of the supplemental funding request from the US? - Management expects to receive part of the supplemental funding package, which could present significant opportunities for the company [77] Question: Are there any differences in margins for rush orders from Israel? - Management stated that there is no difference in margins for rush orders compared to usual margins [34] Question: What is the potential for the Sayyad system in other markets? - Management noted that there is significant interest in the Sayyad system, with several international customers already engaged [47]

Earnings Release ELBIT SYSTEMS REPORTS THIRD QUARTER 2023 RESULTS Backlog of orders at $16.6 billion; Revenues of $1.5 billion; Non-GAAP net income of $73.5; GAAP net income of $60.7 million; Non-GAAP net EPS of $1.65; GAAP net EPS of $1.36 Haifa, Israel, November 28, 2023 – Elbit Systems Ltd. ("Elbit Systems" or the "Company") (NASDAQ and TASE: ESLT), the international high technology defense company, reported today its consolidated results for the third quarter ended September 30, 2023. In this release, t ...

Elbit Systems (NASDAQ:ESLT) Q2 2023 Earnings Conference Call August 15, 2023 9:00 AM ET Company Participants Rami Myerson - Investor Relations Kobi Kagan - Chief Financial Officer Bezhalel Machlis - President, Chief Executive Officer Yossi Gaspar - Senior Executive Vice President, Business Management Conference Call Participants Sheila Kahyaoglu - Jefferies Peter Skibitski - Alembic Global Ella Fried - Bank Leumi Elad Kraus - Meitav Brokerage LTD Boaz Ben-Shitrit - Altshuler Shaham Operator Ladies and gentl ...

[Second Quarter 2023 Financial Results](index=1&type=section&id=Second%20Quarter%202023%20Financial%20Results) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Elbit Systems reported strong second-quarter 2023 results with revenues of **$1.5 billion** and a significant order backlog of **$16.1 billion**, with GAAP net income at **$62.4 million** and Non-GAAP net income at **$70.2 million** Key Financial Metrics | Metric | Value | | :--- | :--- | | Order Backlog | $16.1 billion | | Revenues | $1.5 billion | | GAAP Net Income | $62.4 million | | Non-GAAP Net Income | $70.2 million | | GAAP Diluted EPS | $1.40 | | Non-GAAP Diluted EPS | $1.57 | [Management Commentary](index=1&type=section&id=Management%20Commentary) The CEO highlighted double-digit revenue growth from backlog conversion and sustained demand, noting improved operating profitability from operational programs despite higher interest rates impacting financial expenses, maintaining a positive long-term outlook - Double-digit revenue growth was driven by the conversion of the order backlog, increased capacity, and sustained customer demand[4](index=4&type=chunk) - Operational improvement programs have started to increase operating profitability, aided by easing supply chain and labor market pressures[5](index=5&type=chunk) - Increased financial expenses in the first half of the year were primarily a result of rising interest rates[5](index=5&type=chunk) - The company's portfolio of technological solutions, global presence, and innovative culture are expected to support a positive long-term outlook[6](index=6&type=chunk) [Consolidated Financial Performance](index=1&type=section&id=Consolidated%20Financial%20Performance) The company reported **$1.45 billion** in Q2 2023 revenues, an **11.5%** increase, driven by Aerospace and ISTAR & EW segments, with net income impacted by higher financial expenses despite a robust **$16.1 billion** order backlog and negative operating cash flow [Revenues](index=1&type=section&id=Revenues) Total revenues for Q2 2023 increased by **11.5%** to **$1,453.9 million**, primarily driven by strong growth in the Aerospace and ISTAR & EW segments, alongside a 7% increase in Elbit Systems of America Revenue by Segment (Q2) | Segment | Q2 2023 Revenue (M) | Q2 2022 Revenue (M) | YoY Growth | | :--- | :--- | :--- | :--- | | Aerospace | $487.0 | $408.9 | 19% | | ISTAR and EW | $292.7 | $241.5 | 21% | | Elbit Systems of America | $355.3 | $330.6 | 7% | | Land | $294.1 | $284.9 | 3% | | C4I and Cyber | $168.7 | $167.3 | 1% | [Profitability Analysis](index=2&type=section&id=Profitability%20Analysis) Q2 2023 saw GAAP gross profit at **$372.2 million** and operating income at **$101.6 million**, with net income significantly impacted by a sharp rise in financial expenses due to higher interest rates Profitability Metrics (Q2 2023) | Metric (Q2 2023) | GAAP | Non-GAAP | | :--- | :--- | :--- | | Gross Profit | $372.2M (25.6%) | $378.8M (26.1%) | | Operating Income | $101.6M (7.0%) | $112.2M (7.7%) | | Net Income | $62.4M (4.3%) | $70.2M (4.8%) | | Diluted EPS | $1.40 | $1.57 | - Net financial expenses increased to **$32.1 million** in Q2 2023 from **$9.3 million** in Q2 2022, primarily due to a significant increase in interest rates[12](index=12&type=chunk) - The year-over-year comparison for GAAP net income is affected by capital gains from asset sales that were included in the Q2 2022 results[14](index=14&type=chunk) [Order Backlog and Cash Flow](index=3&type=section&id=Order%20Backlog%20and%20Cash%20Flow) The order backlog reached **$16.1 billion** as of June 30, 2023, with **75%** from international customers, while operating cash flow for H1 2023 was negative **$210.7 million** due to increased working capital - The order backlog as of June 30, 2023, totaled **$16.1 billion**. **75%** of this is from international customers, and **49%** is scheduled for performance through 2024[15](index=15&type=chunk) - Cash flows used in operating activities for the first half of 2023 were **$210.7 million**, primarily affected by an increase in inventories and trade receivables[16](index=16&type=chunk) [GAAP to Non-GAAP Reconciliation](index=3&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) Elbit Systems provides non-GAAP financial data to offer a clearer view of core business performance by excluding non-recurring items and amortization of intangible assets, adjusting Q2 2023 GAAP net income of **$62.4 million** to a Non-GAAP net income of **$70.2 million** - The company uses non-GAAP measures to provide a clearer view of underlying financial performance by excluding items such as amortization of acquired intangible assets, capital gains, and other non-recurring or non-cash expenses[17](index=17&type=chunk)[18](index=18&type=chunk) GAAP to Non-GAAP Net Income Reconciliation (Q2 2023) | Reconciliation Item (Q2 2023, in millions) | Amount | | :--- | :--- | | **GAAP net income attributable to shareholders** | **$62.4** | | Amortization of purchased intangible assets | $10.6 | | Non-operating foreign exchange (gains) | ($1.4) | | Tax effect and other tax items, net | ($1.4) | | **Non-GAAP net income attributable to shareholders** | **$70.2** | [Recent Developments and Corporate Actions](index=5&type=section&id=Recent%20Developments%20and%20Corporate%20Actions) Elbit Systems secured significant contracts, including a **$180 million** order for Watchkeeper X UAS and a **$150 million** contract for PULS rocket launchers, while also announcing board changes and a quarterly dividend [Recent Events & Contract Awards](index=5&type=section&id=Recent%20Events%20%26%20Contract%20Awards) The company announced several significant contract awards, reinforcing its strong order pipeline with key wins including **$180 million** for Watchkeeper X UAS and **$150 million** for PULS rocket launchers - Received a **$180 million** purchase order from Romania for three Watchkeeper X tactical Unmanned Aerial Systems (UAS)[27](index=27&type=chunk) - Awarded a **$114 million** contract to supply two long-range patrol aircraft to an Asian-Pacific country[28](index=28&type=chunk) - Secured a **$150 million** contract to supply PULS™ rocket launchers and long-range rockets to an international customer[29](index=29&type=chunk) - Awarded a **$60 million** contract to supply thousands of 155mm artillery shells to the Israel Defense Forces[30](index=30&type=chunk) [Dividend Declaration](index=5&type=section&id=Dividend%20Declaration) The Board of Directors declared a dividend of **$0.50 per share**, payable on October 23, 2023, with a record date of October 10, 2023 Dividend Information | Dividend Information | Details | | :--- | :--- | | Dividend per Share | $0.50 | | Record Date | October 10, 2023 | | Payment Date | October 23, 2023 | [Financial Statements](index=8&type=section&id=Financial%20Statements) This section presents the detailed unaudited consolidated financial statements as of June 30, 2023, including Balance Sheets, Statements of Income, and Cash Flow, alongside revenue breakdowns by geography and business segment [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2023, total assets increased to **$9.56 billion** driven by inventories and receivables, while total liabilities rose to **$6.77 billion** due to increased short-term bank credit, with equity remaining stable Consolidated Balance Sheet Summary | Balance Sheet Item (in billions) | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | $5.42 | $5.03 | | **Total Assets** | **$9.56** | **$9.22** | | Total Current Liabilities | $4.91 | $4.28 | | **Total Liabilities** | **$6.77** | **$6.46** | | **Total Equity** | **$2.79** | **$2.76** | [Consolidated Statements of Income](index=9&type=section&id=Consolidated%20Statements%20of%20Income) For Q2 2023, revenues reached **$1.45 billion** with net income of **$62.4 million**, a decrease from Q2 2022 primarily due to higher financial expenses and the absence of prior-year operating income Consolidated Income Statement (Q2) | Income Statement (Q2, in millions) | 2023 | 2022 | | :--- | :--- | :--- | | Revenues | $1,453.9 | $1,303.4 | | Gross Profit | $372.2 | $339.7 | | Operating Income | $101.6 | $115.1 | | Net Income | $62.4 | $80.8 | | Diluted EPS | $1.40 | $1.82 | [Consolidated Statements of Cash Flow](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flow) For H1 2023, net cash used in operating activities increased to **$210.7 million**, with net cash provided by financing activities at **$244.9 million**, resulting in a net decrease in cash of **$99.4 million** Consolidated Cash Flow Statement (H1) | Cash Flow (H1, in millions) | 2023 | 2022 | | :--- | :--- | | Net Cash from Operating Activities | ($210.7) | ($133.5) | | Net Cash from Investing Activities | ($133.6) | ($7.5) | | Net Cash from Financing Activities | $244.9 | $129.3 | | **Net Decrease in Cash** | **($99.4)** | **($11.7)** | [Revenue Distribution](index=11&type=section&id=Revenue%20Distribution) In Q2 2023, Europe became the largest market at **31.9%** of total revenues, while Aerospace was the top segment contributor to external revenues at **$421.9 million** Revenue by Geography (Q2 2023) | Revenue by Geography (Q2 2023) | % of Total | | :--- | :--- | | Europe | 31.9% | | North America | 23.2% | | Asia-Pacific | 21.7% | | Israel | 16.8% | | Other | 6.4% | Revenue by Segment (Q2 2023, External) | Revenue by Segment (Q2 2023, External) | Revenue (M) | | :--- | :--- | | Aerospace | $421.9 | | ESA | $355.3 | | Land | $276.2 | | ISTAR and EW | $243.4 | | C4I and Cyber | $157.1 |

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 3 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 financial resul ...

Elbit Systems 2022 Annual Report Conference Call Summary Company Overview - **Company**: Elbit Systems (NASDAQ: ESLT) - **Date of Call**: May 1, 2023 - **Participants**: - Rami Myerson - Investor Relations - Butzi Machlis - President, CEO - Kobi Kagan - CFO - Yossi Gaspar - Senior EVP, Business Management Key Points Industry and Company Context - Elbit Systems operates in the defense and aerospace industry, focusing on advanced technology solutions for military and commercial applications [6][7]. Financial Performance - **Consolidated Revenues**: Increased by 4% to $5.5 billion in 2022 from $5.3 billion in 2021 [11]. - **GAAP Operating Income**: Decreased to $368 million in 2022 from $419 million in 2021 [11]. - **Non-GAAP Operating Income**: $357 million (6.5% of revenues) in 2022 compared to $451 million (8.5% of revenues) in 2021 [11]. - **Stock Price Linked Compensation Expenses**: Approximately $62 million impacted both GAAP and non-GAAP operating income [11]. Segment Performance - **Aerospace**: - Revenues increased by 9% to $1.73 billion in 2022 [12]. - Operating income decreased to $106.8 million (6.2% of revenues) from $129.2 million (8.2% of revenues) in 2021 [12]. - **C4I and Cyber**: - Revenues increased by 8% to $678 million [13]. - Operating income increased to $49 million (7.2% of revenues) from $44.4 million (7.1% of revenues) in 2021 [13]. - **ISTAR and EW**: - Revenues increased by 2% to $1.05 billion [14]. - Operating income decreased to $49.1 million (4.7% of revenues) from $66 million (6.4% of revenues) in 2021 [14]. - **Land**: - Revenues increased by 5% to $1.17 billion [14]. - Operating income decreased to $28.6 million (2.4% of revenues) from $35.6 million (3.2% of revenues) in 2021 [14]. - **Elbit Systems of America (ESA)**: - Revenues decreased by 2% to $1.46 billion [14]. - Operating income decreased to $75 million (5.1% of revenues) from $124.3 million (8.3% of revenues) in 2021 [14]. Strategic Initiatives - **Transformation Goals**: Aiming for annual revenues of $6 billion to $7 billion with improved profitability and cash generation [6][18]. - **Segment Reporting Structure**: New segment reporting structure adopted to enhance transparency and align with operational management [5][7]. - **Investment in Facilities**: Hundreds of millions of dollars invested in new facilities across Israel, the U.S., Germany, and the U.K. to support transformation and backlog conversion [27][31]. Market Outlook - **Supply Chain and Cost Pressures**: Supply chain disruptions and increased electronic component prices affected all segments in 2022, but expected to be less relevant in 2023 [31]. - **Margin Improvement**: Management targets a long-term operating margin of around 10% across all segments [26][27]. Miscellaneous - **Incentive Compensation**: Defined goals for executives include cash generation, profitability, and revenue growth, measured quarterly [21]. - **No IPO Plans for ESA**: Elbit Systems of America will remain integrated within the company, with no plans for an IPO [39]. Conclusion - Elbit Systems is focused on enhancing operational efficiency, improving profitability, and capitalizing on growth opportunities in the defense and aerospace sectors while navigating challenges related to supply chain and cost pressures [6][31].