Elbit profits rise 9.4% in Q3

Elbit's US sales totaled $114.5m. for the quarter, accounting for 41.8% of total revenues.

November 16, 2005 07:16
2 minute read.

elbit logo 88. (photo credit: Courtesy)


Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analysis from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief


Third quarter net profit at Elbit Systems Ltd. rose 9.4 percent and revenue hit record levels with the maker of defense systems saying it expects further growth in the fourth quarter. Completion of the second stage of the company's merger with Tadiran Communications had little effect on the company's numbers. For the three months ended September 30, net income grew to $14.6 million from $13.3m. in the parallel period last year, the company said Tuesday. Diluted earnings per share (EPS) were 35 cents compared to 32 cents for the third quarter of 2004, while revenues outpaced analyst estimates, jumping 22% to $273m. from $223.8m. last year. Analyst expectations for EPS had ranged from 33 cents to 41 cents and for revenue from $238.9m. to $258.30m., as compiled by Thomson Financial Network. "We grew in revenues in all aspects of our business," said Joseph Ackerman, CEO and President of Elbit. "Geographically, we saw high growth in the US, which continues to be a strategic market for us." Elbit's US sales totaled $114.5m. for the quarter, accounting for 41.8% of total revenues. Revenue for the first nine months of the year rose nearly 12% to $748.1m. from $669.2m. in the same period 2004. Net Income for the nine-month period dropped slightly to $38.2m. from $38.9m., while EPS decreased to 92 cents from 95 cents. Ackerman said the company expects to show further growth in the fourth quarter due to the high backlog of orders in the third quarter. The company had a backlog at of $2.4b. as of the end of September, a near 12% increase over the $2.15b. recorded at September 30, 2004. Approximately 50% of the 2005 backlog is scheduled to be carried out during the final quarter of the year and in 2006. During the third quarter, Elbit completed its purchase of an additional 5% of Tadiran, as part of the merger between the two companies and Elisra Electronic Systems. The company recorded a $1.2m. one time "in-process R&D write-off" related to the transaction. Once the merger is complete, he added, Elbit will focus its acquisition ambitions on the government's sale of Israel Military Industries. Nevertheless, shares in Elbit dropped 2.3% to NIS 107.20 in Tel Aviv and fell 1.3% to $22.74 in midday trade on the Nasdaq in New York.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

The Teva Pharmaceutical Industries
April 30, 2015
Teva doubles down on Mylan, despite rejection