Israeli defense firm Elbit Systems said on Monday it expects to write off $60 million in the third quarter due to COVID-19, which has led to a significant slowdown in commercial air traffic.
"As a result of the impact of the COVID-19 pandemic, Elbit Systems experienced reduced demand for the products and services it supplies to the commercial aviation markets," the company said in a statement.
Elbit, which will publish its quarterly results next month, said it will record the write-off in non-cash expenses related to impairment of assets and inventory.
These expenses will be eliminated in the non-GAAP, or adjusted, results as a category of expenses that are not part of the company’s regular on-going business, it said.
console.log("catid body is "+catID);if(catID==120){document.getElementsByClassName("divConnatix")[0].style.display ="none";var script = document.createElement('script'); script.src = 'https://player.anyclip.com/anyclip-widget/lre-widget/prod/v1/src/lre.js'; script.setAttribute('pubname','jpostcom'); script.setAttribute('widgetname','0011r00001lcD1i_12258'); document.getElementsByClassName('divAnyClip')[0].appendChild(script);}else if(catID!=69 && catID!=2){ document.getElementsByClassName("divConnatix")[0].style.display ="none"; var script = document.createElement('script'); script.src = 'https://static.vidazoo.com/basev/vwpt.js'; script.setAttribute('data-widget-id','60fd6becf6393400049e6535'); document.getElementsByClassName('divVidazoo')[0].appendChild(script); }