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.
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