Elbit Systems reports second quarter 2020 results
Elbit Systems Ltd., the international high technology company, reported today its consolidated results for the quarter ended June 30, 2020.
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.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: “Our second quarter results demonstrate the resilience of our business during a period in which we continued to face the operational and logistical challenges posed by the COVID-19 pandemic. We are particularly pleased by the improved operating profit margin and cash flow in the quarter.
Our ability to win new business and grow our backlog during the quarter is a testimony to the continued interest in our products and solutions around the world, even during the pandemic. As we look towards a post-pandemic world, our $10.8 billion backlog provides us with good revenue visibility.”
Second Quarter 2020 Results:
Revenues in the second quarter of 2020 were $1,079.4 million, as compared to $1,064.0 million in the second quarter of 2019.
Non-GAAP (*) gross profit amounted to $286.4 million (26.5% of revenues) in the second quarter of 2020, as compared to $294.3 million (27.7% of revenues) in the second quarter of 2019. GAAP gross profit in the second quarter of 2020 was $280.5 million (26.0% of revenues), as compared to $288.4 million (27.1% of revenues) in the second quarter of 2019.
Research and development expenses, net were $79.0 million (7.3% of revenues) in the second quarter of 2020, as compared to $77.3 million (7.3% of revenues) in the second quarter of 2019.