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Elbit Systems Q2 revenues $702.6 million

Staff writer ▼ | August 7, 2014
Elbit Systems Ltd. reported its consolidated results for the quarter ended June 30, 2014. Revenues in the second quarter of 2014 were $702.6 million, as compared to $702.9 million in Q2 2013.
Elbit Systems Ltd
Second quarter   Gross profit at Elbit amounted to $199.4 million
Gross profit amounted to $199.4 million (28.4% of revenues) in the second quarter of 2014, as compared to $203.1 million (28.9% of revenues) in the second quarter of 2013. The non-GAAP gross profit in the second quarter of 2014 was $204.8 million (29.1% of revenues), as compared to $208.5 million (29.7% of revenues) in the second quarter of 2013.

The decrease in the gross profit rate was mainly due to the mix of programs sold in the quarter and the stronger Israeli shekel versus the US dollar in the second quarter of 2014 compared to last year.

Research and development expenses, net, were $52.2 million (7.4% of revenues) in the second quarter of 2014, as compared to $51.5 million (7.3% of revenues) in the second quarter of 2013.

Marketing and selling expenses were $50.3 million (7.2% of revenues) in the second quarter of 2014, as compared to $57.1 million (8.1% of revenues) in the second quarter of 2013. The decrease in the quarter was mainly a result of lower selling expenses related to the mix of marketing efforts in the quarter.

General and administrative expenses were $34.3 million (4.9% of revenues) in the second quarter of 2014, as compared to $27.8 million (4.0% of revenues) in the second quarter of 2013. General and administrative expenses in the second quarter of 2013 benefited from income related to a legal settlement, net of expenses, of $7.6 million.

Operating income was $62.6 million (8.9% of revenues) in the second quarter of 2014, as compared to operating income of $66.7 million (9.5% of revenues) in the second quarter of 2013. The non-GAAP operating income in the second quarter of 2014 was $73.1 million (10.4% of revenues), as compared to $70.5 million (10.0% of revenues) in the second quarter of 2013.

Financial expenses, net, were $8.3 million in the second quarter of 2014, as compared to $12.7 million in the second quarter of 2013. Financial expenses, net, in the second quarter of 2013 were comparatively high due to fluctuations in foreign currencies.


 

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