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Elbit Systems Reports Strong First Quarter 2009 Results

Written by thomas · Filed Under Aeronautics News 

May 20, 2009

thomas

Elbit Systems Ltd. (the “Company”) (NASDAQ: ESLT, TASE: ESLT), the international defense company, today reported its consolidated financial results for the first quarter ended March 31, 2009.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080408/300441 )

Consolidated revenues increased by 6.6% to $656.9 million, as compared to $616.1 million in the first quarter of 2008. The Company’s revenues in the C4ISR area of operations increased significantly in the first quarter of 2009 compared to the first quarter of 2008, as a result of increased sales of communication equipment and unmanned air vehicle systems to a number of customers. Other than relatively minor fluctuations, the percentage mix of revenues derived from the various geographical regions remained steady, as compared to the first quarter of 2008.

Gross profit increased by 22% to $208.3 million (31.7% of revenues) for the first quarter of 2009, as compared with gross profit of $170.7 million (27.7% of revenues) in the first quarter of 2008. The strong gross profit margin was primarily the result of a mix of projects performed with higher gross profit, and in part due to the strength of the U.S. Dollar versus the Israeli Shekel during the first quarter of 2009, which affected the labor costs incurred in Shekels.

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