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UPDATE: Elbit Posts Upbeat Q2 Profit

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Elbit Systems (NASDAQ: ESLT) reported better-than-expected second-quarter profit.

Elbit's quarterly net income declined to $43.9 million, from $49.6 million in the year-ago period. The year-ago results benefited from income related to a legal settlement, net of expenses, of $7.6 million. The company's non-GAAP net income rose to $52.6 million from $50.4 million.

The Haifa, Israel-based company posted quarterly earnings, excluding one-time items, of $1.23 per share, compared to $1.19 per share in the year-ago period.

Its revenue came in at $702.6 million versus $702.9 million. However, analysts were expecting earnings of $1.22 per share on revenue of $718.7 million.

Non-GAAP operating income climbed to $73.1 million, from $70.5 million in the year-ago period. Elbit's backlog of orders climbed to $6.2 billion versus $5.8 billion.

Its research and development expenses, net, rose to $52.2 million from $51.5 million, while marketing and selling expenses fell to $50.3 million from $57.1 million.

Elbit's operating cash flow declined to $15.8 million in the first half of 2014, versus $60.9 million in the year-ago period.

The company also announced its plans to pay a dividend of $0.32 per share in the second quarter.

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems said, "Our second quarter results demonstrate continued solid performance. These achievements are a result of our ongoing efforts to focus on efficiently managing our operations while increasingly leveraging our global inter company resources and synergies.”

Elbit shares fell 0.22% to close at $62.78 yesterday.

Posted-In: profitEarnings News


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