Elbit Systems Stock Gains As Q2 Result Tops Estimates

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  • Elbit Systems Ltd ESLT reported second-quarter FY21 revenue growth of 20.7% year-over-year to $1.30 billion, beating the consensus of $1.17 billion.
  • Revenues by segments: Airborne systems $516.9 million (+32.7% Y/Y), Land systems $284.3 million (-3.6% Y/Y), C4ISR systems $342.2 million (+43.5% Y/Y), and Electro-optic systems $105.7 million (-19.8% Y/Y).
  • Non-GAAP net EPS improved to $2.11 from $1.56 in 2Q20, beating the consensus of $1.57.
  • The GAAP gross margin was flat at 26%, and on an adjusted basis, the margin expanded by ten bps to 26.6%.
  • The operating income was flat compared to 2Q20 at $117.1 million, and the margin contracted by 186 bps to 9%. On an adjusted basis, the operating margin expanded by 20 bps to 8.8%.
  • Elbit Systems generated cash from operating activities year-to-date of $157.1 million, compared to $169.3 million a year ago.
  • The company's backlog of orders as of June 30, 2021, totaled $13.6 billion, compared to $11.8 billion as of March 31, 2021.
  • The company's Q2 dividend of $0.46 per share is payable on September 13, 2021, with a record date of August 30, 2021.
  • Price Action: ESLT shares are trading higher by 5.77% at $139.77 during the premarket session on the last check Thursday.
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