Elbit Systems Q1: Topline Manages To Beat, EPS Misses Estimate, Aerospace Revenues Down 10% & More - Elbit Systems (NASDAQ:ESLT)

Elbit Systems Ltd ESLT reported first-quarter FY23 revenue of $1.393 billion, an increase of 3% year-over-year, beating the consensus of $1.390 billion.
Segment revenues: Aerospace $420.8 million (-10% Y/Y), C4I and Cyber $175.7 million (+19% Y/Y), ISTAR and EW $294.7 million (+17% Y/Y), and Land $301.4 million (+8% Y/Y).
Elbit Systems of America's revenues were $345.3 million (+0.40% Y/Y).
Gross margin expanded by 178 bps to 25.9%; adjusted gross margin was 26.4% for the quarter, versus 24.6% in 1Q22.
Adjusted operating margin was 7.5% versus 4.9% in 1Q22.
Adjusted EPS was $1.70, up from $1.22 a year ago, missing the consensus of $1.73.
Elbit System's net used in operating activities for the quarter totaled $(73.03) million, compared to cash provided of $35.47 million a year ago.
"The financial results in the first quarter reflect the demand for our portfolio of technologically advanced and relevant solutions that resulted in a record order backlog of $15.8 Billion, an increase of 16% compared to the first quarter of 2022," commented Bezhalel (Butzi) Machlis, President and CEO.
Dividend: ESLT declared a dividend of $0.50 per share, payable on July 10, 2023, to the shareholders of record date on June 26, 2023.
Recently, ESLT was awarded a contract worth $305 million to supply Precise & Universal Launching System (PULS) artillery rocket systems to the Royal Netherlands Army. The contract will be performed over five years.
Price Action: ESLT shares closed higher by 0.14% at $193.76 on Friday.

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