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Elbit Systems posts “solid year”

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Protection business Elbit Devices (TASE: ESLT Nasdaq: ESLT) produced its fourth quarter and total calendar year 2021 financials this early morning.

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Fourth quarter revenue totaled $1.5 billion, 8.8% extra than in the fourth quarter of 2020. Non-GAAP functioning financial gain for the quarter was $120.1 million (8.% of earnings), which compares with an working income of $113.8 million (8.3% of revenue) in the corresponding quarter of 2020. On a GAAP basis, working profit for the fourth quarter was $107.3 million (7.2% of profits), which compares with $104.6 million (7.6% of income) in the corresponding quarter.

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On a non-GAAP foundation, the enterprise posted a quarterly web revenue of $94.9 million (6.4% of profits), which compares with $105. million (7.6% of income) in the corresponding quarter. On a GAAP basis, internet income was $8.2 million (.5% of earnings), which compares with $67.8 million (4.9% of income) in the corresponding quarter.

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For 2021 as a complete, Elbit Methods experienced profits of $5.28 billion, symbolizing a rise of 13.2% in comparison with earnings in 2020. Operating earnings for the yr on a non-GAAP foundation was $450.8 million (8.5% (8.5% of revenue), which compares with $390.1 million (8.4% of earnings) in 2020. On a GAAP foundation, working income last calendar year was $418.5 million (7.9% of profits), which compares with $325.7 million (7.% of revenue) in 2020. The 2020 determine incorporates a $60 million expenditure for generate downs of property and shares since of the coronavirus pandemic.

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Internet financial gain for 2021 on a non-GAAP foundation was $367.6 million (7.% of profits), which compares with $318.5 million (6.8% of earnings) in 2020. On a GAAP foundation, web earnings past 12 months was $274.4 million (5.2% of earnings), which compares with $237.7 million (5.1% of income) in 2020.

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At the stop of 2021, Elbit Devices has an orders backlog of $13.7 billion, up from $11 billion at the conclusion of 2020. 72% of the backlog signifies orders from customers exterior Israel. 60% of the backlog is thanks to be filled in 2022 and 2023.

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Elbit Systems president and CEO Bezhalel Machlis claimed, “2021 was a solid year for Elbit Programs, and the financial benefits point out the sustained need for our products and solutions and devices from customers around the world. Revenues improved by 13% yr above calendar year to $5.3 billion, and a report backlog of $13.7 billion presents us with good visibility. “Elbit Systems’ 2021 success are an outcome of the sizeable investments we have made in new a long time to develop major technological capabilities and develop our positions in essential world protection markets to maintain via cycle advancement. “I consider that Elbit Devices is properly positioned to reward from the growth in the defense sector all over the entire world.”

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On the Tel Aviv Stock Exchange this morning, Elbit Systems’ share selling price is down by just in excess of 1%. Over the previous yr, the company’s share price tag has risen by virtually 65%.

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Printed by Globes, Israel small business news – en.globes.co.il – on March 29, 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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