Currency Depreciation Drops Elbit Systems Third Quarter Revenues

By Juliet Van Wagenen | November 13, 2014
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Elbit Systems
Elbit Systems. Photo: Aeroplans (flickr)

[Avionics Today 11-13-2014] Elbit Systems released its third quarter financial report, reflecting a drop in revenue resulting from increased financial expenses. According to a statement released by the Israel-based company, this expense increase is mainly a result of currency depreciation surrounding the New Israeli Shekel. Revenues for the third quarter were $722.7 million as compared to $730.6 million for the same period in2013.

“As we previously disclosed, our third quarter profit was affected by increased financial expenses. However, as reflected by our operating income, the ongoing business performance continued to show stability in the quarter. We are encouraged by the continued growth in the backlog and by the increase in revenue in Latin America and Asia-Pacific in the quarter,” said Bezhalel Machlis, president and CEO of Elbit Systems.

Notable events in the third quarter include: the signing of an $80 million contract to supply an unspecified Latin American country with Command, Control, Computer and Communications (C4I) systems; an $85 million contract to provide an Asian country with F-5 avionics upgrades; and the recently announced contract with the United States Air Force (USAF) for logistics support of the USAF’s F-16 Head Up Display (HUD).

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