Elbit Systems Reports Second Quarter Of 2015 Results
HAIFA, Israel, Aug. 11, 2015 /PRNewswire/ -- Elbit Systems Ltd. (the "Company") (NASDAQ and TASE: ESLT), the international high technology company, reported today its consolidated results for the quarter ended June 30, 2015.
In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is GAAP financial data.
Management Comment:
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: "We are pleased that the growth in our backlog over the last two years has led to our current positive revenue growth and that the past quarter saw growth both in revenue and in backlog. In addition, we see a continuation of solid performance in geographic regions with strong emerging defense requirements, that have been a strategic focus for us in recent years, particularly Asia-Pacific and Latin America, that together accounted for 39% of our revenues in the quarter.
We also continue to focus on adapting ourselves to market trends in order to meet future customer needs. Just after the close of the quarter, we completed the acquisition of the Cyber & Intelligence division of Nice Systems, and our recently established subsidiary Cyberbit is in the process of integrating the acquired operations into our organization. The acquisition is an important part of our strategy to enhance our cyber capabilities, a sector in which we see strong growth potential over the coming years."
Second quarter 2015 results:
Revenues in the second quarter of 2015 were $749.6 million, as compared to $702.6 million in the second quarter of 2014, a growth of 6.7% mainly due to growth in revenues of Land Systems to Asia Pacific.
Gross profit amounted to $219.3 million (29.2% of revenues) in the second quarter of 2015, as compared to $199.4 million (28.4% of revenues) in the second quarter of 2014. The non-GAAP gross profit in the second quarter of 2015 was $224.7 million (30.0% of revenues), as compared to $204.8 million (29.1% of revenues) in the second quarter of 2014. The increase in the gross profit rate was mainly due to the mix of programs sold in the quarter.
Research and development expenses, net were $57.5 million (7.7% of revenues) in the second quarter of 2015, as compared to $52.2 million (7.4% of revenues) in the second quarter of 2014.
Marketing and selling expenses, net were $60.6 million (8.1% of revenues) in the second quarter of 2015, as compared to $50.3 million (7.2% of revenues) in the second quarter of 2014. The increase in marketing and selling expenses in the second quarter of 2015 was mainly a result of marketing efforts in the U.S. and Asia-Pacific.
General and administrative expenses, net were $35.7 million (4.8% of revenues) in the second quarter of 2015, as compared to $34.3 million (4.9% of revenues) in the second quarter of 2014.
Operating income was $65.5 million (8.7% of revenues) in the second quarter of 2015, as compared to operating income of $62.6 million (8.9% of revenues) in the second quarter of 2014. The non-GAAP operating income in the second quarter of 2015 was $75.4 million (10.1% of revenues), as compared to $73.1 million (10.4% of revenues) in the second quarter of 2014.
Financial expenses, net were $6.2 million in the second quarter of 2015, as compared to $8.3 million in the second quarter of 2014.
Taxes on income were $12.0 million (effective tax rate of 20.2%) in the second quarter of 2015, as compared to $9.9 million (effective tax rate of 18.1%) in the second quarter of 2014. The effective tax rate is affected by the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income.
Equity in net earnings (losses) of affiliated companies and partnerships was a net loss of $0.4 million in the second quarter of 2015, as compared to net earnings of $1.7 million in the second quarter of 2014.
Net income attributable to non-controlling interests was $1.7 million in the second quarter of 2015, as compared to $2.3 million in the second quarter of 2014.
Net income attributable to the Company's shareholders in the second quarter of 2015 was $45.3 million (6.0% of revenues), as compared to $43.9 million (6.2% of revenues) in the second quarter of 2014. The non-GAAP net income in the second quarter of 2015 was $53.5 million (7.1% of revenues), as compared to $52.6 million (7.5% of revenues) in the second quarter of 2014.
Diluted net earnings per share attributable to the Company's shareholders were $1.06 for the second quarter of 2015, as compared with diluted net earnings per share of $1.03 for the second quarter of 2014. The non-GAAP diluted earnings per share in the second quarter of 2015 were $1.25 as compared to $1.23 for the second quarter of 2014.
The Company's backlog of orders for the quarter ended June 30, 2015, totaled $6,305 million as compared to $6,174 million as of June 30, 2014. Approximately 69% of the current backlog is attributable to orders from outside Israel. Approximately 60% of the current backlog is scheduled to be performed during the second half of 2015 and 2016.
Operating cash flow for the six months ended June 30, 2015, was $116.5 million, as compared to $15.8 million in the six months ended June 30, 2014.
Non-GAAP financial data:
The following non-GAAP financial data is presented to enable investors to have additional information on the Company's business performance as well as a further basis for periodical comparisons and trends relating to the Company's financial results. The Company believes such data provides useful information to investors by facilitating more meaningful comparisons of the Company's financial results over time. Such non-GAAP information is used by the Company's management to make strategic decisions, forecast future results and evaluate the Company's current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies.
The non-GAAP financial data includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, significant effects of retroactive tax legislation and changes in accounting guidance and other items, which in management's judgment, are items that are considered to be outside of the review of core operating results.
In the Company's non-GAAP presentation, the Company made certain adjustments, as indicated in the table below.
These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.
|
Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data: | |||||||||
|
(US Dollars in millions) | |||||||||
|
Six Months EndedJune 30, |
Three Months Ended June 30, |
Year EndedDecember 31, | |||||||
|
2015 |
2014 |
2015 |
2014 |
2014 | |||||
|
GAAP gross profit |
420.4 |
392.6 |
219.3 |
199.4 |
825.1 | ||||
|
Adjustments: |
|||||||||
|
Amortization of purchased intangible assets |
10.6 |
10.8 |
5.4 |
5.4 |
21.7 | ||||
|
Non-GAAP gross profit |
431.0 |
403.4 |
224.7 |
204.8 |
846.8 | ||||
|
Percent of revenues |
29.6 % |
29.1 % |
30.0 % |
29.1 % |
28.6 % | ||||
|
GAAP operating income |
125.3 |
122.5 |
65.5 |
62.6 |
246.9 | ||||
|
Adjustments: |
|||||||||
|
Amortization of purchased intangible assets |
19.6 |
21.7 |
9.9 |
10.5 |
43.0 | ||||
|
Gain from changes in holdings |
— |
(6.0) |
— |
— |
(6.0) | ||||
|
Non-GAAP operating income |
144.9 |
138.2 |
75.4 |
73.1 |
283.9 | ||||
|
Percent of revenues |
10.0 % |
10.0 % |
10.1 % |
10.4 % |
9.6 % | ||||
|
GAAP net income attributable to Elbit Systems' shareholders |
89.9 |
92.0 |
45.3 |
43.9 |
171.0 | ||||
|
Adjustments: |
|||||||||
|
Amortization of purchased intangible assets |
19.6 |
21.7 |
9.9 |
10.5 |
43.0 | ||||
|
Gain from changes in holdings |
— |
(6.0) |
— |
— |
(6.0) | ||||
|
Related tax benefits |
(3.3) |
(3.2) |
(1.7) |
(1.8) |
(6.9) | ||||
|
Non-GAAP net income attributable to Elbit Systems' shareholders |
106.2 |
104.5 |
53.5 |
52.6 |
201.1 | ||||
|
Percent of revenues |
7.3 % |
7.5 % |
7.1 % |
7.5 % |
6.8 % | ||||
|
Non-GAAP diluted net EPS |
2.48 |
2.45 |
1.25 |
1.23 |
4.71 | ||||
Recent Events:
On May 21, 2015, the Company announced that it signed an agreement to acquire NICE Systems Ltd.'s (NICE) Cyber and Intelligence division for a total amount of up to $157.9 million, subject to certain customary adjustments. Out of the total amount, $117.9 million will be paid in cash at the time of the closing, expected to take place in the third quarter of 2015, subject to certain closing conditions. An additional amount of up to $40 million will be paid as earn-out, based upon the future business performance of the acquired division's activities.
On July 1, 2015, the Company announced, further to its announcement of May 21, 2015 that it completed the acquisition of the NICE's Cyber and Intelligence division.
On July 2, 2015, the Company announced that its subsidiary, Elbit Systems Land and C4I Ltd. was awarded a contract from the Dutch Ministry of Defense, to supply advanced systems for the infantry soldiers in the Benelux countries - Netherlands, Belgium and Luxemburg. The contract, valued at approximately $150 million, will be performed over a five-year period. Elbit Systems will serve as the program prime contractor, and Thales Netherlands B.V will be its main sub-contractor. Other local companies will take part in the project, providing support and immediate response to the customer's needs.
On August 3, 2015, the Company announced that it recently was awarded two contracts for its MUSIC™ family of directed infra-red countermeasures airborne multi-spectral self-protection systems, representing expansion of the customer base in this strategic business area for Elbit Systems. The first contract is a follow-on contract from an Asian country, to supply its mini MUSIC systems for the customer's Blackhawk helicopter fleet. This is the second order awarded by this customer this year. An additional order, received from a NATO member European country, calls for the supply of C-MUSIC systems. Both contracts will be performed during 2015 and are in amounts that are not material to Elbit Systems.
On August 5, 2015, the Company announced that it was awarded an approximately $45 million contract from a European country for the supply of military communications systems. The contract will be performed over a two-year period.
Dividend:
The Board of Directors declared a dividend of $0.37 per share for the second quarter of 2015. The dividend's record date is August 21, 2015. The dividend will be paid from income generated as Preferred Income (as defined under Israeli tax laws), on September 7, 2015, net of taxes and levies, at the rate of 20%.
Conference Call:
The Company will be hosting a conference call today, Tuesday, August 11, 2015 at 9:00 a.m. Eastern Time. On the call, management will review and discuss the results and will be available to answer questions.
To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Numbers: 1 888 407 2553UK Dial-in Number: 0 800 917 9141ISRAEL Dial-in Number: 03 918 0610INTERNATIONAL Dial-in Number: +972 3 918 0610
at: 9:00 am Eastern Time; 6:00 am Pacific Time; 2:00 pm UK Time; 4:00 pm Israel Time
This call will also be broadcast live on Elbit Systems' web-site at http://www.elbitsystems.com. An online replay will be available from 24 hours after the call ends.
Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are:
1 888 782 42941 (US) or +972 3 925 5925 (Israel and International).
About Elbit SystemsElbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios and cyber-based systems. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems. For additional information, visit: www.elbitsystems.com
Attachments:
Consolidated balance sheetsConsolidated statements of incomeConsolidated statements of cash flowConsolidated revenue distribution by areas of operation and by geographical regions
|
Company Contact:
Joseph Gaspar, Executive VP & CFO Tel: +972-4-8316663 Dalia Rosen, VP, Head of Corporate Communications Tel: +972-4-8316784 |
IR Contact:
Ehud Helft Kenny Green GK Investor Relations Tel: 1-646-201-9246
|
This press release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1943, as amended) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current fact. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results, performance and trends may differ materially from these forward-looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this release. The Company does not undertake to update its forward-looking statements.
Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.
ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS (In thousands of US Dollars) June 30, December 31, 2015 2014 Unaudited Audited Assets Current assets: Cash and cash equivalents $ 152,488 $ 200,407 Short-term bank deposits and marketable securities 65,014 105,519 Trade and unbilled receivables, net 893,705 928,757 Other receivables and prepaid expenses 161,772 145,562 Inventories, net of customers advances 877,553 868,799 Total current assets 2,150,532 2,249,044 Investments in affiliated companies and partnerships 107,133 125,433 Long-term trade and unbilled receivables 185,066 212,725 Long-term bank deposits and other receivables 26,509 18,081 Deferred income taxes, net 67,577 60,224 Severance pay fund 284,280 276,707 670,565 693,170 Property, plant and equipment, net 446,163 441,535 Goodwill and other intangible assets, net 637,590 637,532 Total assets $ 3,904,850 $ 4,021,281 Liabilities and Equity Short-term bank credit and loans $ 259 $ 557 Current maturities of long-term loans and Series A Notes 115,569 81,958 Trade payables 360,173 369,659 Other payables and accrued expenses 705,738 758,760 Customer advances in excess of costs incurred on contracts in progress 337,925 413,223 1,519,664 1,624,157 Long-term loans, net of current maturities 153,508 220,716 Series A Notes, net of current maturities 236,647 293,923 Employee benefit liabilities 402,796 396,639 Deferred income taxes and tax liabilities, net 77,511 68,435 Customer advances in excess of costs incurred on contracts in progress 121,741 120,299 Other long-term liabilities 69,982 58,217 1,062,185 1,158,229 Elbit Systems Ltd.'s equity 1,312,650 1,226,667 Non-controlling interests 10,351 12,228 Total equity 1,323,001 1,238,895 Total liabilities and equity $ 3,904,850 $ 4,021,281
|
ELBIT SYSTEMS LTD. |
|||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME |
|||||||||||||||||||
|
(In thousands of US Dollars, except for share and per share amount) |
|||||||||||||||||||
|
Six Months Ended June 30, |
Three Months Ended June 30, |
Year EndedDecember 31, |
|||||||||||||||||
|
2015 |
2014 |
2015 |
2014 |
2014 |
|||||||||||||||
|
Unaudited |
Unaudited |
Audited |
|||||||||||||||||
|
Revenues |
$ |
1,456,226 |
$ |
1,385,260 |
$ |
749,603 |
$ |
702,647 |
$ |
2,958,248 |
|||||||||
|
Cost of revenues |
1,035,778 |
992,706 |
530,351 |
503,291 |
2,133,151 |
||||||||||||||
|
Gross profit |
420,448 |
392,554 |
219,252 |
199,356 |
825,097 |
||||||||||||||
|
Operating expenses: |
|||||||||||||||||||
|
Research and development, net |
113,117 |
101,161 |
57,505 |
52,219 |
228,011 |
||||||||||||||
|
Marketing and selling, net |
111,897 |
105,261 |
60,569 |
50,283 |
216,537 |
||||||||||||||
|
General and administrative, net |
70,097 |
69,583 |
35,685 |
34,270 |
139,634 |
||||||||||||||
|
Other income, net |
— |
(5,951) |
— |
— |
(5,951) |
||||||||||||||
|
295,111 |
270,054 |
153,759 |
136,772 |
578,231 |
|||||||||||||||
|
Operating income |
125,337 |
122,500 |
65,493 |
62,584 |
246,866 |
||||||||||||||
|
Financial expenses, net |
(11,865) |
(12,933) |
(6,192) |
(8,270) |
(47,498) |
||||||||||||||
|
Other income, net |
77 |
122 |
10 |
88 |
120 |
||||||||||||||
|
Income before income taxes |
113,549 |
109,689 |
59,311 |
54,402 |
199,488 |
||||||||||||||
|
Taxes on income |
(20,625) |
(16,045) |
(11,976) |
(9,859) |
(25,624) |
||||||||||||||
|
92,924 |
93,644 |
47,335 |
44,543 |
173,864 |
|||||||||||||||
|
Equity in net earnings (loss) of affiliated companies and partnerships |
(491) |
2,751 |
(363) |
1,654 |
5,549 |
||||||||||||||
|
Net income |
$ |
92,433 |
$ |
96,395 |
$ |
46,972 |
$ |
46,197 |
$ |
179,413 |
|||||||||
|
Less: net income attributable to non-controlling interests |
(2,574) |
(4,360) |
(1,678) |
(2,315) |
(8,433) |
||||||||||||||
|
Net income attributable to Elbit SystemsLtd.'s shareholders |
$ |
89,859 |
$ |
92,035 |
$ |
45,294 |
$ |
43,882 |
$ |
170,980 |
|||||||||
|
Earnings per share attributable to Elbit Systems Ltd.'s shareholders: |
|||||||||||||||||||
|
Basic net earnings per share |
$ |
2.10 |
$ |
2.16 |
$ |
1.06 |
$ |
1.03 |
$ |
4.01 |
|||||||||
|
Diluted net earnings per share |
$ |
2.10 |
$ |
2.16 |
$ |
1.06 |
$ |
1.03 |
$ |
4.01 |
|||||||||
|
Weighted average number of shares (in thousands) |
|||||||||||||||||||
|
Shares used in computation of basic earningsper share |
42,698 |
42,636 |
42,706 |
42,658 |
42,654 |
||||||||||||||
|
Shares used in computation of diluted earningsper share |
42,724 |
42,661 |
42,734 |
42,682 |
42,677 |
||||||||||||||
|
ELBIT SYSTEMS LTD. | |||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOW | |||||||||||
|
(In thousands of US Dollars) | |||||||||||
|
Six Months Ended June 30, |
Year EndedDecember 31, | ||||||||||
|
2015 |
2014 |
2014 | |||||||||
|
Unaudited |
Audited | ||||||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|||||||||||
|
Net income |
$ |
92,433 |
$ |
96,395 |
$ |
179,413 |
|||||
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|||||||||||
|
Depreciation and amortization |
56,296 |
62,605 |
122,408 |
||||||||
|
Stock-based compensation |
88 |
184 |
322 |
||||||||
|
Amortization of Series A Notes premium and related issuance costs, net |
(46) |
(46) |
(91) |
||||||||
|
Deferred income taxes and reserve, net |
7,653 |
(1,054) |
(47,456) |
||||||||
|
Loss (gain) on sale of property, plant and equipment |
939 |
(1,259) |
(3,266) |
||||||||
|
Gain on sale of investment |
(195) |
(5,879) |
(4,957) |
||||||||
|
Equity in net earnings of affiliated companies and partnerships, net of dividend received (*) |
21,991 |
7,247 |
7,449 |
||||||||
|
Changes in operating assets and liabilities, net of amounts acquired: |
|||||||||||
|
Decrease (increase) in short and long-term trade receivables, and prepaid expenses |
39,856 |
(83,440) |
(67,177) |
||||||||
|
Increase in inventories, net |
(5,064) |
(64,941) |
(112,747) |
||||||||
|
Increase (decrease) in trade payables, other payables and accrued expenses |
(24,211) |
(5,211) |
81,687 |
||||||||
|
Severance, pension and termination indemnities, net |
623 |
(1,587) |
6,282 |
||||||||
|
Increase (decrease) in advances received from customers |
(73,856) |
12,745 |
15,970 |
||||||||
|
Net cash provided by operating activities |
116,507 |
15,759 |
177,837 |
||||||||
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|||||||||||
|
Purchase of property, plant and equipment and other assets |
(50,102) |
(26,988) |
(71,211) |
||||||||
|
Acquisition of subsidiaries and business operations |
(24,386) |
787 |
787 |
||||||||
|
Investments in affiliated companies and other companies |
— |
(3,536) |
(4,620) |
||||||||
|
Proceeds from sale of property, plant and equipment |
7,130 |
7,817 |
24,969 |
||||||||
|
Proceeds from sale of investments |
— |
110 |
110 |
||||||||
|
Investment in long-term deposits |
(43) |
(403) |
(796) |
||||||||
|
Proceeds from sale of long-term deposits |
119 |
602 |
790 |
||||||||
|
Investment in short-term deposits and marketable securities |
(40,328) |
(69,109) |
(89,521) |
||||||||
|
Proceeds from sale of short-term deposits and marketable securities |
80,441 |
40,427 |
59,374 |
||||||||
|
Net cash used in investing activities |
(27,169) |
(50,293) |
(80,118) |
||||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|||||||||||
|
Proceeds from exercise of options |
997 |
3,005 |
3,542 |
||||||||
|
Repayment of long-term loans |
(126,002) |
(95,000) |
(345,839) |
||||||||
|
Proceeds from long-term loans |
78,000 |
196,500 |
376,500 |
||||||||
|
Repayment of Series A Notes |
(55,532) |
(55,532) |
(55,532) |
||||||||
|
Dividends paid(**) |
(34,422) |
(34,732) |
(68,277) |
||||||||
|
Change in short-term bank credit and loans, net |
(298) |
398 |
557 |
||||||||
|
Net cash provided by (used in) financing activities |
(137,257) |
14,639 |
(89,049) |
||||||||
|
Net increase (decrease) in cash and cash equivalents |
(47,919) |
(19,895) |
8,670 |
||||||||
|
Cash and cash equivalents at the beginning of the year |
200,407 |
191,737 |
191,737 |
||||||||
|
Cash and cash equivalents at the end of the period |
$ |
152,488 |
$ |
171,842 |
$ |
200,407 |
|||||
|
* Dividend received from affiliated companies and partnerships |
$ |
21,500 |
$ |
9,998 |
$ |
12,998 |
|||||
|
** Dividends paid to the Company's shareholders and minority shareholders in a subsidiary. | |||||||||||
|
ELBIT SYSTEMS LTD. | |||||||||||||||||||||||
|
DISTRIBUTION OF REVENUES | |||||||||||||||||||||||
|
Consolidated Revenues by Areas of Operation: | |||||||||||||||||||||||
|
Six Months Ended June 30, |
Three Months Ended June 30, | ||||||||||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||||||||||
|
$ millions |
% |
$ millions |
% |
$ millions |
% |
$ millions |
% | ||||||||||||||||
|
Airborne systems |
601.6 |
41.3 |
579.1 |
41.8 |
316.2 |
42.2 |
289.1 |
41.1 | |||||||||||||||
|
Land systems |
267.7 |
18.4 |
123.4 |
8.9 |
137.5 |
18.3 |
65.1 |
9.3 | |||||||||||||||
|
C4ISR systems |
436.1 |
29.9 |
511.1 |
36.9 |
216.2 |
28.8 |
260.9 |
37.1 | |||||||||||||||
|
Electro-optic systems |
95.9 |
6.6 |
125.3 |
9.0 |
49.2 |
6.6 |
59.7 |
8.5 | |||||||||||||||
|
Other (mainly non-defense engineeringand productionservices) |
54.9 |
3.8 |
46.4 |
3.4 |
30.5 |
4.1 |
27.9 |
4.0 | |||||||||||||||
|
Total |
1,456.2 |
100.0 |
1,385.3 |
100.0 |
749.6 |
100.0 |
702.7 |
100.0 | |||||||||||||||
|
Consolidated Revenues by Geographical Regions: | |||||||||||||||||||||||
|
Six Months Ended June 30, |
Three Months Ended June 30, | ||||||||||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||||||||||
|
$ millions |
% |
$ millions |
% |
$ millions |
% |
$ millions |
% | ||||||||||||||||
|
Israel |
284.7 |
19.5 |
331.6 |
23.9 |
148.9 |
19.8 |
168.6 |
24.0 | |||||||||||||||
|
North America |
406.7 |
27.9 |
410.4 |
29.7 |
203.8 |
27.2 |
215.6 |
30.7 | |||||||||||||||
|
Europe |
199.3 |
13.7 |
204.5 |
14.8 |
97.4 |
13.0 |
96.8 |
13.8 | |||||||||||||||
|
Asia-Pacific |
389.8 |
26.8 |
235.4 |
17.0 |
214.8 |
28.7 |
117.9 |
16.8 | |||||||||||||||
|
Latin America |
161.4 |
11.1 |
171.0 |
12.3 |
73.8 |
9.8 |
101.7 |
14.5 | |||||||||||||||
|
Other countries |
14.3 |
1.0 |
32.4 |
2.3 |
10.9 |
1.5 |
2.1 |
0.2 | |||||||||||||||
|
Total |
1,456.2 |
100.0 |
1,385.3 |
100.0 |
749.6 |
100.0 |
702.7 |
100.0 | |||||||||||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/elbit-systems-reports-second-quarter-of-2015-results-300126672.html
SOURCE Elbit Systems Ltd.