Note: EPS may not be comparable

Elbit Systems (NASDAQ: ESLT) reported Q4 EPS of $2.01. Revenue for the quarter came in at $288.7 million.

Fourth quarter 2017 results:

• Revenues in the fourth quarter of 2017 were $1,009.6 million, as compared to $953.7 million in the fourth quarter of 2016.
• Non-GAAP(*) gross profit amounted to $288.7 million (28.6% of revenues) in the fourth quarter of 2017, as compared to $288.5 million (30.3% of revenues) in the fourth quarter of 2016. GAAP gross profit in the fourth quarter of 2017 was $283.5 million (28.1% of revenues), as compared to $280.8 million (29.4% of revenues) in the fourth quarter of 2016. The decline in the gross profit rate was mainly as a result of the mix of programs sold in the quarter.
• Research and development expenses, net, were $72.5 million (7.2% of revenues) in the fourth quarter of 2017, as compared to $67.0 million (7.0% of revenues) in the fourth quarter of 2016.
• Marketing and selling expenses, net, were $81.2 million (8.0% of revenues) in the fourth quarter of 2017, as compared to $88.8 million (9.3% of revenues) in the fourth quarter of 2016.
• General and administrative expenses, net, were $26.2 million (2.6% of revenues) in the fourth quarter of 2017, as compared to $37.6 million (3.9% of revenues) in the fourth quarter of 2016. The significant decrease in general and administrative expenses in the fourth quarter of 2017 resulted mainly from revaluation of liabilities related to assets and activities acquired in prior years.
• Non-GAAP(*) operating income was $110.5 million (10.9% of revenues) in the fourth quarter of 2017, as compared to $97.3 million (10.2% of revenues) in the fourth quarter of 2016. GAAP operating income in the fourth quarter of 2017 was $103.6 million (10.3% of revenues), as compared to $87.5 million (9.2% of revenues) in the fourth quarter of 2016.
• Financial expenses, net, were $9.7 million in the fourth quarter of 2017, as compared to $9.2 million in the fourth quarter of 2016.
• Taxes on income were $25.4 million in the fourth quarter of 2017, as compared to $9.8 million in the fourth quarter of 2016. Taxes in the fourth quarter of 2017 included a $10.9 million adjustment to deferred tax assets as a result of the tax reform in the U.S. Taxes in the fourth quarter of 2016 were somewhat lower than typical, mainly due to settlements of tax audits for prior years.
• Equity in net earnings of affiliated companies and partnerships was $1.4 million in the fourth quarter of 2017, as compared to a net loss of $0.6 million in the fourth quarter of 2016.
• Net income attributable to non-controlling interests was $0.5 million in the fourth quarter of 2017, as compared to $0.7 million in the fourth quarter of 2016.
• Non-GAAP(*) net income attributable to the Company\'s shareholders in the fourth quarter of 2017 was $86.1 million (8.5% of revenues), as compared to $77.7 million (8.2% of revenues) in the fourth quarter of 2016. GAAP net income attributable to the Company\'s shareholders in the fourth quarter of 2017 was $69.4 million (6.9% of revenues), as compared to $67.1 million (7.0% of revenues) in the fourth quarter of 2016.
• Non GAAP(*) diluted net earnings per share attributable to the Company\'s shareholders were $2.01 for the fourth quarter of 2017, as compared to $1.82 for the fourth quarter of 2016. GAAP diluted earnings per share attributable to the Company\'s shareholders in the fourth quarter of 2017 were $1.62, as compared to $1.57 in the fourth quarter of 2016.

For earnings history and earnings-related data on Elbit Systems (ESLT) click here.