IAI reports results for the second quarter of 2013

Israel Aerospace Industries announced on August 7th the release of its consolidated financial statements, as of June 30th, 2013. Revenues amounted to US$896m in the second quarter, up 11% compared to the corresponding quarter. Exports accounted for 76% of revenues, compared with 78% in the corresponding quarter. Revenues in the military market accounted for 75% of total revenues, compared with 78% in the corresponding quarter. Gross profit in the second quarter amounted to US$148m (a 16.5% gross profit margin), compared with US$127m in the corresponding quarter (a 15.8% gross profit margin). Operating profit amounted to US$31m (3.4% of sales) in the second quarter, compared with US$26m (3.2% of sales) in the corresponding quarter. The Company’s Net profit in the second quarter amounted to US$18m (2% of sales), compared with a US$22m net loss in the corresponding quarter. As of the end of the current quarter, the order backlog stood at US$10.9bn, compared with US$9.7bn at the end of 2012. This order backlog guarantees three years of activity. 85% of the order backlog is designated for sales to overseas customers.