Elbit Systems reports first quarter 2016 results

Elbit Systems, the international high technology company, reported its consolidated results for the quarter ended March 31st, 2016. Revenues in the first quarter of 2016 were US$721.2m, as compared to US$706.6m in the first quarter of 2015. Non-GAAP gross profit amounted to US$220.1m (30.5% of revenues) in the first quarter of 2016, as compared to US$206.4m (29.2% of revenues) in the first quarter of 2015. GAAP gross profit in the first quarter of 2016 was US$212.2m (29.4% of revenues), as compared to US$201.2m (28.5% of revenues) in the first quarter of 2015. The improvement in the gross profit rate was mainly due to mix of product sold in the quarter and overall improvement of operations. Research and development expenses, net were US$56.0m (7.8% of revenues) in the first quarter of 2016, as compared to US$55.6m (7.9% of revenues) in the first quarter of 2015.