IAI posts first quarter 2017 net income of US$46m

Israel Aerospace Industries (IAI), Israel’s largest national military and civilian security defense company, issued its consolidated financial statements for the three months ended March 31, 2017. Operating income in the first quarter 2017 totaled US$44m (5.3% of sales) compared with US$11m (1.3% of sales) in the first quarter of 2016. EBITDA in the first quarter 2017 amounted to US$72m compared with US$38m in the first quarter of 2016. Net financial expenses amounted to approximately US$7m, similarly to the corresponding quarter of 2016. Net income in the first quarter 2017 amounted to US$46m (5.5% of sales) compared with net income of US$11m (1.3% of sales) in the first quarter of 2016. The order backlog at the end of the first quarter 2017 totaled US$9.3bn compared with US$9bn at the end of 2016. 71% of the order backlog is held for sale to foreign customers with wide geographical dispersion. The order backlog is comprised of a wide variety of products and secures 2.5 years of operation. With the addition of the mega engagements signed and reported after the date of preparation of the financial statements, the order backlog currently amounts to US$11bn.