Elbit Systems, the international high technology company, has reported its consolidated results for the quarter ended June 30, 2018. Revenues in the second quarter of 2018 were US$892.2 million, as compared to US$818.3 million in the second quarter of 2017.
Non-GAAP gross profit amounted to US$254.8 million (28.6% of revenues) in the second quarter of 2018, as compared to US$248.3 million (30.4% of revenues) in the second quarter of 2017. GAAP gross profit in the second quarter of 2018 was US$250.0 million (28.0% of revenues), as compared to US$242.3 million (29.6% of revenues) in the second quarter of 2017. The gross profit margin was affected by the mix of projects sold in the quarter.
Net income attributable to non-controlling interests was US$0.1 million in the second quarter of 2018, as compared to US$0.4 million in the second quarter of 2017.
Non-GAAP net income attributable to the Company’s shareholders in the second quarter of 2018 was US$57.5 million (6.5% of revenues), as compared to US$68.8 million (8.4% of revenues) in the second quarter of 2017. GAAP net income in the second quarter of 2018 was US$91.9 million (10.3% of revenues), as compared to US$62.6 million (7.6% of revenues) in the second quarter of 2017.
The Company’s backlog of orders for the quarter ended June 30, 2018 totaled US$8,065 million as compared to US$7,329 million as of June 30, 2017. Approximately 74% of the current backlog is attributable to orders from outside Israel. Approximately 55% of the current backlog is scheduled to be performed during 2018 and 2019.
Operating cash flow used in the six months ended June 30, 2018 was US$1.1 million, as compared to US$2.7 million provided in the six months ended June 30, 2017.
