Israel Aerospace Industries (IAI) has published its financial statements for the first nine months and third quarter of 2022 (all the following figures are approximate). The company reported a 54% increase in net income in the first nine months of 2022 to US$202 million compared with US$131 million in the corresponding period of 2021. Net income grew by 135% to US$73 million in Q3 2022 compared with US$31 million in Q3 2021.
IAI posted a 31% growth in EBITDA in the first nine months of 2022 to US$473 million compared with US$361 million in the corresponding period of last year. EBITDA in Q3 2022 grew to US$163 million (13.1% of sales) compared with US$109 million (10.5% of sales) in Q3 2021.
Operating income grew in the first nine months of 2022 to US$304 million (8.4% of sales) compared with operating income of US$190 million (about 5.9% of sales) in the corresponding period of last year. Operating income in Q3 2022 grew to US$100 million (about 8.1% of sales) compared with operating income of US$52 million (5% of sales) in Q3 2021. Gross profit increased in the first nine months of 2022 to US$647 million (18% of sales) compared with US$500 million (16% of sales) in the corresponding period of last year. 48% growth in gross profit in Q3 2022 to US$220 million (18% of sales) compared with US$149 million (about 14% of sales) in Q3 2021.
The company reported a 12% increase in sales to US$3,601 million in the first nine months of 2022, compared with US$3,205 million in the corresponding period of 2021. Increase of 19% in the company’s sales in Q3 2022 to US$1,242 million compared with US$1,041 million in Q3 2021.
Cash flows from operating activities in the first nine months of 2022 were positive at US$675 million compared with negative cash flows from operating activities of US$86 million in the corresponding period of 2021. Cash flows from operating activities in Q3 2022 were positive at US$28 million compared with negative cash flows from operating activities of US$159 million in Q3 2021.
The company’s order backlog as of September 30, 2022, totalled US$15.8 billion, compared with US$13.4 billion at the end of 2021, a growth of US$2.4 billion. (£1.00 = US$1.19 at time of publication).
