Elbit full-year 2020 results: order backlog of 11,024 million
Elbit ended the year with an increase in its backlog of orders, a small increase in gross profit and stagnation in operating profit. "Our year-end backlog increased by 10% relative to the end of 2019 demonstrating sustained demand for our systems and services," said Bezalel (Butzi) Machlis
Ami Rojkes Dombe
| 28/03/2021
Bezalel (Butzi) Machlis, President and CEO of Elbit Systems, said, "2020 saw our employees around the world successfully address the challenges presented by the global Covid-19 pandemic and enabled Elbit Systems to achieve positive results for both the fourth quarter and the year."
"Our year-end backlog increased by 10% relative to the end of 2019 demonstrating sustained demand for our systems and services from our customers around the world. I am pleased with our operational performance in a challenging year, particularly the improved cash generation."
Revenues for the year ended December 31, 2020 were $4,662.6 million, as compared to $4,508.4 million in the year ended December 31, 2019. The main fields that contributed to the company's revenues were airborne systems and land systems. The growth of the sales of electro-optic systems was mainly due to the sales of ENV.
On a geographic basis, the increase in North America was mainly a result of higher sales of airborne systems and sales of ENV products. The increase in sales in Israel was mainly a result of sales of IMI Systems Ltd., which was acquired in 2018. The decrease in Asia-Pacific was mainly a result of lower sales of radios and airborne systems.
Non-GAAP operating income for the year ended December 31, 2020 was $390.1 million (8.4% of revenues), compared to $379.7 million (8.4% of revenues) in the year ended December 31, 2019.
Non-GAAP net income attributable to the company’s shareholders in the year 2020 was $318.5 million (6.8% of revenues), as compared to $297.8 million (6.6% of revenues) in the same period of last year.
The company's backlog of orders for the year ended December 31, 2020 totaled $11,024 million, compared to a backlog of $10,029 million as of December 31, 2019. About 65% of the company's current backlog is attributable to orders from customers outside Israel. About 65% of the current backlog is scheduled to be carried out during 2021 and 2022.
Net cash provided by operating activities in the year 2020 was $278.8 million, compared to $53.3 million net cash used for operating activities in the year ended December 31, 2019. The lower level of cash flow from operating activities in 2019 was mainly a result of lower collection of receipts and advances received from customers, mainly in Israel.
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Elbit ended the year with an increase in its backlog of orders, a small increase in gross profit and stagnation in operating profit. "Our year-end backlog increased by 10% relative to the end of 2019 demonstrating sustained demand for our systems and services," said Bezalel (Butzi) Machlis
Bezalel (Butzi) Machlis, President and CEO of Elbit Systems, said, "2020 saw our employees around the world successfully address the challenges presented by the global Covid-19 pandemic and enabled Elbit Systems to achieve positive results for both the fourth quarter and the year."
"Our year-end backlog increased by 10% relative to the end of 2019 demonstrating sustained demand for our systems and services from our customers around the world. I am pleased with our operational performance in a challenging year, particularly the improved cash generation."
Revenues for the year ended December 31, 2020 were $4,662.6 million, as compared to $4,508.4 million in the year ended December 31, 2019. The main fields that contributed to the company's revenues were airborne systems and land systems. The growth of the sales of electro-optic systems was mainly due to the sales of ENV.
On a geographic basis, the increase in North America was mainly a result of higher sales of airborne systems and sales of ENV products. The increase in sales in Israel was mainly a result of sales of IMI Systems Ltd., which was acquired in 2018. The decrease in Asia-Pacific was mainly a result of lower sales of radios and airborne systems.
Non-GAAP operating income for the year ended December 31, 2020 was $390.1 million (8.4% of revenues), compared to $379.7 million (8.4% of revenues) in the year ended December 31, 2019.
Non-GAAP net income attributable to the company’s shareholders in the year 2020 was $318.5 million (6.8% of revenues), as compared to $297.8 million (6.6% of revenues) in the same period of last year.
The company's backlog of orders for the year ended December 31, 2020 totaled $11,024 million, compared to a backlog of $10,029 million as of December 31, 2019. About 65% of the company's current backlog is attributable to orders from customers outside Israel. About 65% of the current backlog is scheduled to be carried out during 2021 and 2022.
Net cash provided by operating activities in the year 2020 was $278.8 million, compared to $53.3 million net cash used for operating activities in the year ended December 31, 2019. The lower level of cash flow from operating activities in 2019 was mainly a result of lower collection of receipts and advances received from customers, mainly in Israel.