Elbit Systems reports revenues of over $5.5 billion for 2022
The majority of the revenues in 2022 were in the Airborne systems and C4ISR systems areas of operation
IsraelDefense
| 28/03/2023
Photo: Elbit
Elbit Systems reported its consolidated results for the fourth quarter and full year ended December 31, 2022. Revenues for the year ended December 31, 2022 were $5,511.5 million, as compared to $5,278.5 million in the year ended December 31, 2021. Revenues in the fourth quarter of 2022 were $1,506.4 million, as compared to $1,494.3 million in the fourth quarter of 2021.
The majority of the revenues in 2022 were in the Airborne systems and C4ISR systems areas of operation. The growth in revenues in the C4ISR systems area was mainly due to increased sales of UAS systems to customers in Europe, and higher sales of Sparton's products in the U.S.
On a geographic basis, the decrease in North America was mainly a result of lower sales of medical instrumentation. The increase in Europe was mainly a result of higher sales related to the flight school project in Greece and sales of UAS, as well as armored vehicles and artillery.
“A healthy business environment and growing demand for Elbit Systems' portfolio of leading technological capabilities resulted in a record order backlog of $15.1 billion. We increased our business development efforts to realize the significant opportunities created by growing defense budgets around the world,” said Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems/
“Our 2022 financial results also reflect global supply chain disruptions and labor cost inflation. We accelerated investment in a range of operational initiatives to improve performance.
Increasing customer interest and the growing scale of new contracts reflect Elbit Systems' successful transformation in recent years from a systems supplier to a comprehensive solution provider and supports future growth prospects.“
Additional details:
Non-GAAP gross profit for the year ended December 31, 2022 was $1,405.0 million (25.5% of revenues), as compared to $1,384.7 million (26.2% of revenues) in the year ended December 31, 2021. GAAP gross profit in 2022 was $1,373.3 million (24.9% of revenues), as compared to $1,358.0 million (25.7% of revenues) in 2021.
The GAAP and Non-GAAP gross profit in 2022 includes expenses of approximately $35 million related to the effect of the significant increase in the Company's share price on employees' stock price linked compensation plans.
Research and development expenses (net) for the year ended December 31, 2022 were $435.7 million (7.9% of revenues), as compared to $395.1 million (7.5% of revenues) in the year ended December 31, 2021.
Marketing and selling expenses, net for the year ended December 31, 2022 were $326.0 million (5.9% of revenues), as compared to $291.8 million (5.5% of revenues) in the year ended December 31, 2021.
Non-GAAP operating income for the year ended December 31, 2022 was $356.6 million (6.5% of revenues), as compared to $450.8 million (8.5% of revenues) in the year ended December 31, 2021. GAAP operating income in 2022 was $367.5 million (6.7% of revenues), as compared to $418.5 million (7.9% of revenues) in 2021. GAAP and Non-GAAP operating income in 2022 was reduced by expenses of approximately $62 million related to the Company's stock price linked compensation plans.
Equity in net earnings of affiliated companies and partnerships for the year ended December 31, 2022 was $7.0 million, as compared to $22.6 million in the year ended December 31, 2021. Equity in net earnings in 2021 included a gain of approximately $10.9 million related to the sale of an affiliated company.
Non-GAAP net income attributable to the Company's shareholders for the year ended December 31, 2022 was $268.9 million (4.9% of revenues), as compared to $367.6 million (7.0% of revenues) in the year ended December 31, 2021.
GAAP net income attributable to the Company's shareholders in the year ended December 31, 2022 was $275.4 million (5.0% of revenues), as compared to $274.4 million (5.2% of revenues) in the year ended December 31, 2021. Net income in 2022 was reduced by net expenses of approximately $56 million related to the Company's stock price linked compensation plans.
Non-GAAP diluted net earnings per share attributable to the Company's shareholders for the year ended December 31, 2022 were $6.03, as compared to $8.30 for the year ended December 31, 2021. GAAP diluted net earnings per share attributable to the Company's shareholders in the year ended December 31, 2022 were $6.18, as compared to $6.20 in the year ended December 31, 2021. Diluted net earnings per share in 2022, were reduced by $1.26 as a result of the expenses related to the Company's stock price linked compensation plans.
Backlog of orders for the year ended December 31, 2022 totaled $15.1 billion, as compared to $13.7 billion as of December 31, 2021. Approximately 75% of the current backlog is attributable to orders from outside Israel. Approximately 60% of the current backlog is scheduled to be performed during 2023 and 2024.
Net cash provided by operating activities in the year ended December 31, 2022 was $240.1 million, as compared to $416.9 million in the year ended December 31, 2021. Operating cashflow in 2022 includes higher collection of customers debts offset by higher payments to suppliers.
The majority of the revenues in 2022 were in the Airborne systems and C4ISR systems areas of operation
Photo: Elbit
Elbit Systems reported its consolidated results for the fourth quarter and full year ended December 31, 2022. Revenues for the year ended December 31, 2022 were $5,511.5 million, as compared to $5,278.5 million in the year ended December 31, 2021. Revenues in the fourth quarter of 2022 were $1,506.4 million, as compared to $1,494.3 million in the fourth quarter of 2021.
The majority of the revenues in 2022 were in the Airborne systems and C4ISR systems areas of operation. The growth in revenues in the C4ISR systems area was mainly due to increased sales of UAS systems to customers in Europe, and higher sales of Sparton's products in the U.S.
On a geographic basis, the decrease in North America was mainly a result of lower sales of medical instrumentation. The increase in Europe was mainly a result of higher sales related to the flight school project in Greece and sales of UAS, as well as armored vehicles and artillery.
“A healthy business environment and growing demand for Elbit Systems' portfolio of leading technological capabilities resulted in a record order backlog of $15.1 billion. We increased our business development efforts to realize the significant opportunities created by growing defense budgets around the world,” said Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems/
“Our 2022 financial results also reflect global supply chain disruptions and labor cost inflation. We accelerated investment in a range of operational initiatives to improve performance.
Increasing customer interest and the growing scale of new contracts reflect Elbit Systems' successful transformation in recent years from a systems supplier to a comprehensive solution provider and supports future growth prospects.“
Additional details:
Non-GAAP gross profit for the year ended December 31, 2022 was $1,405.0 million (25.5% of revenues), as compared to $1,384.7 million (26.2% of revenues) in the year ended December 31, 2021. GAAP gross profit in 2022 was $1,373.3 million (24.9% of revenues), as compared to $1,358.0 million (25.7% of revenues) in 2021.
The GAAP and Non-GAAP gross profit in 2022 includes expenses of approximately $35 million related to the effect of the significant increase in the Company's share price on employees' stock price linked compensation plans.
Research and development expenses (net) for the year ended December 31, 2022 were $435.7 million (7.9% of revenues), as compared to $395.1 million (7.5% of revenues) in the year ended December 31, 2021.
Marketing and selling expenses, net for the year ended December 31, 2022 were $326.0 million (5.9% of revenues), as compared to $291.8 million (5.5% of revenues) in the year ended December 31, 2021.
Non-GAAP operating income for the year ended December 31, 2022 was $356.6 million (6.5% of revenues), as compared to $450.8 million (8.5% of revenues) in the year ended December 31, 2021. GAAP operating income in 2022 was $367.5 million (6.7% of revenues), as compared to $418.5 million (7.9% of revenues) in 2021. GAAP and Non-GAAP operating income in 2022 was reduced by expenses of approximately $62 million related to the Company's stock price linked compensation plans.
Equity in net earnings of affiliated companies and partnerships for the year ended December 31, 2022 was $7.0 million, as compared to $22.6 million in the year ended December 31, 2021. Equity in net earnings in 2021 included a gain of approximately $10.9 million related to the sale of an affiliated company.
Non-GAAP net income attributable to the Company's shareholders for the year ended December 31, 2022 was $268.9 million (4.9% of revenues), as compared to $367.6 million (7.0% of revenues) in the year ended December 31, 2021.
GAAP net income attributable to the Company's shareholders in the year ended December 31, 2022 was $275.4 million (5.0% of revenues), as compared to $274.4 million (5.2% of revenues) in the year ended December 31, 2021. Net income in 2022 was reduced by net expenses of approximately $56 million related to the Company's stock price linked compensation plans.
Non-GAAP diluted net earnings per share attributable to the Company's shareholders for the year ended December 31, 2022 were $6.03, as compared to $8.30 for the year ended December 31, 2021. GAAP diluted net earnings per share attributable to the Company's shareholders in the year ended December 31, 2022 were $6.18, as compared to $6.20 in the year ended December 31, 2021. Diluted net earnings per share in 2022, were reduced by $1.26 as a result of the expenses related to the Company's stock price linked compensation plans.
Backlog of orders for the year ended December 31, 2022 totaled $15.1 billion, as compared to $13.7 billion as of December 31, 2021. Approximately 75% of the current backlog is attributable to orders from outside Israel. Approximately 60% of the current backlog is scheduled to be performed during 2023 and 2024.
Net cash provided by operating activities in the year ended December 31, 2022 was $240.1 million, as compared to $416.9 million in the year ended December 31, 2021. Operating cashflow in 2022 includes higher collection of customers debts offset by higher payments to suppliers.
