Elbit Systems reports Q2 2015 results

Elbit Systems Ltd. (NASDAQ and TASE: ESLT) said it has reported today its consolidated results for the quarter ended June 30, 2015.

Revenues in the second quarter of 2015 were USD749.6 million, as compared to USD702.6 million in the second quarter of 2014, a growth of 6.7 percent mainly due to growth in revenues of Land Systems to Asia Pacific.

Gross profit amounted to USD219.3 million (29.2 percent of revenues) in the second quarter of 2015, as compared to USD199.4 million (28.4 percent of revenues) in the second quarter of 2014. The non-GAAP gross profit in the second quarter of 2015 was USD224.7 million (30.0 percent of revenues), as compared to USD204.8 million (29.1 percent of revenues) in the second quarter of 2014. The increase in the gross profit rate was mainly due to the mix of programs sold in the quarter.

Research and development expenses, net were USD57.5 million (7.7 percent of revenues) in the second quarter of 2015, as compared to USD52.2 million (7.4 percent of revenues) in the second quarter of 2014.

Marketing and selling expenses, net were USD60.6 million (8.1 percent of revenues) in the second quarter of 2015, as compared to USD50.3 million (7.2 percent of revenues) in the second quarter of 2014. The increase in marketing and selling expenses in the second quarter of 2015 was mainly a result of marketing efforts in the US and Asia-Pacific.

General and administrative expenses, net were USD35.7 million (4.8 percent of revenues) in the second quarter of 2015, as compared to USD34.3 million (4.9 percent of revenues) in the second quarter of 2014.

Operating income was USD65.5 million (8.7 percent of revenues) in the second quarter of 2015, as compared to operating income of USD62.6 million (8.9 percent of revenues) in the second quarter of 2014. The non-GAAP operating income in the second quarter of 2015 was USD75.4 million (10.1 percent of revenues), as compared to USD73.1 million (10.4 percent of revenues) in the second quarter of 2014.

Financial expenses, net were USD6.2 million in the second quarter of 2015, as compared to USD8.3 million in the second quarter of 2014.

Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world.