Corona? Small hit on the wing: Sales of the aerospace industry increased last quarter
IAI CEO Nimrod Shaffer: "In the first quarter of 2020, we passed the corresponding quarter of 2019 in most business parameters"
Ami Rohx Dumba | 27/05/2020 Contact author
print
send to a friend
A + A- size
Share on
Share on
Courtesy of Air Industry
Israel Aerospace Industries Ltd., operating in the security and aerospace markets, today released its consolidated financial statements for the quarter ended March 31, 2020: Company sales in the first quarter of 2020 totaled $ 1,018 million, compared to $ 1,001 million in the corresponding quarter. Last year, export sales in the first quarter of 2020 stood at 71%, totaling $ 724 million (about $ 294 million, which is 29% sold in Israel), compared with 73% in the same quarter last year, about $ 733 million ( About $ 268 million, which is 27% sold in Israel).
Military market share in the first quarter of 2020 was about $ 782 million (about 77%), compared to $ 736 million (about 74%) in the corresponding quarter last year, an increase of about $ 46 million. The civilian market share in the first quarter of 2020 was about $ 236 million (about 23%), compared with about $ 265 million (about 26%) in the corresponding quarter last year.
The backlog of orders in the first quarter of 2020 amounted to $ 13.2 billion, compared to the backlog of $ 13.4 billion at the end of 2019. 79% of the backlog is for sale to overseas customers in a wide geographical distribution. The backlog consists of a wide range of projects and guarantees 3.2 years of activity Current cash flow Positive cash flow from operating activities amounted to $ 5 million, compared to negative cash flow from operating activities of $ 91 million in the corresponding quarter last year.
Gross profit in the first quarter of 2020 amounted to approximately $ 170 million (approximately 16.7% of sales) compared to approximately $ 122 million (approximately 12.2% of sales) in the corresponding quarter last year. The increase in gross profit is due to an increase in sales in the missile and space systems division as well as an increase in sales and the rate of gross profitability of the subsidiary Elta.
Operating profit in the first quarter of 2020 amounted to approximately $ 61 million (approximately 6% of sales), compared to operating income of approximately $ 20 million in the corresponding quarter last year (approximately 2% of sales). The increase in operating profit is due to an increase in gross profit partially offset by an increase in research and development expenses. Net income for the first quarter of 2020 amounted to approximately $ 34 million (approximately 3.3% of sales) compared to net income of approximately $ 14 million (approximately 1.4% of sales) in the corresponding quarter last year.
EBITDA in the first quarter of 2020 amounted to about $ 102 million (about 10% of sales), compared to $ 69 million (about 6.9% of sales), in the corresponding quarter last year. Net financing expenses in the first quarter of 2020 totaled approximately $ 14 million, compared with approximately $ 1 million in the corresponding quarter last year. Research and self-development expenses in the first quarter of 2020 totaled approximately $ 39 million, compared with approximately $ 34 million in the corresponding quarter last year (representing approximately 3.8% and 3.4% of sales, respectively).
The company updates that it continues to work with its existing and potential customers, its suppliers, government and other parties, to find solutions to the disruptions that are created as a result of the epidemic. As of this date, the Company is not aware of the cancellation of any contract or significant delays in deliveries from its suppliers or the execution of milestones by it. At the same time, there is no guarantee that negative consequences such as cancellations, delays and the like will not occur in the future. The company is also examining the potential effects of the epidemic on its business, results of operations and cash flows, as well as the general environment and trends in the areas in which it operates. In those areas of global activity that were materially affected by the epidemic.
As of this date, the Company continues to work to adjust its expenses to changes in its scope of operations. Alongside this, the Company has continued to operate and continues to operate, in accordance with the Emergency Regulations and the other frequently issued orders and instructions, in relation to employers in the public sector and in general, for dealing with the Corona virus. Beginning in May, the company is acting in accordance with the rules known as the "Purple Tea" in a way that has allowed it to expand the circle of personnel present in the company's facilities in a way that serves its various activities, along with optimizing their health.
https://www.israeldefense.co.il/he/node/43240 translted by google
IAI CEO Nimrod Shaffer: "In the first quarter of 2020, we passed the corresponding quarter of 2019 in most business parameters"
Ami Rohx Dumba | 27/05/2020 Contact author
send to a friend
A + A- size
Share on
Share on
Courtesy of Air Industry
Israel Aerospace Industries Ltd., operating in the security and aerospace markets, today released its consolidated financial statements for the quarter ended March 31, 2020: Company sales in the first quarter of 2020 totaled $ 1,018 million, compared to $ 1,001 million in the corresponding quarter. Last year, export sales in the first quarter of 2020 stood at 71%, totaling $ 724 million (about $ 294 million, which is 29% sold in Israel), compared with 73% in the same quarter last year, about $ 733 million ( About $ 268 million, which is 27% sold in Israel).
Military market share in the first quarter of 2020 was about $ 782 million (about 77%), compared to $ 736 million (about 74%) in the corresponding quarter last year, an increase of about $ 46 million. The civilian market share in the first quarter of 2020 was about $ 236 million (about 23%), compared with about $ 265 million (about 26%) in the corresponding quarter last year.
The backlog of orders in the first quarter of 2020 amounted to $ 13.2 billion, compared to the backlog of $ 13.4 billion at the end of 2019. 79% of the backlog is for sale to overseas customers in a wide geographical distribution. The backlog consists of a wide range of projects and guarantees 3.2 years of activity Current cash flow Positive cash flow from operating activities amounted to $ 5 million, compared to negative cash flow from operating activities of $ 91 million in the corresponding quarter last year.
Gross profit in the first quarter of 2020 amounted to approximately $ 170 million (approximately 16.7% of sales) compared to approximately $ 122 million (approximately 12.2% of sales) in the corresponding quarter last year. The increase in gross profit is due to an increase in sales in the missile and space systems division as well as an increase in sales and the rate of gross profitability of the subsidiary Elta.
Operating profit in the first quarter of 2020 amounted to approximately $ 61 million (approximately 6% of sales), compared to operating income of approximately $ 20 million in the corresponding quarter last year (approximately 2% of sales). The increase in operating profit is due to an increase in gross profit partially offset by an increase in research and development expenses. Net income for the first quarter of 2020 amounted to approximately $ 34 million (approximately 3.3% of sales) compared to net income of approximately $ 14 million (approximately 1.4% of sales) in the corresponding quarter last year.
EBITDA in the first quarter of 2020 amounted to about $ 102 million (about 10% of sales), compared to $ 69 million (about 6.9% of sales), in the corresponding quarter last year. Net financing expenses in the first quarter of 2020 totaled approximately $ 14 million, compared with approximately $ 1 million in the corresponding quarter last year. Research and self-development expenses in the first quarter of 2020 totaled approximately $ 39 million, compared with approximately $ 34 million in the corresponding quarter last year (representing approximately 3.8% and 3.4% of sales, respectively).
The company updates that it continues to work with its existing and potential customers, its suppliers, government and other parties, to find solutions to the disruptions that are created as a result of the epidemic. As of this date, the Company is not aware of the cancellation of any contract or significant delays in deliveries from its suppliers or the execution of milestones by it. At the same time, there is no guarantee that negative consequences such as cancellations, delays and the like will not occur in the future. The company is also examining the potential effects of the epidemic on its business, results of operations and cash flows, as well as the general environment and trends in the areas in which it operates. In those areas of global activity that were materially affected by the epidemic.
As of this date, the Company continues to work to adjust its expenses to changes in its scope of operations. Alongside this, the Company has continued to operate and continues to operate, in accordance with the Emergency Regulations and the other frequently issued orders and instructions, in relation to employers in the public sector and in general, for dealing with the Corona virus. Beginning in May, the company is acting in accordance with the rules known as the "Purple Tea" in a way that has allowed it to expand the circle of personnel present in the company's facilities in a way that serves its various activities, along with optimizing their health.
https://www.israeldefense.co.il/he/node/43240 translted by google
