Second quarter 2020: IAI improves revenue and net profit
"During the Corona epidemic, we were able to achieve technological, business and managerial achievements," says outgoing CEO Nimrod Sheffer.
Ami Rohex Dumba | 9/08/2020 Contact author
sharing
Nimrod Sheffer. Photo: Kfir Ziv
IAI publishes financial results for the second quarter of 2020. "The excellent business results of the first half, achieved despite the difficulties created by the global corona crisis, are a product of the company's change of direction in recent years," says IAI Chairman Harel Locker. Its products are exported, the company faced difficulties, such as in the supply chain, from the beginning of the midterm, and in fact from December 2019. Despite these difficulties, thanks to the mobilization of employees and the careful management of management, the company reached a historic peak in the first half of 2020. We will continue to lead the aerospace industry to the realization of its full business and technological potential. "
IAI CEO Nimrod Sheffer: "During the Corona epidemic, we were able to achieve technological, business and managerial achievements: we developed technologies to combat the Corona, signed significant deals including leasing the" Heron "UAV to Greece, manufacturing wings for a T38 aircraft, a huge deal in the field Intelligence aircraft, conversion of passenger aircraft to cargo for the shipping giant DHL and acceleration of the development of the national satellite Dror-1. "
The company shows an increase of about 7.6% in the company's sales in the second quarter of 2020 to about $ 1,060 million, compared to about $ 985 million in the corresponding quarter last year. A 4.6% increase in sales to $ 2,078 million in the first half of 2020, compared to about $ 1,986 million in the same period last year, the highest sales in the first half of the company's history.
A 33% increase in net profit to about $ 48 million in the second quarter compared to about $ 36 million in the corresponding quarter last year. A 64% increase in net income of about $ 82 million in the first half of 2020 compared to about $ 50 million in the same period last year, the most profitable median in the company's history.
EBITDA in the second quarter of 2020 grew by 26% and amounted to approximately $ 121 million (approximately 11.4% of sales) compared to approximately $ 96 million (approximately 9.7% of sales), in the corresponding quarter last year. A 12.5% increase in gross profit in the second quarter of 2020 to approximately $ 163 million (approximately 15.4% of sales) compared to approximately $ 145 million (approximately 14.7% of sales), in the corresponding quarter last year. A 38% increase in operating profit in the second quarter of 2020 to approximately $ 66 million (approximately 6.2% of sales) compared to an operating profit of approximately $ 48 million in the corresponding quarter last year (approximately 4.9% of sales).
The company's backlog stands at $ 13.2 billion, representing about 3.4 years of operation. The company's cash and cash equivalents total about $ 1.1 billion.
To read the full report
https://www.israeldefense.co.il/he/node/44590
"During the Corona epidemic, we were able to achieve technological, business and managerial achievements," says outgoing CEO Nimrod Sheffer.
Ami Rohex Dumba | 9/08/2020 Contact author
sharing
Nimrod Sheffer. Photo: Kfir Ziv
IAI publishes financial results for the second quarter of 2020. "The excellent business results of the first half, achieved despite the difficulties created by the global corona crisis, are a product of the company's change of direction in recent years," says IAI Chairman Harel Locker. Its products are exported, the company faced difficulties, such as in the supply chain, from the beginning of the midterm, and in fact from December 2019. Despite these difficulties, thanks to the mobilization of employees and the careful management of management, the company reached a historic peak in the first half of 2020. We will continue to lead the aerospace industry to the realization of its full business and technological potential. "
IAI CEO Nimrod Sheffer: "During the Corona epidemic, we were able to achieve technological, business and managerial achievements: we developed technologies to combat the Corona, signed significant deals including leasing the" Heron "UAV to Greece, manufacturing wings for a T38 aircraft, a huge deal in the field Intelligence aircraft, conversion of passenger aircraft to cargo for the shipping giant DHL and acceleration of the development of the national satellite Dror-1. "
The company shows an increase of about 7.6% in the company's sales in the second quarter of 2020 to about $ 1,060 million, compared to about $ 985 million in the corresponding quarter last year. A 4.6% increase in sales to $ 2,078 million in the first half of 2020, compared to about $ 1,986 million in the same period last year, the highest sales in the first half of the company's history.
A 33% increase in net profit to about $ 48 million in the second quarter compared to about $ 36 million in the corresponding quarter last year. A 64% increase in net income of about $ 82 million in the first half of 2020 compared to about $ 50 million in the same period last year, the most profitable median in the company's history.
EBITDA in the second quarter of 2020 grew by 26% and amounted to approximately $ 121 million (approximately 11.4% of sales) compared to approximately $ 96 million (approximately 9.7% of sales), in the corresponding quarter last year. A 12.5% increase in gross profit in the second quarter of 2020 to approximately $ 163 million (approximately 15.4% of sales) compared to approximately $ 145 million (approximately 14.7% of sales), in the corresponding quarter last year. A 38% increase in operating profit in the second quarter of 2020 to approximately $ 66 million (approximately 6.2% of sales) compared to an operating profit of approximately $ 48 million in the corresponding quarter last year (approximately 4.9% of sales).
The company's backlog stands at $ 13.2 billion, representing about 3.4 years of operation. The company's cash and cash equivalents total about $ 1.1 billion.
To read the full report
https://www.israeldefense.co.il/he/node/44590
