Elbit Systems optimistic as it looks beyond third quarter one-off charges | Reuters
Israel’s Elbit Systems reported lower quarterly profit hit by one-time charges due to the coronavirus pandemic but the defence electronics firm said rising demand would drive future growth.
Earnings per diluted share for the July-September quarter fell to 38 cents from $1.63 a year earlier, the maker of drones, pilot helmet displays and cyber security systems said on Tuesday. Revenue rose to $1.13 billion from $1.1 billion.
Excluding non-cash expenses related to impairment of assets and inventory write-offs due to COVID-19 totalling nearly $60 million, and other one-time items, Elbit earned $1.64 versus $1.33 a year earlier.
“We are not expecting any more impairments because of COVID,” CEO Bezhalel Machlis told Reuters. “We are back to normal. There is much less uncertainty in the market right now so I am very optimistic about the future.”
No comments:
Post a Comment