Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) reported $4.66 billion revenue in 2020, up 3.5% from $4.51 billion in 2019. Fourth quarter 2020 revenue was $1.38 billion, down from $1.32 billion in the fourth quarter of 2019.

GAAP net profit in 2020 was $237.7 million $5.38 per share), up from $227.9 million ($5.20 per share) in 2019 and non-GAAP net profit in 2020 was $318.5 million ($7.20 per share), up from $297.8 ($6.79 per share) in 2019. GAAP net profit in the fourth quarter was $67.8 million ($1.53 per share), up from $51.5 million ($1.16 per share) in the fourth quarter of 2019 and non-GAAP net profit in the fourth quarter of 2020 was $105 million ($2.38 per share), down from $109.3 million ($2.47 per share) in the fourth quarter of 2019.

Elbit Systems president and CEO Bezhalel Machlis said, “2020 saw our employees around the world successfully address the challenges presented by the global Covid-19 pandemic and enabled Elbit Systems to achieve positive results for both the fourth quarter and the year.”

He added, “Our year-end backlog increased by 10% relative to the end of 2019 demonstrating sustained demand for our systems and services from our customers around the world. I am pleased with our operational performance in a challenging year, particularly the improved cash generation. Our solid backlog, combined with ongoing worldwide demand for our broad portfolio of technologies and solutions, provides us with confidence in the company’s future prospects.”

Backlog of orders at the end of 2020 totaled $11.024 billion, up from $10.029 billion at the end of 2019.

Published by Globes, Israel business news – en.globes.co.il – on March 24, 2021

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