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Elbit Systems Shares Slip On Q2 Profit Miss

  • Elbit Systems Ltd (NASDAQ: ESLT) reported second-quarter FY22 revenue of $1.3 billion, a slight increase of 0.08% year-over-year, beating the consensus of $1.26 billion.

  • The adjusted gross profit was $345.9 million, compared to $346.6 million in 2Q21, and the margin was 26.5%, down 10 bps.

  • The adjusted operating income was $103.3 million, compared to $114.9 million a year ago, and the margin was 7.9%, down from 8.8% in 2Q21.

  • Adjusted EPS fell to $1.73 from $2.11 a year ago, missing the consensus of $1.89.

  • Dividend: ESLT declared a dividend of $0.5 per share for the second quarter. The dividend's record date is October 6, 2022, and will be paid on October 24, 2022.

  • Elbit System's net cash used in operating activities year-to-date totaled $(133.47) million, compared to cash provided of $157.13 million a year ago.

  • The backlog of orders as of June 30, 2022, totaled $14.1 billion, ~74% of the current backlog is attributable to orders from outside Israel.

  • Price Action: ESLT shares are trading lower by 3.90% at $223.18 during the premarket session on Tuesday.

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