EX-1 2 esltq320166k.htm EXHIBIT 1 Exhibit
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Earnings Release

 
ELBIT SYSTEMS REPORTS
THIRD QUARTER OF 2016 RESULTS

Backlog of orders at $6.8 billion; Revenues at $780.8 million;
Non-GAAP net income of $62.5 million; GAAP net income of $63.4 million; Non-GAAP net EPS of $1.46; GAAP net EPS of $1.48

Haifa, Israel, November 17, 2016 – Elbit Systems Ltd. (NASDAQ and TASE: ESLT), (the "Company") the international high technology company, reported today its consolidated results for the quarter ended September 30, 2016.

In this release, the Company is providing US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is GAAP financial data.



Management Comment:

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented: “We are pleased with our financial results for the quarter, demonstrating growth and an improvement in profit. Our year-over-year increase in backlog of over six percent supports our ongoing revenue growth, as we have demonstrated in the first three quarters of this year. Additionally, we recorded a gain, for the second time this year, from a commercial spin-off business. This is a result of our efforts to adapt some of our technologies for civilian applications, around which we build viable companies. We look forward to reaping the fruits of these initiatives over the coming years.”
 


Third quarter 2016 results:

Revenues in the third quarter of 2016 were $780.8 million, as compared to $764.8 million in the third quarter of 2015.

Non-GAAP(*) gross profit amounted to $238.1 million (30.5% of revenues) in the third quarter of 2016, as compared to $233.5 million (30.5% of revenues) in the third quarter of 2015. GAAP gross profit in the third quarter of 2016 was $230.4 million (29.5% of revenues), as compared to $223.3 million (29.2% of revenues) in the third quarter of 2015.

Research and development expenses, net were $65.6 million (8.4% of revenues) in the third quarter of 2016, as compared to $61.0 million (8.0% of revenues) in the third quarter of 2015.





_____________
* see page 3

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Earnings Release

Marketing and selling expenses, net were $60.9 million (7.8% of revenues) in the third quarter of 2016, as compared to $60.6 million (7.9% of revenues) in the third quarter of 2015.

General and administrative expenses, net were $36.1 million (4.6% of revenues) in the third quarter of 2016, as compared to $36.4 million (4.8% of revenues) in the third quarter of 2015.

Other operating income, net in the third quarter of 2016 amounted to $10.5 million. The amount reflects a net gain related to valuation of shares in a newly established Israeli subsidiary due to a third party investment. The subsidiary, established in July 2016, is acting in the area of energy technology solutions for civilian transportation applications.

Non-GAAP(*) operating income was $77.9 million (10.0% of revenues) in the third quarter of 2016, as compared to $80.3 million (10.5% of revenues) in the third quarter of 2015. GAAP operating income in the third quarter of 2016 was $78.3 million (10.0% of revenues), as compared to $65.3 million (8.5% of revenues) in the third quarter of 2015.

Financial expenses, net were $7.3 million in the third quarter of 2016, as compared to $6.1 million in the third quarter of 2015.

Taxes on income were $8.9 million (effective tax rate of 12.5%) in the third quarter of 2016, as compared to $10.3 million (effective tax rate of 17.3%) in the third quarter of 2015. The lower effective tax rate in the third quarter of 2016 was mainly a result of prior years adjustments related to finalizing a tax assessment of a subsidiary. The tax rate was also affected by the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income.

Equity in net earnings of affiliated companies and partnerships was $1.4 million in the third quarter of 2016, as compared to $1.7 million in the third quarter of 2015.

Net income attributable to non-controlling interests was $0.2 million in the third quarter of 2016, as compared to $1.0 million in the third quarter of 2015.

Non-GAAP(*) net income attributable to the Company's shareholders in the third quarter of 2016 was $62.5 million (8.0% of revenues), as compared to $62.3 million (8.1% of revenues) in the third quarter of 2015. GAAP net income in the third quarter of 2016 was $63.4 million (8.1% of revenues), as compared to $49.7 million (6.5% of revenues) in the third quarter of 2015.

Non-GAAP(*) diluted net earnings per share attributable to the Company's shareholders were $1.46 for the third quarter of 2016, as compared to $1.46 for the third quarter of 2015. GAAP diluted earnings per share in the third quarter of 2016 were $1.48, as compared to $1.16 for the third quarter of 2015.

The Company’s backlog of orders as of September 30, 2016, totaled 6,836 million, as compared to 6,420 million as of September 30, 2015. Approximately 69% of the current backlog is attributable to orders from outside Israel. Approximately 48% of the current backlog is scheduled to be performed during 2016 and 2017.

Operating cash flow used in the nine months ended September 30, 2016 was $32.4 million, as compared to $255.7 million provided in the nine months ended September 30, 2015. The deficit in our operating cash flow in 2016 was mainly a result of delay in receipts of cash payments from customers. The Company does not see risk in receiving these payments.


_____________
* see page 3

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Earnings Release

* Non-GAAP financial data:

The following non-GAAP financial data is presented to enable investors to have additional information on the Company's business performance as well as a further basis for periodical comparisons and trends relating to the Company's financial results. The Company believes such data provides useful information to investors by facilitating more meaningful comparisons of the Company's financial results over time. Such non-GAAP information is used by the Company's management to make strategic decisions, forecast future results and evaluate the Company's current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies.

The non-GAAP financial data includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, significant effects of retroactive tax legislation and changes in accounting guidance and other items, which in management's judgment, are items that are considered to be outside of the review of core operating results.

In the Company's non-GAAP presentation, the Company made certain adjustments, as indicated in the table below.

These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.



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Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data:
(US Dollars in millions)

 
Nine months ended September 30,
 
Three months ended September 30,
 
Year Ended
December 31,
 
2016
 
2015
 
2016
 
2015
 
2015
 
 
 
 
 
 
 
 
 
 
GAAP gross profit
678.7

 
643.7

 
230.4

 
223.3

 
897.1

Adjustments:
 
 
 
 
 
 
 
 
 
Amortization of purchased intangible assets
23.5

 
20.8

 
7.7

 
10.2

 
29.9

Non-GAAP gross profit
702.2

 
664.5

 
238.1

 
233.5

 
927.0

Percent of revenues
30.4
%
 
29.9
%
 
30.5
%
 
30.5
%
 
29.8
%
 
 
 
 
 
 
 
 
 
 
GAAP operating income
211.5

 
190.6

 
78.3

 
65.3

 
268.6

Adjustments:
 
 
 
 
 
 
 
 
 
Amortization of purchased intangible assets
31.3

 
34.5

 
10.1

 
15.0

 
48.1

Gain from changes in holdings
(17.6
)
 
—

 
(10.5
)
 
—

 
—

Non-GAAP operating income
225.2

 
225.1

 
77.9

 
80.3

 
316.7

Percent of revenues
9.8
%
 
10.1
%
 
10.0
%
 
10.5
%
 
10.2
%
 
 
 
 
 
 
 
 
 
 
GAAP net income attributable to Elbit Systems’ shareholders
169.8

 
139.5

 
63.4

 
49.7

 
202.5

Adjustments:
 
 
 
 
 
 
 
 
 
Amortization of purchased intangible assets
31.3

 
34.5

 
10.1

 
15.0

 
48.1

Capital gain
(3.9
)
 
—

 
—

 
—

 
—

Gain from changes in holdings
(16.4
)
 
—

 
(9.3
)
 
—

 
—

Related tax benefits
(4.4
)
 
(5.8
)
 
(1.7
)
 
(2.4
)
 
(8.2
)
Non-GAAP net income attributable to Elbit Systems' shareholders
176.4

 
168.2

 
62.5

 
62.3

 
242.4

Percent of revenues
7.6
%
 
7.6
%
 
8.0
%
 
8.1
%
 
7.8
%
 
 
 
 
 
 
 
 
 
 
GAAP diluted net EPS
3.97

 
3.27

 
1.48

 
1.16

 
4.74

Adjustments, net
0.16

 
0.67

 
(0.02
)
 
0.30

 
0.93

Non-GAAP diluted net EPS
4.13

 
3.94

 
1.46

 
1.46

 
5.67




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Earnings Release

Recent Events:

On September 11, 2016, the Company announced that it was awarded a contract valued at over $90 million from an Asia-Pacific country for the supply of SPECTROTM XR advanced electro-optic systems. The contract will be performed over a four-year period.

On October 5, 2016, the Company announced that its subsidiary in the U.S., Elbit Systems of America, LLC, received a $7.3 million contract to supply the Bradley Fighting Vehicle Gunner’s Hand Station to the United States Army. The Defense Logistics Agency sole-source contract will be performed during a two-year period, with work being completed in Fort Worth, Texas.

On November 6, 2016, the Company announced that its subsidiary, CYBERBIT Ltd., was awarded a contract to supply its CYBERBIT Range platform to the Cyber Security Training Range of Maryland, LLC, the first hands-on cyber-security training center for IT and SCADA security professionals in the U.S.

On November 16, 2016, the Company announced that Samsung SDS Co. Ltd., a subsidiary of the Samsung group and a global leading IT services company, selected Cyberbit Ltd., the company protecting some of the world’s most sensitive organizations against cyber threats, to protect customers against attacks on industrial control systems.


Dividend:

The Board of Directors declared a dividend of $0.4 per share for the third quarter of 2016. The dividend’s record date is November 27, 2016. The dividend will be paid from income generated as Preferred Income (as defined under Israeli tax laws) on December 5, 2016, net of taxes and levies, at the rate of 20%.


Conference Call:

The Company will be hosting a conference call today, Thursday, November 17, 2016 at 10:00 a.m. Eastern Time. On the call, management will review and discuss the results and will be available to answer questions.

To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial-in Numbers: 1-888-668-9141
Canada Dial-in Numbers: 1-888-604-5839
UK Dial-in Number: 0-800-917-5108
ISRAEL Dial-in Number: 03-918-0610
INTERNATIONAL Dial-in Number: +972-3-918-0610

at 10:00am Eastern Time; 7:00am Pacific Time; 3:00pm UK Time; 5:00pm Israel Time

This call will also be broadcast live on Elbit Systems’ web-site at http://www.elbitsystems.com. An online replay will be available from 24 hours after the call ends.

Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are:

1 888 295 2634 (US) or +972 3 925 5900 (Israel and International).

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Earnings Release

About Elbit Systems
Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios and cyber-based systems. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.
For additional information, visit: www.elbitsystems.com.
Attachments:

Consolidated balance sheets
Consolidated statements of income
Consolidated statements of cash flow
Consolidated revenue distribution by areas of operation and by geographical regions
Company Contact:

Joseph Gaspar, Executive VP & CFO
Tel: +972-4-8316663
j.gaspar@elbitsystems.com
Dalia Rosen, VP, Head of Corporate Communications
Tel: +972-4-8316784
dalia.rosen@elbitsystems.com
Elbit Systems Ltd.
IR Contact: 

Ehud Helft
Kenny Green
GK Investor Relations
Tel: 1-646-201-9246
elbitsystems@gkir.com

This press release contains forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1943, as amended) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current fact. Forward-looking statements are based on management's expectations, estimates, projections and assumptions. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results, performance and trends may differ materially from these forward-looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward-looking statements speak only as of the date of this release. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

(FINANCIAL TABLES TO FOLLOW)

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Earnings Release

ELBIT SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
 
September 30,
 
December 31,
 
2016
 
2015
 
Unaudited
 
Audited
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
162,231

 
$
299,322

Short-term bank deposits and marketable securities
25,712

 
33,102

Trade and unbilled receivables, net
1,207,952

 
941,913

Other receivables and prepaid expenses
180,479

 
171,359

Inventories, net of customers advances
892,288

 
837,111

Total current assets
2,468,662

 
2,282,807

 
 
 
 
Investments in affiliated companies and partnerships
181,850

 
129,758

Long-term trade and unbilled receivables
145,772

 
152,463

Long-term bank deposits and other receivables
22,444

 
15,765

Deferred income taxes, net
41,612

 
52,619

Severance pay fund
276,173

 
270,151

 
667,851

 
620,756

 
 
 
 
Property, plant and equipment, net
481,452

 
449,759

Goodwill and other intangible assets, net
738,175

 
770,276

Total assets
$
4,356,140

 
$
4,123,598

 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
Short-term bank credit and loans
$
149,062

 
$
—

Current maturities of long-term loans and Series A Notes
232,826

 
113,359

Trade payables
403,594

 
347,366

Other payables and accrued expenses
819,114

 
739,867

Customer advances in excess of costs incurred on contracts in progress
345,477

 
437,202

 
1,950,073

 
1,637,794

 
 
 
 
Long-term loans, net of current maturities
486

 
165,971

Series A Notes, net of current maturities
179,006

 
226,758

Employee benefit liabilities
385,994

 
381,641

Deferred income taxes and tax liabilities, net
41,914

 
44,738

Customer advances in excess of costs incurred on contracts in progress
184,079

 
167,601

Other long-term liabilities
76,876

 
99,668

 
868,355

 
1,086,377

 
 
 
 
Elbit Systems Ltd.'s equity
1,530,666

 
1,391,374

Non-controlling interests
7,046

 
8,053

Total equity
1,537,712

 
1,399,427

Total liabilities and equity
$
4,356,140

 
$
4,123,598


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Earnings Release

ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of US Dollars, except for share and per share amount)
   
Nine months ended September 30,
 
Three months ended September 30,
 
Year Ended
December 31,
 
2016
 
2015
 
2016
 
2015
 
2015
 
Unaudited
 
Unaudited
 
Audited
Revenues
$
2,306,497

 
$
2,221,001

 
$
780,776

 
$
764,775

 
$
3,107,581

Cost of revenues
1,627,748

 
1,577,269

 
550,403

 
541,491

 
2,210,528

Gross profit
678,749

 
643,732

 
230,373

 
223,284

 
897,053

 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
Research and development, net
188,814

 
174,121

 
65,578

 
61,004

 
243,416

Marketing and selling, net
182,252

 
172,503

 
60,926

 
60,606

 
239,366

General and administrative, net
113,754

 
106,508

 
36,138

 
36,411

 
145,693

Other operating income, net
(17,575
)
 
—

 
(10,543
)
 
—

 
—

Total operating expenses
467,245

 
453,132

 
152,099

 
158,021

 
628,475

Operating income
211,504

 
190,600

 
78,274

 
65,263

 
268,578

 
 
 
 
 
 
 
 
 
 
Financial expenses, net
(14,495
)
 
(17,919
)
 
(7,303
)
 
(6,054
)
 
(20,240
)
Other income , net
3,942

 
69

 
32

 
(8
)
 
216

Income before income taxes
200,951

 
172,750

 
71,003

 
59,201

 
248,554

 
 
 
 
 
 
 
 
 
 
Taxes on income
(35,812
)
 
(30,882
)
 
(8,856
)
 
(10,257
)
 
(46,235
)
 
165,139

 
141,868

 
62,147

 
48,944

 
202,319

 
 
 
 
 
 
 
 
 
 
Equity in net earnings of affiliated companies and partnerships
5,855

 
1,199

 
1,426

 
1,690

 
4,542

Net income
$
170,994

 
$
143,067

 
$
63,573

 
$
50,634

 
$
206,861

Less: net income attributable to non-controlling interests
(1,197
)
 
(3,542
)
 
(195
)
 
(968
)
 
(4,352)

Net income attributable to Elbit Systems Ltd.'s shareholders
$
169,797

 
$
139,525

 
$
63,378

 
$
49,666

 
$
202,509

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Elbit Systems Ltd.'s shareholders:
 
 
 
 
Basic net earnings per share
$
3.97

 
$
3.27

 
$
1.48

 
$
1.16

 
$
4.74

Diluted net earnings per share
$
3.97

 
$
3.27

 
$
1.48

 
$
1.16

 
$
4.74

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of shares (in thousands)
 
 
 
 
 
 
 
 
Shares used in computation of basic earnings per share
42,741

 
42,703

 
42,745

 
42,720

 
42,711

Shares used in computation of diluted earnings per share
42,751

 
42,726

 
42,753

 
42,740

 
42,733


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Earnings Release

ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US Dollars)
 
Nine months ended September 30,
 
Year Ended
December 31,
 
2016
 
2015
 
2015
 
Unaudited
 
Audited
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
Net income
$
170,994

 
$
143,067

 
$
206,861

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
89,186

 
90,618

 
122,354

Stock-based compensation
58

 
113

 
139

Amortization of Series A Notes premium and related issuance costs, net
(69
)
 
(69
)
 
(92
)
Deferred income taxes and reserve, net
15,210

 
5,739

 
15,928

Loss (gain) on sale of property, plant and equipment
(3,777
)
 
1,329

 
1,742

Loss (gain) on sale and revaluation of investments
(16,752
)
 
(165
)
 
33

Equity in net earnings (loss) of affiliated companies and partnerships, net of dividend received (*)
(5,855
)
 
21,501

 
19,999

Changes in operating assets and liabilities, net of amounts acquired:
 
 
 
 
 
Decrease (increase) in short and long-term trade receivables and prepaid expenses
(268,833
)
 
68,520

 
31,860

Decrease (Increase) in inventories, net
(59,561
)
 
3,975

 
39,801

Increase (decrease) in trade payables, other payables and accrued expenses
120,931

 
(44,532
)
 
(74,280
)
Severance, pension and termination indemnities, net
1,332

 
(3,399
)
 
(799
)
Increase (decrease) in advances received from customers
(75,248
)
 
(31,010
)
 
71,282

Net cash provided by (used in) operating activities
(32,384
)
 
255,687

 
434,828

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
Purchase of property, plant and equipment and other assets
(99,936
)
 
(69,881
)
 
(99,175
)
Acquisition of subsidiaries and business operations
—

 
(141,436
)
 
(141,436
)
Investments in affiliated companies and other companies
(19,277
)
 
(10,116
)
 
(23,852
)
Deconsolidation of subsidiary
(1,538
)
 
—

 
—

Proceeds from sale of property, plant and equipment
12,514

 
9,381

 
11,563

Investment in long-term deposits
(109
)
 
(127
)
 
(396
)
Proceeds from sale of long-term deposits
661

 
324

 
721

Investment in short-term deposits and marketable securities
(24,530
)
 
(53,649
)
 
(57,175
)
Proceeds from sale of short-term deposits and marketable securities
32,146

 
115,402

 
128,187

Net cash used in investing activities
(100,069
)
 
(150,102
)
 
(181,563
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
Proceeds from exercise of options
488

 
1,410

 
1,616

Repayment of long-term loans
(48,250
)
 
(215,502
)
 
(226,635
)
Proceeds from long-term loans
—

 
184,050

 
196,550

Repayment of Series A Notes
(54,602
)
 
(55,532
)
 
(55,532
)
Dividends paid (**)
(51,336
)
 
(50,250
)
 
(69,792
)
Change in short-term bank credit and loans, net
149,062

 
316

 
(557
)
Net cash used in financing activities
(4,638
)
 
(135,508
)
 
(154,350
)
Net increase (decrease) in cash and cash equivalents
(137,091
)
 
(29,923
)
 
98,915

Cash and cash equivalents at the beginning of the year
299,322

 
200,407

 
200,407

Cash and cash equivalents at the end of the period
$
162,231

 
$
170,484

 
$
299,322

* Dividend received from affiliated companies and partnerships
$
—

 
$
22,700

 
$
24,541

** Dividends paid in 2015 include dividends to minority shareholders in a subsidiary.

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Earnings Release



ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES



Consolidated Revenues by Areas of Operation:

 
Nine months ended September 30,
 
Three months ended September 30,
 
2016
 
2015
 
2016
 
2015
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
Airborne systems
900.0

 
39.0
 
888.4

 
40.0
 
305.3

 
39.1
 
286.8

 
37.5
Land systems
258.0

 
11.2
 
437.6

 
19.7
 
31.8

 
4.1
 
169.9

 
22.2
C4ISR systems
891.3

 
38.6
 
674.4

 
30.4
 
363.0

 
46.5
 
238.3

 
31.2
Electro-optic systems
181.2

 
7.9
 
150.8

 
6.8
 
57.9

 
7.4
 
54.9

 
7.2
Other (mainly non-defense engineering and production services)
76.0

 
3.3
 
69.8

 
3.1
 
22.8

 
2.9
 
14.9

 
1.9
Total
2,306.5

 
100.0
 
2,221.0

 
100.0
 
780.8

 
100.0
 
764.8

 
100.0
                                                                             


Consolidated Revenues by Geographical Regions:

 
Nine months ended September 30,
 
Three months ended September 30,
 
2016
 
2015
 
2016
 
2015
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
Israel
506.7

 
22.0
 
438.3

 
19.7
 
183.4

 
23.5
 
153.7

 
20.1
North America
596.0

 
25.8
 
619.0

 
27.9
 
199.7

 
25.6
 
212.3

 
27.8
Europe
422.4

 
18.3
 
313.2

 
14.1
 
161.5

 
20.7
 
113.9

 
14.9
Asia-Pacific
595.1

 
25.8
 
606.8

 
27.3
 
176.3

 
22.6
 
217.0

 
28.4
Latin America
151.4

 
6.6
 
222.3

 
10.0
 
54.7

 
7.0
 
60.8

 
7.9
Other countries
34.9

 
1.5
 
21.4

 
1.0
 
5.2

 
0.6
 
7.1

 
0.9
Total
2,306.5

 
100.0
 
2,221.0

 
100.0
 
780.8

 
100.0
 
764.8

 
100.0

                                                                                                                            


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