EX-1 2 esltq320186k.htm EXHIBIT 1 Exhibit
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 Earning Release
 
 

 
ELBIT SYSTEMS REPORTS
THIRD QUARTER 2018 RESULTS

Backlog of orders at $8.1 billion; Revenues at $895 million;
Non-GAAP net income of $70 million; GAAP net income of $64 million; Non-GAAP net EPS of $1.63; GAAP net EPS of $1.50

Haifa, Israel, November 20, 2018 – Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT), (the "Company") the international high technology company, reported today its consolidated results for the quarter ended September 30, 2018.

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 reported a solid level of revenue in the quarter, growing by 12% over last year to almost $900 million. At the same time, we were able to show growth in backlog. This demonstrates that our business remains strong, in line with our strategy of consistently expanding our addressable markets through internal development of defense related products and solutions, as well as acquisitions of synergistic businesses.”
 



Third quarter 2018 results:

Revenues in the third quarter of 2018 were $895.2 million, as compared to $800.7 million in the third quarter of 2017.

Non-GAAP (*) gross profit amounted to $260.7 million (29.1% of revenues) in the third quarter of 2018, as compared to $256.3 million (32.0% of revenues) in the third quarter of 2017. GAAP gross profit in the third quarter of 2018 was $255.9 million (28.6% of revenues), as compared to $251.0 million (31.3% of revenues) in the third quarter of 2017.

Research and development expenses, net were $69.6 million (7.8% of revenues) in the third quarter of 2018, as compared to $67.1 million (8.4% of revenues) in the third quarter of 2017.


_____________
* see page 3


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Marketing and selling expenses, net were $69.4 million (7.8% of revenues) in the third quarter of 2018, as compared to $66.9 million (8.4% of revenues) in the third quarter of 2017.

General and administrative expenses, net were $37.8 million (4.2% of revenues) in the third quarter of 2018, as compared to $34.8 million (4.3% of revenues) in the third quarter of 2017.

Non-GAAP(*) operating income was $85.7 million (9.6% of revenues) in the third quarter of 2018, as compared to $89.2 million (11.1% of revenues) in the third quarter of 2017. GAAP operating income in the third quarter of 2018 was $79.1 million (8.8% of revenues), as compared to $82.2 million (10.3% of revenues) in the third quarter of 2017.

Financial expenses, net were $8.1 million in the third quarter of 2018, as compared to $9.3 million in the third quarter of 2017.

Taxes on income were $8.9 million (effective tax rate of 12.6%) in the third quarter of 2018, as compared to $14.6 million (effective tax rate of 20.0%) in the third quarter of 2017. The effective tax rate is 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 $2.7 million (0.3% of revenues) in the third quarter of 2018, as compared to $3.5 million (0.4% of revenues) in the third quarter of 2017.

Net income attributable to non-controlling interests was $0.7 million in the third quarter of 2018, as compared to $0.3 million in the third quarter of 2017.

Non-GAAP(*) net income attributable to the Company's shareholders in the third quarter of 2018 was $69.8 million (7.8% of revenues), as compared to $67.3 million (8.4% of revenues) in the third quarter of 2017. GAAP net income attributable to the Company's shareholders in the third quarter of 2018 was $64.1 million (7.2% of revenues), as compared to $61.5 million (7.7% of revenues) in the third quarter of 2017.

Non-GAAP(*) diluted net earnings per share attributable to the Company's shareholders were $1.63 for the third quarter of 2018, as compared to $1.57 for the third quarter of 2017. GAAP diluted earnings per share in the third quarter of 2018 were $1.50, as compared to $1.44 for the third quarter of 2017.

The Company’s backlog of orders for the quarter ended September 30, 2018 totaled $8,108 million as compared to $7,641 million as of September 30, 2017. Approximately 72% of the current backlog is attributable to orders from outside Israel. Approximately 45% of the current backlog is scheduled to be performed during 2018 and 2019.

Operating cash flow used in the nine months ended September 30, 2018 was $20.3 million, as compared to $140.0 million used in the nine months ended September 30, 2017.










_____________
* see page 3



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Accounting policies update:

The Company adopted the new revenue recognition accounting standard ASC 606, effective January 1, 2018, using the modified retrospective approach. Financial results for reporting periods during 2018 are presented in compliance with ASC 606. Historical financial results for the reporting periods prior to 2018 are presented in conformity with amounts previously disclosed under the prior revenue recognition standard, ASC 605. The adoption of ASC 606 primarily impacts the Company's contracts where revenue is recognized using the percentage of completion units of delivery method, which under ASC 606 can be recognized over time because control is transfered continuously to the customer over the performance period for contracts recognized over time. As a result, the adoption of ASC 606 influenced part of the revenue growth in 2018.

The cumulative effects of the transition to ASC 606 on January 1, 2018, resulted in the following main adjustments: a $0.1 million increase in retained earnings, a decrease in inventories of approximately $81.9 million, an increase in contract assets (unbilled receivables) of approximately $78.8 million and a net decrease in customer advances and other contract liabilities and deferred tax assets in the aggregate amount of approximately $3.2 million.

According to ASC 606, customer advances are no longer deducted from inventories. Accordingly, on January 1, 2018, the open balances of inventories net and customer advances were grossed up in the amount of approximately $87 million.


* 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,
 
2018
 
2017
 
2018
 
2017
 
2017
 
 
 
 
 
 
 
 
 
 
GAAP gross profit
$
741.3

 
$
714.5

 
$
255.9

 
$
251.0

 
$
997.9

Adjustments:
 
 
 
 
 
 
 
 
 
Amortization of purchased intangible assets
14.0

 
16.9

 
4.8

 
5.3

 
22.2

Non-GAAP gross profit
$
755.3

 
$
731.4

 
$
260.7

 
$
256.3

 
$
1,020.1

Percent of revenues
29.0
%
 
30.9
%
 
29.1
%
 
32.0
%
 
30.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP operating income
$
254.2

 
$
215.7

 
$
79.1

 
$
82.2

 
$
319.3

Adjustments:
 
 
 
 
 
 
 
 
 
Amortization of purchased intangible assets
19.4

 
21.7

 
6.6

 
7.0

 
28.6

Gain from changes in holdings
(45.4
)
 
—

 
—

 
—

 
—

Non-GAAP operating income
$
228.2

 
$
237.4

 
$
85.7

 
$
89.2

 
$
347.9

Percent of revenues
8.8
%
 
10.0
%
 
9.6
%
 
11.1
%
 
10.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP net income attributable to Elbit Systems’ shareholders
$
205.6

 
$
169.7

 
$
64.1

 
$
61.5

 
$
239.1

Adjustments:
 
 
 
 
 
 
 
 
 
Amortization of purchased intangible assets
19.4

 
21.7

 
6.6

 
7.0

 
28.6

Fair value adjustment of investment
5.1

 
—

 
—

 
—

 
—

Gain from changes in holdings
(45.4
)
 
—

 
—

 
—

 
—

Related tax benefits
(2.5
)
 
(3.6
)
 
(0.9
)
 
(1.2
)
 
6.2

Non-GAAP net income attributable to Elbit Systems' shareholders
$
182.2

 
$
187.8

 
$
69.8

 
$
67.3

 
$
273.9

Percent of revenues
7.0
%
 
7.9
%
 
7.8
%
 
8.4
%
 
8.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
GAAP diluted net EPS
$
4.81

 
$
3.97

 
$
1.50

 
$
1.44

 
$
5.59

Adjustments, net
(0.55
)
 
0.42

 
0.13

 
0.13

 
0.81

Non-GAAP diluted net EPS
$
4.26

 
$
4.39

 
$
1.63

 
$
1.57

 
$
6.41




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Recent Events:

On September 20, 2018 the Company announced that it was awarded an approximately $173 million contract to provide Naval Remote Controlled Weapon Stations to the Navy and Coast Guard of an Asia-Pacific country. The contract will be performed over a five-year period.

On October 2, 2018, the Company announced that its subsidiary, Elbit Systems UK Ltd. was awarded an initial contract of approximately £10 million (approximately $13 million) and a potential maximum value of approximately £40 million, from the UK Ministry of Defence to provide the MORPHEUS Battlefield Management Application. The initial contract will be performed over a three-year period.

On November 14, 2018, the Company announced that it was awarded an approximately $167 million contract from an Asia-Pacific country to supply a comprehensive aerial Intelligence, Surveillance, Target Acquisition and Reconnaissance (ISTAR) solution. The contract will be performed over a 20-month period.


Dividend:

The Board of Directors declared a dividend of $0.44 per share for the third quarter of 2018. The dividend’s record date is December 7, 2018. The dividend will be paid from income generated as Preferred Income (as defined under Israel tax laws), on December 24, 2018, net of taxes and levies, at the rate of 20%.


Conference Call:

The Company will be hosting a conference call on Tuesday, November 20, 2018 at 9:00 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: 9:00 am Eastern Time; 6:00 am Pacific Time; 2:00 pm UK Time; 4:00 pm 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:

1 888 782 4291 (US and Canada) or +972 3 925 5927 (Israel and International).

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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 airborne, 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 and radios. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services, including training and simulation systems.
For additional information, visit: www.elbitsystems.com or follow us on Twitter.

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: +972-772946663
j.gaspar@elbitsystems.com
David Vaaknin, VP, Head of Corporate Communications
Tel: +972-772946691
david.vaaknin@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.


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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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ELBIT SYSTEMS LTD.
CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
 
September 30,
 
December 31,
 
2018
 
2017
 
Unaudited
 
Audited
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
152,229

 
$
156,074

Short-term bank deposits and marketable securities
3,030

 
16,497

Trade and unbilled receivables, net
1,505,599

 
1,406,563

Other receivables and prepaid expenses
139,405

 
128,946

Inventories, net
1,069,005

 
902,954

Total current assets
2,869,268

 
2,611,034

 
 
 
 
Investments in affiliated companies and partnerships
217,882

 
172,338

Long-term trade and unbilled receivables
305,594

 
295,396

Long-term bank deposits and other receivables
28,883

 
38,082

Deferred income taxes, net
43,717

 
51,358

Severance pay fund
286,099

 
298,590

 
882,175

 
855,764

 
 
 
 
Property, plant and equipment, net
514,431

 
495,716

Goodwill and other intangible assets, net
806,846

 
752,403

Total assets
$
5,072,720

 
$
4,714,917

 
 
 
 
 
 
 
 
Liabilities and Equity
 
 
 
Short-term bank credit and loans
$
111,530

 
$
133,750

Current maturities of long-term loans and Series A Notes
63,114

 
67,556

Trade payables
524,375

 
633,689

Other payables and accrued expenses
790,692

 
835,394

Customer advances
572,200

 
418,560

 
2,061,911

 
2,088,949

 
 
 
 
Long-term loans, net of current maturities
459,800

 
119,514

Series A Notes, net of current maturities
59,522

 
124,865

Employee benefit liabilities
391,274

 
413,117

Deferred income taxes and tax liabilities, net
66,956

 
68,159

Customer advances
116,269

 
133,649

Other long-term liabilities
43,218

 
48,692

 
1,137,039

 
907,996

 
 
 
 
Elbit Systems Ltd.'s equity
1,863,445

 
1,708,310

Non-controlling interests
10,325

 
9,662

Total equity
1,873,770

 
1,717,972

Total liabilities and equity
$
5,072,720

 
$
4,714,917


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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,
 
2018
 
2017
 
2018
 
2017
 
2017
 
Unaudited
 
Unaudited
 
Audited
Revenues
$
2,605,844

 
$
2,368,221

 
$
895,150

 
$
800,734

 
$
3,377,825

Cost of revenues
1,864,515

 
1,653,762

 
639,231

 
549,753

 
2,379,905

Gross profit
741,329

 
714,459

 
255,919

 
250,981

 
997,920

 
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
 
 
Research and development, net
214,366

 
192,598

 
69,626

 
67,092

 
265,060

Marketing and selling, net
207,559

 
199,003

 
69,442

 
66,934

 
280,246

General and administrative, net
110,582

 
107,160

 
37,797

 
34,791

 
133,314

Other operating income, net
(45,367
)
 
—

 
—

 
—

 
—

Total operating expenses
487,140

 
498,761

 
176,865

 
168,817

 
678,620

Operating income
254,189

 
215,698

 
79,054

 
82,164

 
319,300

 
 
 
 
 
 
 
 
 
 
Financial expenses, net
(29,142
)
 
(24,810
)
 
(8,145
)
 
(9,333
)
 
(34,502
)
Other (expenses) income, net
(5,063
)
 
37

 
25

 
5

 
48

Income before income taxes
219,984

 
190,925

 
70,934

 
72,836

 
284,846

 
 
 
 
 
 
 
 
 
 
Taxes on income
(22,542
)
 
(30,151
)
 
(8,904
)
 
(14,579
)
 
(55,585
)
 
197,442

 
160,774

 
62,030

 
58,257

 
229,261

 
 
 
 
 
 
 
 
 
 
Equity in net earnings of affiliated companies and partnerships
9,140

 
9,918

 
2,695

 
3,500

 
11,361

Net income
$
206,582

 
$
170,692

 
$
64,725

 
$
61,757

 
$
240,622

Less: net income attributable to non-controlling interests
(969
)
 
(996
)
 
(670
)
 
(280
)
 
(1,513
)
Net income attributable to Elbit Systems Ltd.'s shareholders
$
205,613

 
$
169,696

 
$
64,055

 
$
61,477

 
$
239,109

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Earnings per share attributable to Elbit Systems Ltd.'s shareholders:
 
 
 
 
Basic net earnings per share
$
4.81

 
$
3.97

 
$
1.50

 
$
1.44

 
$
5.59

Diluted net earnings per share
$
4.81

 
$
3.97

 
$
1.50

 
$
1.44

 
$
5.59

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of shares (in thousands)
 
 
 
 
 
 
 
 
Shares used in computation of basic earnings per share
42,753

 
42,749

 
42,753

 
42,751

 
42,750

Shares used in computation of diluted earnings per share
42,755

 
42,753

 
42,755

 
42,753

 
42,753


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ELBIT SYSTEMS LTD.
CONSOLIDATED STATEMENTS OF CASH FLOW
(In thousands of US dollars)
 
Nine Months Ended 
 September 30,
 
Year Ended
December 31,
 
2018
 
2017
 
2017
 
Unaudited
 
Audited
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
 
 
Net income
$
206,582

 
$
170,692

 
$
240,622

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
 
 
Depreciation and amortization
84,974

 
84,884

 
114,017

Adjustment to fair value investment
5,114

 
—

 
—

Stock-based compensation
347

 
13

 
13

Amortization of Series A Notes premium and related issuance costs, net
(69
)
 
(69
)
 
(92
)
Deferred income taxes and reserve, net
6,601

 
6,920

 
28,774

Gain on sale of property, plant and equipment
(30
)
 
(2,101
)
 
(2,440
)
Loss (gain) on sale and revaluation of investments
(42,868
)
 
635

 
1,358

Equity in net earnings of affiliated companies and partnerships, net of dividend received (*)
(221
)
 
(6,560
)
 
(1,987
)
Changes in operating assets and liabilities, net of amounts acquired:
 
 
 
 
 
Increase in short and long-term trade receivables and prepaid expenses
(38,460
)
 
(272,320
)
 
(315,236
)
Increase in inventories, net
(131,635
)
 
(82,674
)
 
(59,699
)
Increase (decrease) in trade payables, other payables and accrued expenses
(157,024
)
 
(57,985
)
 
63,273

Severance, pension and termination indemnities, net
(7,357
)
 
(554
)
 
2,003

Increase in advances received from customers
53,790

 
19,134

 
30,287

Net cash provided by (used in) operating activities
(20,256
)
 
(139,985
)
 
100,893

CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
 
 
Purchase of property, plant and equipment and other assets
(66,664
)
 
(78,136
)
 
(107,880
)
Acquisition of subsidiaries and business operations
(127,569
)
 
(25,440
)
 
(25,440
)
Investments in affiliated companies and other companies
(7,181
)
 
(1,078
)
 
(4,964
)
Deconsolidation of subsidiary
(2,873
)
 
—

 
—

Proceeds from sale of property, plant and equipment
1,380

 
4,932

 
6,270

Proceeds from sale of investments
—

 
12,067

 
12,067

Investment in long-term deposits
(120
)
 
(717
)
 
(1,396
)
Proceeds from sale of long-term deposits
81

 
175

 
176

Investment in short-term deposits and marketable securities
(5,132
)
 
(23,746
)
 
(40,893
)
Proceeds from sale of short-term deposits and marketable securities
18,314

 
28,139

 
46,491

Net cash used in investing activities
(189,764
)
 
(83,804
)
 
(115,569
)
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
 
 
Proceeds from exercise of options
48

 
119

 
119

Repayment of long-term loans
(39
)
 
(166,879
)
 
(167,425
)
Proceeds from long-term loans
340,397

 
118,615

 
118,623

Repayment of Series A Notes
(55,532
)
 
(55,532
)
 
(55,532
)
Dividends paid
(56,479
)
 
(56,475
)
 
(75,300
)
Change in short-term bank credit and loans, net
(22,220
)
 
285,186

 
127,455

Net cash (used in) provided by financing activities
206,175

 
125,034

 
(52,060
)
 
 
 
 
 
 
Net decrease in cash and cash equivalents
(3,845
)
 
(98,755
)
 
(66,736
)
Cash and cash equivalents at the beginning of the year
156,074

 
222,810

 
222,810

Cash and cash equivalents at the end of the period
$
152,229

 
$
124,055

 
$
156,074

 
 
 
 
 
 
* Dividend received from affiliated companies and partnerships
$
8,919

 
$
3,358

 
$
9,374


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ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES



Consolidated Revenues by Areas of Operation:

 
Nine Months Ended September 30,
 
Three Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
Airborne systems
1,033.4

 
39.7
 
897.2

 
37.9
 
355.1

 
39.7
 
304.3

 
38.0
C4ISR systems
855.1

 
32.8
 
814.1

 
34.4
 
292.0

 
32.6
 
268.8

 
33.6
Land systems
409.7

 
15.7
 
337.2

 
14.2
 
153.2

 
17.1
 
126.5

 
15.8
Electro-optic systems
231.5

 
8.9
 
252.4

 
10.7
 
76.7

 
8.6
 
82.8

 
10.3
Other (mainly non-defense engineering and production services)
76.1

 
2.9
 
67.3

 
2.8
 
18.1

 
2.0
 
18.3

 
2.3
Total
2,605.8

 
100.0
 
2,368.2

 
100.0
 
895.1

 
100.0
 
800.7

 
100.0
                                                                             


Consolidated Revenues by Geographical Regions:

 
Nine Months Ended September 30,
 
Three Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
 
$ millions
 
%
Israel
512.8

 
19.7
 
509.3

 
21.5
 
160.8

 
18.0
 
174.3

 
21.8
North America
691.3

 
26.5
 
591.4

 
25.0
 
230.2

 
25.7
 
189.6

 
23.7
Europe
487.2

 
18.7
 
528.5

 
22.3
 
171.5

 
19.2
 
163.6

 
20.4
Asia-Pacific
588.3

 
22.6
 
510.5

 
21.6
 
224.3

 
25.1
 
181.6

 
22.7
Latin America
151.4

 
5.8
 
149.3

 
6.3
 
60.4

 
6.7
 
56.3

 
7.0
Other countries
174.8

 
6.7
 
79.2

 
3.3
 
47.9

 
5.3
 
35.3

 
4.4
Total
2,605.8

 
100.0
 
2,368.2

 
100.0
 
895.1

 
100.0
 
800.7

 
100.0

                                                                                                                            


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