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ELBIT SYSTEMS REPORTS FIRST QUARTER 2023 RESULTS
[May 30, 2023]

ELBIT SYSTEMS REPORTS FIRST QUARTER 2023 RESULTS


Backlog of orders at $15.8 billion; Revenues of $1.39 billion;

Non-GAAP net income of $76 million; GAAP net income of $62 million;

Non-GAAP net EPS of $1.70; GAAP net EPS of $1.40

HAIFA, Israel, May 30, 2023 /PRNewswire/ -- Elbit Systems Ltd. ("Elbit Systems" or the "Company") (NASDAQ: ESLT) and (TASE: ESLT), the international high technology defense company, reported today its consolidated results for the  quarter ended March 31, 2023.

Elbit_Systems_Logo

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 view of the Company's business results and trends. For a description of the Company's non-GAAP definitions see page 3 below, "Non-GAAP financial data". Unless otherwise stated, all financial data presented is US-GAAP financial data.

Management Comment:

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented:

"The financial results in the first quarter reflect the demand for our portfolio of technologically advanced and relevant solutions that resulted in a record order backlog of $15.8 Billion, an increase of 16% compared to the first quarter of 2022. 
We continue to invest in our people, new and legacy facilities, and R&D to deliver the order backlog and realize the significant potential created by the growth in defense budgets around the world. 
I am confident that the sustained demand for our solutions and our operational improvement activities will support the successful implementation of Elbit Systems' long term strategy."

First quarter 2023 results:

Revenues in the first quarter of 2023 were $1,393.5 million, as compared to $1,352.8 million in the first quarter of 2022.

Aerospace revenues decreased by 10%, to $420.8 million in the first quarter of 2023 from $465.0 million in the first quarter of 2022, mainly due to lower airborne precision guided munition sales partially offset by growth of Training & Simulation sales. 
C4I and Cyber revenues increased by 19%, to $175.7 million in the first quarter of 2023 from $148.0 million in the first quarter of 2022, mainly due to growth in Command & Control systems sales.
ISTAR and EW revenues increased by 17%, to $294.7 million in the first quarter of 2023 from $251.5 million in the first quarter of 2022, mainly due to Electronic Warfare systems sales. 
Land revenues increased by 8%, to $301.4 million in the first quarter of 2023 from $279.4 million in the first quarter of 2022, mainly due to armored vehicle upgrade sales. 
Elbit Systems of America's revenues were $345.3 million in the first quarter of 2023 compared to $343.9 million in the first quarter of 2022.

For distribution of revenues by segments and geographic regions see the tables on page 11.

Non-GAAP(*) gross profit amounted to $368.5 million (26.4% of revenues) in the first quarter of 2023, as compared to $333.3 million (24.6% of revenues) in the first quarter of 2022. GAAP gross profit in the first quarter of 2023 was $361.5 million (25.9% of revenues), as compared to $326.9 million (24.2% of revenues) in the first quarter of 2022. The GAAP and Non-GAAP gross profit in the first quarter of 2022 included expenses of approximately $20 million related to the effect of the significant increase in the Company's share price on employees' stock price linked compensation plans.

Research and development expenses, net were $110.3 million (7.9% of revenues) in the first quarter of 2023, as compared to $100.7 million (7.4% of revenues) in the first quarter of 2022.

Marketing and selling expenses, net were $80.2 million (5.8% of revenues) in the first quarter of 2023, as compared to $87.0 million (6.4% of revenues) in the first quarter of 2022.

General and administrative expenses, net were $77.1 million (5.5% of revenues) in the first quarter of 2023, as compared to $84.3 million (6.2% of revenues) in the first quarter of 2022.

Non-GAAP(*) operating income was $105.1 million (7.5% of revenues) in the first quarter of 2023, as compared to $65.8 million (4.9% of revenues) in the first quarter of 2022. GAAP operating income in the first quarter of 2023 was $93.9 million (6.7% of revenues), as compared to $58.6 million (4.3% of revenues) in the first quarter of 2022. GAAP and Non-GAAP(*) operating income in the first quarter of 2022 was reduced by expenses of approximately $35 million related to the Company's stock price linked compensation plans.

Financial expenses, net were $24.2 million in the first quarter of 2023, as compared to financial income of $1.1 million in the first quarter of 2022. The financial expenses in 2023 were higher as a result of the increase in interest rates. The financial income in the first quarter of 2022 included gains from changes in fair value of financial assets and exchange rate differences.

Taxes on income were $8.7 million in the first quarter of 2023, as compared to $8.0 million in the first quarter of 2022.

Non-GAAP(*) net income attributable to the Company's shareholders in the first quarter of 2023 was $75.6 million (5.4% of revenues), as compared to $54.3 million (4.0% of revenues) in the first quarter of 2022. GAAP net income attributable to the Company's shareholders in the first quarter of 2023 was $62.1 million (4.5% of revenues), as compared to $52.8 million (3.9% of revenues) in the first quarter of 2022. Net income in the first quarter of 2022 was reduced by net expenses of approximately $32 million related to the Company's stock price linked compensation plans.

Non-GAAP(*) diluted net earnings per share attributable to the Company's shareholders were $1.70 for the first quarter of 2023, as compared to $1.22 for the first quarter of 2022. GAAP diluted earnings per share attributable to the Company's shareholders in the first quarter of 2023 were $1.40, as compared to $1.19 in the first quarter of 2022. Diluted net earnings per share in the first quarter of 2022, were reduced by $0.72 as a result of the expenses related to the Company's stock price linked compensation plans.

The Company's backlog of orders as of March 31, 2023 totaled $15.8 billion. Approximately 75% of the current backlog is attributable to orders from outside Israel. Approximately 54% of the backlog is scheduled to be performed during the remainder of 2023 and 2024. 

Cash flows used in operating activities in the three months ended March 31, 2023 were $73.0 million, as compared to cash flows provided by operating activities of $35.5 million in the three months ended March 31, 2022. The cash flows in the first quarter of 2023 was affected by the increase in inventories and trade receivables, offset by increased customer advances and trade payables.

* Non-GAAP financial data:

The following non-GAAP financial data, including Adjusted gross profit, Adjusted operating income, Adjusted net income, and Adjusted diluted earnings per share, is presented to enable investors to have additional information on our business performance as well as a further basis for periodical comparisons and trends relating to our financial results. We believe such data provides useful information to investors and analysts by facilitating more meaningful comparisons of our financial results over time. The non-GAAP adjustments exclude amortization expenses of intangible assets related to acquisitions that occurred mainly in prior periods, capital gains related primarily to the sale of investments, Covid-19 related expenses, revaluations of investments in affiliated companies, non-operating foreign exchange gains or losses, one-time tax expenses, and the effect of tax on each of these items. We present these non-GAAP financial measures because management believes they supplement and/or enhance management's, analysts' and investors' overall understanding of the Company's underlying financial performance and trends and facilitate comparisons among current, past, and future periods.

Specifically, management uses Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company's shareholders to measure the ongoing gross profit, operating profit and net income performance of the Company because the measure adjusts for more significant non-recurring items, amortization expenses of intangible assets relating to prior acquisitions, and non-cash expense which can fluctuate year to year.

We believe Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company's shareholders are useful to existing shareholders, potential shareholders and other users of our financial information because they provide measures of the Company's ongoing performance that enable these users to perform trend analysis using comparable data.

Management uses Adjusted diluted earnings per share to evaluate further adjusted net income attributable to the Company's shareholders while considering changes in the number of diluted shares over comparable periods.

We believe adjusted diluted earnings per share is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income attributable to Company's shareholders on a per-share basis.

The non-GAAP measures used by the Company are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures.

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. They 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.

 





Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data:

(US Dollars in millions, except for per share amounts)



Three months
ended March
31, 2023


Three months
ended March
31, 2022


Year ended
December
31, 2022

GAAP gross profit

$           361.5


$           326.9


$     1,373.3

Adjustments:






Amortization of purchased intangible assets(*)

7.0


6.4


31.7

Non-GAAP  gross profit

$           368.5


$           333.3


$     1,405.0

Percent of revenues

26.4 %


24.6 %


25.5 %







GAAP operating income

$             93.9


$             58.6


$         367.5

Adjustments:






Amortization of purchased intangible assets(*)

11.2


10.9


49.2

Capital gain


(3.7)


(31.5)

Non-recurring grant



(28.6)

Non-GAAP operating income

$           105.1


$             65.8


$         356.6

Percent of revenues

7.5 %


4.9 %


6.5 %







GAAP net income attributable to Elbit Systems' shareholders

$             62.1


$             52.8


$         275.4

Adjustments:






Amortization of purchased intangible assets(*)

11.2


10.9


49.2

Capital gain


(3.7)


(20.5)

Revaluation of investment measured under fair value method



10.2

Non-operating foreign exchange (gains) losses

3.7


(4.8)


(10.5)

Non-recurring grant



(28.6)

Tax effect and other tax items, net

(1.4)


(0.9)


(6.3)

Non-GAAP net income attributable to Elbit Systems' shareholders   

$             75.6


$             54.3


$         268.9

Percent of revenues

5.4 %


4.0 %


4.9 %







GAAP diluted net EPS

$             1.40


$             1.19


$           6.18

Adjustments, net

0.30


0.03


(0.15)

Non-GAAP diluted net EPS

$             1.70


$             1.22


$           6.03


(*)     While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired
companies is reflected in the measures and the acquired assets contribute to revenue generation.


 

Recent Events:

On April 3, 2023, the Company announced that it was awarded a contract to supply, among others, precision munitions, radio and defense electronics systems as well as maintenance services to a European country, with a cumulative value of approximately $280 million. The contract will be performed over a period of three years.

On April 18, 2023, the Company announced that it was awarded a contract worth approximately $102 million to supply artillery systems to an international customer. The contract will be performed over a period of eight years.

On April 18, 2023, the Company announced that it was awarded a follow-on contract worth approximately $100 million to convert commercial aircraft into Intelligence and Electronic Warfare (EW) aircraft for an international customer. The contract will be performed over a period of three years.

On April 27, 2023, the Company announced that it signed a follow-on contract worth approximately $100 million to provide aerial firefighting services to the Israeli Ministry of National Security. The contract will be carried out over a period of eight years.

On May 9, 2023, the Company announced that its UK subsidiary Elbit Systems UK was awarded a contract from the UK Ministry of Defence worth approximately $71 million to supply, maintain and operate the Ground Manoeuvre Synthetic Trainer systems (GMST) for the Boxer armoured vehicles and Challenger 3 tanks under the British Army's Project Vulcan. The contract will be delivered over a three-year period with an additional nine year period that will include operation and maintenance services at UK facilities.

On May 18, 2023, the Company announced that as part of an agreement between the Israeli Ministry of Defense and the Netherlands Ministry of Defense, it was awarded a contract worth $305 million to supply Precise & Universal Launching System (PULS) artillery rocket systems to the Royal Netherlands Army. The contract will be performed over a period of five years.

Dividend:

The Board of Directors declared a dividend of $0.50 per share. The dividend's record date is June 26, 2023. The dividend will be paid on July 10, 2023, after deduction of withholding tax, at the rate of 16.8%. 

Conference Call:

The Company will be hosting a conference call today, Tuesday, May 30, 2023, 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 Number: 1-866-744-5399 
Canada Dial-in Number: 1-866-485-2399 
Israel Dial-in Number: 03-918-0610 
INTERNATIONAL Dial-in Number:  972-3-918-0610

at 9:00am Eastern Time; 6:00am Pacific Time; 4:00pm Israel Time

The conference call will also be broadcast live on Elbit Systems' website at https://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 +972-3-925-5900 (Israel and International).

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, cyber-based systems and munitions. 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: https://elbitsystems.com/, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn Channels.

Attachments:

Consolidated balance sheets 
Consolidated statements of income 
Consolidated statements of cash flows 
Consolidated revenue distribution by areas of operation and by geographical regions

 

Company Contact:

Dr. Yaacov (Kobi) Kagan, EVP & Chief Financial Officer 
Tel:  +972-77-2946663
[email protected]

Rami Myerson, Director, Investor Relations
Tel: +972-77-2948984
[email protected]

Dalia Bodinger, VP, Communications & Brand
Tel: +972-77-2947602
[email protected]

 

This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions about future events. 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, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business. 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; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; 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.

Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. 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)

 

 

ELBIT SYSTEMS LTD.

CONSOLIDATED BALANCE SHEETS

(In thousands of US Dollar)



As of
March 31, 2023

(Unaudited)


As of
December 31, 2022

(Audited)

Assets




Cash and cash equivalents

$                151,473


$                   211,108

Short-term bank deposits

2,061


1,040

Trade and unbilled receivables and contract assets, net

2,728,697


2,574,605

Other receivables and prepaid expenses

314,934


298,698

Inventories, net

2,171,691


1,946,326

Total current assets

5,368,856


5,031,777





Investments in affiliated companies, partnerships and other companies

160,795


159,604

Long-term trade and unbilled receivables and contract assets

322,239


374,054

Long-term bank deposits and other receivables

93,363


112,525

Deferred income taxes, net

23,329


20,025

Severance pay fund

214,192


227,786

Total

813,918


893,994





Operating lease right of use assets

396,157


405,446

Property, plant and equipment, net

971,158


949,207

Goodwill and other intangible assets, net

1,914,660


1,935,227

Total assets

$             9,464,749


$               9,215,651





Liabilities and Equity




Short-term bank credit and loans

$                226,623


$                   115,076

Current maturities of long-term loans and Series B, C and D Notes

75,305


76,555

Operating lease liabilities

66,199


69,322

Trade payables

1,126,603


1,067,818

Other payables and accrued expenses

1,236,072


1,171,357

Contract liabilities

1,831,397


1,777,161

Total current liabilities

4,562,199


4,277,289





Long-term loans, net of current maturities

228,228


264,541

Series B, C and D Notes, net of current maturities

407,200


415,537

Employee benefit liabilities

595,310


618,088

Deferred income taxes and tax liabilities, net

58,310


72,965

Contract liabilities

227,870


217,075

Operating lease liabilities

329,353


344,585

Other long-term liabilities

274,936


247,896

Total long-term liabilities

2,121,207


2,180,687





Elbit Systems Ltd.'s equity

2,778,737


2,755,221

Non-controlling interests

2,606


2,454

Total equity

2,781,343


2,757,675

Total liabilities and equity

$             9,464,749


$               9,215,651

 

 

ELBIT SYSTEMS LTD.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands of US Dollars, except for share and per share amounts)



Three months
ended March
31, 2023

(Unaudited)


Three months
ended March
31, 2022

(Unaudited)


Year ended
December
31, 2022

(Audited)

Revenues

$      1,393,488


$      1,352,806


$      5,511,549

Cost of revenues

1,031,972


1,025,861


4,138,266

Gross profit

361,516


326,945


1,373,283







Operating expenses:






Research and development, net

110,318


100,679


435,650

Marketing and selling, net

80,160


86,975


326,020

General and administrative, net

77,140


84,324


313,047

Other operating income, net


(3,651)


(68,918)

Total operating expenses

267,618


268,327


1,005,799

Operating income

93,898


58,618


367,484







Financial income (expenses), net

(24,212)


1,081


(51,364)

Other expense, net

(1,846)


(1,827)


(23,562)

Income before income taxes

67,840


57,872


292,558

Taxes on income

(8,695)


(7,969)


(24,131)

Income after taxes on income

59,145


49,903


268,427







Equity in net earnings of affiliated companies and partnerships

3,028


3,045


7,042







Net income

$           62,173


$           52,948


$         275,469







Less: net income attributable to non-controlling interests

(104)


(184)


(21)

Net income attributable to Elbit Systems Ltd.'s shareholders

$           62,069


$           52,764


$         275,448







Earnings per share attributable to

Elbit Systems Ltd.'s shareholders:






Basic net earnings per share

$                1.40


$                1.19


$                6.21

Diluted net earnings per share

$                1.40


$                1.19


$                6.18







Weighted average number of shares used

 in computation of:






Basic earnings per share (in thousands)

44,345


44,286


44,322

Diluted earnings per share (in thousands)

44,459


44,524


44,581

 

 

ELBIT SYSTEMS LTD.

CONSOLIDATED STATEMENTS OF CASH FLOW

(In thousands of US Dollars)



Three months
ended March
31, 2023

(Unaudited)


Three months
ended March
31, 2022

(Unaudited)


Year ended
December
31, 2022

(Audited)

CASH FLOWS FROM OPERATING ACTIVITIES






Net income

$         62,173


$         52,948


$    275,469

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization

41,058


39,371


161,290

Stock-based compensation

3,416


2,341


10,463

Amortization of series B, C and D related issuance costs, net

153


205


773

Deferred income taxes and reserve, net

659


(821)


(2,219)

Gain on sale of property, plant and equipment

(189)


(45)


(18,995)

Gain on sale of investment, remeasurement of investment held under fair value method


(3,383)


(7,360)

Equity in net (earnings) losses of affiliated companies and partnerships, net of dividend received (*)

597


(1,249)


11,368

Changes in operating assets and liabilities, net of amounts acquired:






Decrease (increase) in trade and unbilled receivables and prepaid expenses

(101,647)


9,615


97,151

Increase in inventories, net

(225,366)


(80,764)


(305,058)

Increase (decrease) in trade payables and other payables and accrued expenses

91,704


(21,135)


(123,289)

Severance, pension and termination indemnities, net

(10,615)


(7,738)


(51,689)

Increase in contract liabilities

65,032


46,125


192,164

Net cash (used in) provided by operating activities

(73,025)


35,470


240,068

CASH FLOWS FROM INVESTING ACTIVITIES






Purchase of property, plant and equipment and other assets

(36,812)


(44,983)


(205,110)

Acquisition of subsidiaries, net of cash consumed



(12,430)

Deferred payment on acquisition



(50,749)

Investments in affiliated companies and other companies, net

(1,200)


(268)


(4,466)

Proceeds from sale of property, plant and equipment

359


950


24,882

Proceeds from sale of a subsidiary and business operation


11,651


93,138

Proceeds (investment) in short-term deposits, net

(1,000)


(21)


2,567

Proceeds from sale of long-term deposits, net

30


59


186

Net cash used in investing activities

(38,623)


(32,612)


(151,982)

CASH FLOWS FROM FINANCING ACTIVITIES






Issuance of shares

1


11


24

Repayment of long-term loans

(37,366)


(618)


(122,353)

Proceeds from long-term bank loans


38,776


39,547

Repayment of Series B, C and D Notes



(65,379)

Dividends paid

(22,171)


(20,338)


(86,813)

Change in short-term bank credit and loans, net

111,549


(3,811)


99,003

Net cash (used in) provided by financing activities

52,013


14,020


(135,971)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(59,635)


16,878


(47,885)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

$       211,108


$       258,993


$    258,993

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

$       151,473


$       275,871


$    211,108







(*) Dividend received from affiliated companies and partnerships

$           3,625


$           1,796


$      18,409

 

 

ELBIT SYSTEMS LTD.

DISTRIBUTION OF REVENUES

(In millions of US Dollars)


Consolidated revenues by geographical regions:


Three months
ended March
31, 2023


%


Three months
ended March
31, 2022


%


Year Ended
December
31, 2022


%

Israel

$             255.4


18.3


$             285.6


21.1


$          1,071.9


19.4

North America

352.3


25.3


362.4


26.8


1,489.7


27.0

Europe

368.7


26.5


254.6


18.8


1,243.6


22.6

Asia-Pacific

338.6


24.3


402.4


29.7


1,405.5


25.5

Latin America

30.2


2.2


13.2


1.0


119.9


2.2

Other countries

48.3


3.4


34.6


2.6


180.9


3.3

Total revenue

$          1,393.5


100.0


$          1,352.8


100.0


$          5,511.5


100.0



Consolidated revenues by segments: 


Three months
ended March
31, 2023


Three months
ended March
31, 2022


Year Ended
December
31, 2022

Aerospace












External customers

$              362.2


$              406.0


$          1,471.1

Intersegment revenue

58.6


59.0


262.1

Total

420.8


465.0


1,733.2

C4I and Cyber










External customers

161.9


135.3


631.3

Intersegment revenue

13.8


12.7


47.1

Total

175.7


148.0


678.4

ISTAR and EW










External customers

249.2


216.3


882.2

Intersegment revenue

45.5


35.2


163.4

Total

294.7


251.5


1,045.6

Land










External customers

278.6


252.6


1,075.8

Intersegment revenue

22.8


26.8


92.7

Total

301.4


279.4


1,168.5

ESA










External customers

341.6


342.6


1,451.1

Intersegment revenue

3.7


1.3


5.6

Total

345.3


343.9


1,456.7

Revenues










Total revenues (external customers and intersegment) for reportable segments

1,537.9


1,487.8


6,082.4

Less - Intersegment revenue

(144.4)


(135.0)


(570.9)

Total revenues

$          1,393.5


$          1,352.8


$          5,511.5

  

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Cision View original content:https://www.prnewswire.com/news-releases/elbit-systems-reports-first-quarter-2023-results-301836936.html

SOURCE Elbit Systems Ltd.


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