- Elbit Systems Ltd (NASDAQ:ESLT) reported first-quarter FY22 revenue growth of 21% year-over-year to $1.35 billion, with a significant part of the growth being organic, in addition to the contribution of Sparton.
- Adjusted gross margin declined 100 bps to 24.6%. Adjusted operating margin contracted to 4.9% from 8.3% in 1Q21.
- Adjusted EPS fell to $1.22 from $1.72 a year ago.
- Dividend: ESLT declared a dividend of $0.50 per share, payable on July 11, 2022, to shareholders of record on June 27, 2022.
- Elbit System's net cash provided by operating activities for Q1 totaled $35.47 million, compared to cash used of $(13.09) million a year ago.
- The backlog of orders as of March 31, 2022, totaled $13.7 billion, similar to the backlog as of December 31, 2021. Approximately 72% of the current backlog is attributable to orders from outside Israel. ~55% of the backlog is scheduled to be performed during 2022 and 2023.
- Price Action: ESLT shares are trading lower by 7.47% at $203.56 during the premarket session on Tuesday.
