Elbit posts Q2 sales and order growth
Elbit Seagull USV. (Photo: Elbit Systems)
The acquisition of Sparton Corporation helped to drive Elbit’s Q2 financial performance.
Elbit Systems reported a 26% increase in its order backlog for Q2 2021, as sales reached $1.3 billion and net profits totalled $102 million.
President and CEO Butzi Machlis described a 21% increase in sales compared with Q2 2020 ($1.08 billion), as the order backlog grew to $13.6 billion.
Net R&D expenses remained the same as a proportion of revenues (7.3%) but increased in real terms from $79 million in Q2 2020 to $95.4 million the following year.
Organic sales growth contributed to the bottom line Q2 2021 but another factor was the $380 million acquisition, completed in April 2021, of US-based Sparton Corporation.
Sparton develops, produces and supplies systems supporting undersea warfare programmes for the USN and allies.
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