Elbit Systems Shares Slip On Q2 Profit Miss

Elbit Systems Ltd ESLT reported second-quarter FY22 revenue of $1.3 billion, a slight increase of 0.08% year-over-year, beating the consensus of $1.26 billion.
The adjusted gross profit was $345.9 million, compared to $346.6 million in 2Q21, and the margin was 26.5%, down 10 bps.
The adjusted operating income was $103.3 million, compared to $114.9 million a year ago, and the margin was 7.9%, down from 8.8% in 2Q21.
Adjusted EPS fell to $1.73 from $2.11 a year ago, missing the consensus of $1.89.
Dividend: ESLT declared a dividend of $0.5 per share for the second quarter. The dividend's record date is October 6, 2022, and will be paid on October 24, 2022.
Elbit System's net cash used in operating activities year-to-date totaled $(133.47) million, compared to cash provided of $157.13 million a year ago.
The backlog of orders as of June 30, 2022, totaled $14.1 billion, ~74% of the current backlog is attributable to orders from outside Israel.
Price Action: ESLT shares are trading lower by 3.90% at $223.18 during the premarket session on Tuesday.

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