- Elbit Systems ( NASDAQ: ESLT ) stock fell as much as 6.6% to its lowest in 5 weeks on Tuesday after the defense electronics firm reported Q2 results .
- Q2 adj. EPS of $1.73 vs. $2.11 in Q2 2021, while revenue was flat Y/Y at $1.3B.
- Backlog of orders as of Jun. 30 stood at $14.1B, with ~74% of the current backlog attributable to orders from outside Israel.
- ~52% of backlog is slated to be performed during remainder of 2022 and 2023.
- "Order backlog growth in Q2 reflects continued demand for ESLT's portfolio of technological capabilities... the trend in global defense budgets combined with an improved operational initiative should support ESLT's long term success," said CEO Bezhalel Machlis.
- ESLT said from the start of Q3, the price of its shares increased significantly.
- If the stock price remains at current levels, or rises further, compensation costs (related to ESLT's stock price linked employee compensation plans) will significantly increase.
- Shares of ESLT, which posted weekly gains in the last 3 weeks, climbed ~27% YTD and ~54% in the last 1 year.
- ESLT also declared $0.50/share quarterly dividend .
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Elbit Systems stock falls to 5-week low after Q2 earnings report