Elbit Systems Ltd. (NASDAQ: ESLT) has shared the financial results of the third quarter of 2021 completed September 30, 2021. The Q3 results highlighted the successful implementation of its strategy to find a varied global footprint. It has added more than 20% revenue growth. The results also underscore the successful implementation of efficiency measures that supported an improved operational performance.
Revenue
The company disclosed that the revenues in the third quarter of 2021 reached $1,363.6 million, as compared to $1,134.2 million in the third quarter of 2020. It has been clarified that a major part of the growth was natural, in addition to the contribution of Sparton, which was purchased in the second quarter of 2021.
Gross Profit
Furthermore, the non-GAAP* gross profit reached $370.7 million (27.2% of revenues) in the Q3 of 2021, as compared to $302.3 million (26.7% of revenues) in the Q3 of 2020. GAAP gross profit in the Q3 of 2021 reached $363.2 million (26.6% of revenues), as compared to $237.4 million (20.9% of revenues) in the third quarter of 2020.
Expenses of the Company
In addition, the company has reported the R&D expenses, net reached $101.5 million which signify the 7.4% of revenues in the Q3 of 2021, as compared to $91.3 million as it represents the 8.0% of revenues in the third quarter of 2020. Marketing and selling expenses, net stood at $84.1 million which represent 6.2% of revenues in the Q3 of 2021.
Negative Impact of COVID-19
The COVID-19 was proclaimed a pandemic by the WHO in March 2020. COVID-19 has had considerable negative impacts on the worldwide economy. It caused serious damages to supply chains and financial markets, major travel restrictions, facility terminations, and shelter-in-place orders in various locations. Elbit Systems is closely examining the progress of the COVID-19 pandemic and its effects on the Company’s employees, customers, and suppliers, as well as on the global economy.