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Defense Markets Summary
August 2007 (past reports)

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Elbit Systems Reports Record Sales & Backlog for Q2/07

Strong sales brought Elbit Systems (NASDAQ: ESLT) to record the highest level of revenues per quarter ($468 million), in the second quarter of 2007, increased 36% over previous year Q2. According to Joseph Ackerman, President and CEO the company demonstrated an organic growth that amounted to more than 20% and, including the new acquisition, the overall growth was 36%. The growth is partially attributed to the completion of acquisition of Tadiran Communications, for which the company used $27.1 million in cash, totally eroding a potential net profit of $23.7 million, into a loss of $0.7 million. In the first half of 2007 the company generated $130 in cash. Relying on a backlog of orders set at a record $4.2 billion, Elbit Systems is set to continue to prosper from a growing demand for aerospace and defense electronics.

MRAP Effect at Force Protection

As expected, Force Protection (NASDAQ: FRPT) reported yesterday (Aug. 9, 2007) a sharp increase in sales (140%) and net profit ($0.14 EPS) in its second quarter sales. The company's net sales reached US$134.7 million, compared to $56.1 million in Q2/06. This surge reflects the growing demand for mine protected armored vehicles (MRAP) pioneered by Force Protection. In the first six months of 2007 the company sold about a quarter billion worth of armored vehicles ($234.9 million, 158% over the first half of 2006).

EDO Revenue up 61 Percent in Second Quarter

EDO Corporation (NYSE: EDO) reported today an increase of 61.4% in its quarterly revenue over the same period last year. For the second quarter of 2007 the company's revenue reached $246.0 million compared to sales of $152.4 million last year. This increase was attributed to the acquisitions of CAS Inc and Impact Science & Technology Inc in September of 2006, as well as strong sales of battlefield-communications equipment.

ATK Aims at $4 Billion in Sales, Better earning This Year

Alliant Techsystems (NYSE:ATK) reported today a sharp increase of 35% in its net income for Q1/2008, compared to the 1st quarter of 2007. Net income was $52 million in the current second quarter, generated from sales totaling $958 million, a 16% increase over Q1 2007. Based on a forcasted 15% increase in its order book, which is expected to reach 6 billion, ATK is raising its full-year FY08 sales guidance by about 3.8%, to a range of $4.0 - $4.1 billion with Earning Per Share (EPS) expected to be at the range of $6.15 - $6.25. The strong orders growth was driven by increases in the demand for small and medium caliber ammunition, the Ares program from NASA, advanced weapons and missile defense programs.

Cubic - Profits are Up on Sales of Military Training Systems

Cubic Corporation (AMEX:CUB) announced yesterday higher sales and increased earnings for the third quarter of 2007 ended June 30, 2007. Sales increased 9% to $233.7 million up from $214.9 million last year. Net income for the quarter increased 87% to $11.2 million ($0.42 per share). The company's defense segment's sales increased 18% in the quarter reaching $176.6 million this year. In the past 9 months defense sales increased 15% from $422.1 million to $484.7 million. Sales of training systems were increased, demonstrating higher profit while communications and electronic systems' sales dropped throughout the year, reducing profitability to merely break-even level. Cubic reported an increase in the funded backlog in the past quarter to $1.347 billion (at June 30, 2007) compared to $1.224 billion at September 30, 2006.



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