IAI net profit increased 33% in the second Q to a record of $ 48 million

The aerospace industry is publishing business results and they are new records. Sales rose 4.6% to about $ 2,078 million in the first half of 2020, compared to about $ 1,986 million in the same period last year, the highest sales in the first half of the company's history. An increase of about 7.6% in the company's sales in the second quarter of 2020 to about $ 1,060 million, compared to about $ 985 million in the corresponding quarter last year
In particular, an 18% increase in military division sales in the first half of 2020 to about $ 1,706 million compared to about $ 1,448 million in the same period last year. A decrease of about 15% in the sales of an aviation division was recorded in the first half of 2020 of about $ 612 million, compared to about $ 721 million in the corresponding period last year.
Net income was 64% higher and amounted to about $ 82 million in the first half of 2020 compared to about $ 50 million in the same period last year, the most profitable median in the company's history. There was a 33% increase in net profit to about $ 48 million in the second quarter compared to about $ 36 million in the corresponding quarter last year, the highest net profit in the second quarter in the company's history.
An increase of 28.7% in the net profit of the military divisions in the first half of 2020 to about $ 130 million compared to about $ 101 million in the corresponding period last year. The net loss of the Aviation Division in the first half of 2020 amounted to approximately $ 8 million, compared with a loss of approximately $ 7 million in the corresponding period last year
EBITDA: 35% growth in EBITDA in the first half of 2020 to about $ 223 million compared to about $ 165 million in the corresponding period last year, EBITDA in the second quarter of 2020 grew by 26% and amounted to about $ 121 million (about 11.4 % Of sales) compared to about $ 96 million (about 9.7% of sales), in the corresponding quarter last year
Gross profit: A 25% increase in gross profit in the first half of 2020 to approximately $ 333 million (approximately 16% of sales) compared to approximately $ 267 million in the corresponding period last year (approximately 13% of sales). A 12.5% ​​increase in gross profit in the second quarter of 2020 to approximately $ 163 million (approximately 15.4% of sales) compared to approximately $ 145 million (approximately 14.7% of sales), in the corresponding quarter last year.
A 22% increase in the gross profit of the military divisions in the first half of 2020 to about $ 292 million compared to about $ 239 million in the same period last year. A 12% increase in the gross profit of an aviation division in the first half of 2020 to about $ 46 million compared to about $ 41 million in the same period last year.
Operating profit recorded 87% growth in the first half of 2020 to approximately $ 127 million in the current quarter (approximately 6.1% of sales) compared to operating income of approximately $ 68 million (approximately 3.4% of sales) in the corresponding period last year. 38% increase in operating profit in the second quarter of 2020 to about $ 66 million (about 6.2% of sales) compared to operating profit of about $ 48 million in the corresponding quarter last year (about 4.9% of sales)
A 39% increase in the operating profit of the military divisions (*) in the first half of 2020 to about $ 157 million compared to about $ 113 million in the corresponding period last year. The operating profit of the Aviation Division (*) in the first half of 2020 decreased to $ 4 million, compared to about $ 8 million in the corresponding period last year.
The company's backlog stands at $ 13.2 billion, representing about 3.4 years of operation. The company's cash and cash equivalents total about $ 1.1 billion.
IAI CEO Nimrod Sheffer: "IAI is also showing good results this quarter, despite the decline in aviation division activity. The increase in sales, the improvement in the business parameters of the military divisions, and the continued service to our customers around the world, reflect the constant commitment of the company's employees and managers to its success. We do not ignore the significant impacts of the global crisis on the aviation division, and are preparing as an organization for the future challenges in this industry.

Photo: IAI p.r