Elbit Systems describes minimal COVID-19 impact in Q1 results
Elbit Systems on 26 May released its Q1 FY2020 financial results which were slightly up from the same period in 2019.
As of 31 March, the company had a revenue of $1,071.2 million compared to $1,021.7 million in 2019. Furthermore, there is a current backlog of orders at $10.8 billion.
Elbit Systems insisted that its business has not been ‘materially impacted by the [COVID-19] pandemic’, although ‘some of our businesses have begun to experience certain disruptions due to government directed safety measures, travel restrictions and supply chain delays. To date, the financial impact to us of these disruptions has not been material’.
The statement continued: ‘Elbit Systems had a healthy balance sheet, adequate levels of cash and access to credit facilities that provide liquidity when necessary. We have given high priority to cash management and adequate cash reserves to run the business.’
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