IAI orders backlog reaches $7.3b
IAI CEO Itzhak Nissan: IAI's record backlog was achieved internally, with no M&As.
Yael Gross-Englander 20 Nov 07 19:10
Israel Aerospace Industries Ltd. (IAI) today published its financial report for the third quarter of 2007. The company's backlog reached a record $7.3 billion at the end of September, of which 83% is for export.
IAI posted a net profit of $36 million for the third quarter, 56% more than for the corresponding quarter of 2006. Revenue totaled $777 million, up 14% on the $681 million for the corresponding quarter.
IAI president and CEO Itzhak Nissan noted that the company's record orders backlog was achieved internally, with no mergers or acquisition. He also noted the successful testing of the Arrow anti-ballistic missile system, the launch of the Ofek 7 Imaging Satellite, sales of over 60 G150 and G200 business jets, and conversion of passenger aircraft to freighter configuration.
IAI chairman Yair Shamir said, "Management is continuing its streamlining measure, which is reflected in the operating profit, which grew 170% compared with the corresponding quarter."
Published by Globes [online], Israel business news - www.globes-online.com - on November 20, 2007
