Israel Aerospace Industries has reported a 23.5% increase in net income in the first quarter of 2021 to approx. US$42 million compared to US$33 million in Q1 2020. IAI posted a 10% growth in operating income to US$67 million (about 6.6% of sales) compared with US$61 million in the prior-year period. EBITDA grew by 17.6% to approx. US$120 million in Q1 2021.
Gross profit amounted to approx. US$166 million (approx. 16.4% of sales) compared with approx. US$170 million (approx. 16.7% of sales) in Q1 2020.
Sales in Q1 were relatively flat at US$1,015 million compared US$1,018 million in Q1 2020.
The company's order backlog is US$12.2 billion, representing approx. three years of operation
Boaz Levy, IAI's President & CEO, said: "IAI continues to record excellent results in the first quarter of 2021. The increase in operating performance ratios alongside the increase in bottom line profit in the current quarter reinforces the strategic growth process the company has undergone in recent years.”
“The company's C-Suite has recently received a major boost with the addition of two key officers focusing on enhancing the company's strategy, the rapport with Israel's defense establishment and operations in North America. The company is prepared and preparing to promote its operations in the coming year and beyond. IAI is looking ahead to the challenges in these areas of operation and is preparing by developing creative and exceptional solutions while leveraging outside the box thinking and inventing new capabilities for existing systems and innovating systems – all by adapting to the future battlefield's challenges and the changing aviation world.