Elbit Systems consolidated results for the fourth quarter and full year ended December 31, 2014. Revenues in Q4 2014 were $850.3 million, as compared to $811.5 million in Q4 2013.
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Gross profit amounted to $229.5 million (27% of revenues) in the fourth quarter of 2014, as compared to $221.5 million (27.3% of revenues) in the fourth quarter of 2013.
The non-GAAP gross profit in the fourth quarter of 2014 was $235.0 million (27.6% of revenues), as compared to $228.1 million (28.1% of revenues) in the fourth quarter of 2013.
Research and development expenses, net, were $71.0 million (8.4% of revenues) in the fourth quarter of 2014, as compared to $63.9 million (7.9% of revenues) in the fourth quarter of 2013.
Marketing and selling expenses, net, were $59.5 million (7% of revenues) in the fourth quarter of 2014, as compared to $60.7 million (7.5% of revenues) in the fourth quarter of 2013.
General and administrative expenses, net, were $34.8 million (4.1% of revenues) in the fourth quarter of 2014, as compared to $39.1 million (4.8% of revenues) in the fourth quarter of 2013.
Operating income was $64.2 million (7.6% of revenues) in the fourth quarter of 2014, as compared to operating income of $57.9 million (7.1% of revenues) in the fourth quarter of 2013. The non-GAAP operating income in the fourth quarter of 2014 was $74.8 million (8.8% of revenues), as compared to $70.5 million (8.7% of revenues) in the fourth quarter of 2013.
Financial expenses, net, were $11.2 million in the fourth quarter of 2014, as compared to $10.0 million in the fourth quarter of 2013.
Taxes on income were $9.5 million in the fourth quarter of 2014, as compared to $8.1 million in the fourth quarter of 2013.
Equity in net earnings of affiliated companies and partnerships was $1.8 million (0.2% of revenues) in the fourth quarter of 2014, as compared to $5.5 million (0.7% of revenues) in the fourth quarter of 2013.
Net income attributable to non-controlling interests was $1.2 million in the fourth quarter of 2014, as compared to $2.3 million in the fourth quarter of 2013.
Net income attributable to the Company's shareholders in the fourth quarter of 2014 was $44.0 million (5.2% of revenues), as compared to $42.9 million (5.3% of revenues) in the fourth quarter of 2013. The non-GAAP net income in the fourth quarter of 2014 was $52.8 million (6.2% of revenues), as compared to $53.5 million (6.6% of revenues) in the fourth quarter of 2013.
Diluted net earnings per share attributable to the Company's shareholders were $1.03 for the fourth quarter of 2014, as compared with diluted net earnings per share of $1.01 for the fourth quarter of 2013. The non-GAAP diluted earnings per share in the fourth quarter of 2014 were $1.24, as compared to $1.26 in the fourth quarter of 2013.
Revenues for the year ended December 31, 2014 were $2,958.2 million, as compared to $2,925.2 million in the year ended December 31, 2013. The leading contributors to our revenues were the airborne systems and C4ISR systems areas of operations.
The increases in the airborne systems and C4ISR systems areas of operation were primarily due to increased revenues from airborne EW systems worldwide and HLS systems sold to Latin America. Revenues from land systems in Israel and electro-optic systems in the U.S. decreased slightly.
On a geographic basis, the increase in revenues in Asia-Pacific was mainly due to increased sales of a project to upgrade tanks for a customer in this region. The strong growth of revenues in Latin America was mainly due to increased sales of HLS and EW systems as well as unmanned airborne systems in this region.
Cost of revenues for the year ended December 31, 2014 was $2,133.2 million (72.1% of revenues), as compared to $2,100.3 million (71.8% of revenues) in the year ended December 31, 2013.
Gross profit for the year ended December 31, 2014 was $825.1 million (27.9% of revenues), as compared to gross profit of $824.8 million (28.2% of revenues) in the year ended December 31, 2013. The non-GAAP gross profit in 2014 was $846.7 million (28.6% of revenues), as compared to $847.9 million (29% of revenues) in 2013.
Research and development expenses, net, for the year ended December 31, 2014 were $228.0 million (7.7% of revenues), as compared to $220.5 million (7.5% of revenues) in the year ended December 31, 2013.
Marketing and selling expenses, net, for the year ended December 31, 2014 were $216.5 million (7.3% of revenues), as compared to $235.5 million (8% of revenues) in the year ended December 31, 2013. The decrease in marketing and selling expenses in 2014 was mainly related to the mix of countries and types of marketing activities for projects in which we invested our marketing efforts. ■
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