More articles on the subject:
The Dual (NYSE: ESLT) reports a type of profit warning as a result of the effects of the corona crisis. According to the report, as a result of the crisis, the company suffered from a decline in demand for its products in the commercial aviation market.
The company notes that the significant slowdown in commercial air traffic, and the expectation that the recovery of commercial air traffic back to 2019 levels is expected to take several years, has reduced the demand for products and services for the commercial aviation markets. In addition, aircraft manufacturers for these markets have announced plans to reduce production rates to tailor their operations to low demand.
After reviewing the economic impact on the Company’s total assets, and those assets affected by the commercial aviation industry in particular, the Company expects to record non-cash expenses related to impairment of assets and write-offs in the third quarter of 2020, due to the Corona crisis, in the amount of $ 60 million.
These expenses will be recorded primarily under the “cost of sales” item in the consolidated income statement and will not be included in the non-GAAP results as they are expenses that are not part of the Company’s current business activities.
These expenses will be included in the financial results for the third quarter of 2020 which will be reported by the Company next month.
For the purpose of providing a scale, we note that in the second quarter of 2020, Elbit Systems’ adjusted net income (Non-GAAP) amounted to approximately $ 68.9 million (for the full article).
Comments on the article(1):
Your response has been received and will be published subject to system policies.
For a new response
Your response was not sent due to a communication problem, please try again.
Return to comment
*The article has been translated based on the content of Source link by https://www.bizportal.co.il/capitalmarket/news/article/785853
. If there is any problem regarding the content, copyright, please leave a report below the article. We will try to process as quickly as possible to protect the rights of the author. Thank you very much!
*We just want readers to access information more quickly and easily with other multilingual content, instead of information only available in a certain language.
*We always respect the copyright of the content of the author and always include the original link of the source article.If the author disagrees, just leave the report below the article, the article will be edited or deleted at the request of the author. Thanks very much! Best regards!