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Industry

IAI reports record Q1 sales as exchange rates bite

29 May 2014

Israel Aerospace Industries (IAI) announced that it had made record sales of USD979 million in the first quarter (Q1) led by the military market as profits decreased due to the impact of weaker US dollar exchange rates.

Sales to the military market in Q1 were worth USD721 million, accounting for 74% of total sales, and represented a 17% year-on-year increase. The company's unmanned aerial vehicles, military aircraft aero-assemblies, military electronic products, and the defence systems subdivisions were the primary drivers for the increase in revenues during Q1.

Exchange rates also impacted on the company's Q1 revenues, due to a weaker exchange rate between the US dollar and Israeli shekel.



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