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Industry

IAI recovery continues in Q3

29 November 2019
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Israel Aerospace Industries (IAI) on 28 November announced sales of more than USD1 billion in the third quarter (Q3) of this year, marking a year-on-year increase of about 17%.

State-owned IAI turned around Q3 2018 net losses of USD12 million into net profits of USD32 million the following year. Operating profits also returned to the black at USD42 million, compared with losses of USD19 million in Q3 2018.

However, cashflow was negative at USD245 million because of a payment delay from an unnamed government customer.

Revenues grew across all of the company's divisions, and it ended Q3 2019 with an order backlog of USD13.3 billion.

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