Israel Aerospace Industries (IAI) recently reported higher fourth quarter sales and earnings while backlog and orders rose in 2012.
Net income in the quarter was $23 million versus $1 million a year ago while sales increased 8 percent to $892 million from $826 million. Income increased on the higher sales. Free cash was a $74 million outflow in the quarter.
Backlog at the end of 2012 stood at $9.7 billion versus $8.7 billion a year ago. IAI said that 85 percent of the backlog is for business with international customers.
IAI posted a book-to-bill ratio of 1.3 in 2012 versus just under one in 2011.
Net income in all of 2012 tumbled 17 percent to $69 million from $83 million in 2011, while sales were off 3 percent to $3.3 billion from $3.4 billion.