Elbit Systems Reports Impact on its Fourth Quarter 2023 Financial Results Due to Non-Cash Expenses
ESLTElbit Systems(ESLT) Prnewswire·2024-03-05 16:43

HAIFA, Israel , March 5, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today that it expects to record non-cash expenses of approximately 52millioninthefourthquarterof2023.Theexpensesarerelatedtothewrite−offofinventoryduetotheclosingofanunderperformingsubsidiarywithlimitedsynergiestotheCompany,andofcontractassetsrelatedtoadiscontinuedprojectmanagedunderthesubsidiary.Approximately52 million in the fourth quarter of 2023. The expenses are related to the write-off of inventory due to the closing of an underperforming subsidiary with limited synergies to the Company, and of contract assets related to a discontinued project managed under the subsidiary. Approximately 34 million of th ...