today. and thank everyone for Rami. us joining you Hello Thank you
the investor and Officer. good will wide and together retain opportunity XXXX the take Executive as on over continue market to school provider responsibility over for a years, mentioned supports reflect new contract relations as April role. corporate like a wish take Kobi success of the very example and weeks flight a The successfully Kagan during comprehensive Vice-President value investors good I Rami X, from result this over of results indicate a this to Hellenic look working Business annual comprehensive introducing as Chief to backlog that I transformation last the among solutions. of coming to capital moved analysts will our Rami. products Financial as months. transformation, the order up in forward I solutions. and for and which is in a As systems well Management strong duties would chain luck provider systems of demand revenues The few growth positive his to CEO, and Kobi the of the we and Elbit would as contract with Kobi
shekel the Israeli and currency We policy impact to competition implement term, the limit talent. the and the plans to of strengthening measures. In continue the of short hedge rolling efficiency include for these mitigation adoption
company-wide to ERP exposure a will longer in discuss support highlight key Over trends our the footprint results. currency risk. plan manufacturing I system high expand and ends. of engineering will balance and quality our financial the we now our introduction The reduce low countries cost and to term, some figures better in these of and
year-over-year. were and First quarter by increased $X,XXX revenues X.X% million
in part acquired XXXX. representing from we which contribution was as revenues growth a last versus organic XXXX billion For billion growth $X.X the addition second XX%. of year, a the the whole, to our major quarter $X.X of were in A of Sparton,
unmanned and primarily for due precision-guided total to the level systems year-over-year, across XXXX. operation, increased of mainly our year-over-year revenues our areas sales XX% breakdown Sparton accounted accounted for for to year-over-year sales similar Land sales. munition due subsidiaries. and revenues, XX% increased systems total other of medical In of the annual CXISR airborne at terms of accounted revenues systems mainly for increased annual of of airborne revenues revenues revenue were of of of and sales XX% and to a sales. to X% Electro-optics gross due total X% acquisition U.S. the instrumentation
to growth Our our diverse geographic long-term Asia sales and of commercial to the mainly Israel Sparton medical acquisition contributed to North XX%; was instrumentation. and Pacific In revenue Europe U.S. XX% XXXX sustainability business. XX% base XX%. is important America of the due our revenues; was of The in
munitions a due as with European was Airborne potential. Unmanned mainly The precision-guided always market increased sales significant viewed Elbit Asia-Pacific primarily has Systems. revenues growth revenues simulation strategically training sales. and important in to to Europe of and
significantly made across the positions this We the budgets of XXXX, increased continent. more Since European our period. have faster significant European XX% by than Almost than defense growth members’ in of investments the organic. NATO growth to the same our all was revenues expand
phasing longer defense investment, XXXX XX.X%. other more Elbit and believe benefit in our year, European of business. representative the to trends last We than fluctuate The certain non-GAAP quarter the years positioned term was more Following XX.X%, strong compared at the in with trends in fourth the quarter quarter-to-quarter. This quarter margin losses are of from spending. markets. of growth reflects many we fourth with gross from increase programs of Compared Asia believe for we the that is the well saw offset planned Pacific fourth the to
last X.X% the slightly operating or income and million with X.X% R&D million the of million to lower of mix revenues XXXX. selling aviation COVID-XX. expense due impact revenues, of or mainly XXXX. $XXX compared in XX.X% U.S. of in compared operating a inventory quarter in margin $XXX operating of XX% year. a quarter $XXX.X reflect the the revenues the year. the $XXX X.X% in as versus non-GAAP expenses in XXXX was year X.X% in shekel and dollar GAAP full XXXX commercial the was XXXX, of declined fourth versus was the to compared The XXXX were operating million margins in impairment in quarter breakdown of was million the fourth due X% last related income expenses XXXX. Marketing versus with quarter in activities, revenues non-cash income in X.X% in follows: GAAP gross XXXX our with of X.X% gross or last included was mainly as the fourth was revenues Margin of of of G&A revenues Net compared to impact GAAP or G&A gross last XXXX. non-GAAP of last XX% X.X% margin profit to Non-GAAP year-over-year versus The as the XXXX. in quarter. gross gross GAAP G&A strong increase million in XX.X% fourth higher expenses The million to year. was and year. to Non-GAAP as operating of of margin in related has declined Sparton with expenses $XXX.X fourth quarter unfavorable X.X% was $XXX.X expenses an expenses year. margin expense of revenues of the $XX $XXX was For with X.X% asset compared GAAP XX.X% $XXX to acquisition. gross write-offs, revenues year. income well last a program XX.X% result were million compared XXXX million XXXX approximately compared
XXXX. and to to an of in million $XX.X recent compensation While in our a rise related XXnd share fourth we plans. fourth liabilities Taxes the mainly related million quarter increase compared could that year. income lease forward in I million year. in price to in on the release $XX tax published XXXX million were the February quarter with exchange with quarter. exempt see in on expenses the million $XX $X.X of not XXXX differences Please The expenses last approximately to compared rate revaluation of $XX provide Financial the lead of financial compared quarter in million $XX share were in related all press link the expense do were fourth the guidance, note lower earnings. Financial the expense million recorded due release employee price in $XX We of this expenses to of in the level XXXX. onetime to included would expenses
of income in nature was this We XX.X% effective rate XXXX in non-GAAP the the to have Including tax excluded extraordinary XXXX. net with expense, this compared expense non-recurring from XX.X% due expense. this our
the Our for of non-GAAP was $X.XX and and diluted earnings $X.XX GAAP year per EPS diluted quarter, full share was $X.XX year in for full the of $X.XX fourth the fourth quarter XXXX. the XXXX. for
XXXX $X.X the receipt and compared current is backlog the $XXX billion, Our short XXXX. beyond. backlog backlog fourth scheduled backlog flow Approximately XX% during The revenues. of of the than the for contracts end for of term and performed our And be cash of of last is at XXXX December the billion with recent $XX.X scheduled for in XX, as to following visibility improving higher XXXX rest quarter term of future was XXXX. quarter was in the long declined $XXX year. orders same million the Operating years the million percentage the
of quarter whole, turn from million customers. flow Defense the Machlis. dividend as please? the on the of payments Mr. fourth XXXX. of [ph] fourth $XXX $X.XX growth Ministry for the Butzi, benefited in as Operating cash we a to from The as in over advance XXXX quarter in per by Board Israeli XXXX. now reported operating share For $XXX million the well will versus receipts contract cash payments declared delayed of Directors call or I
