Elbit Systems Ltd (NASDAQ: ESLT) stock rose 1.65% after the company in the first quarter of FY 18 reported the revenue of $818.5 million, as compared to $749.2 million in the first quarter of 2017. The growth in revenues in the first quarter of 2018 was due to the sales from the increased backlog and by the adoption of the ASC 606 revenue recognition standard. The company’s backlog of orders for the first quarter totaled $8,046 million, as compared to $7,067 million as of March 31, 2017. Approximately 74% of the current backlog is attributable to orders from outside Israel. Approximately 60% of the current backlog is scheduled to be performed during 2018 and 2019.

Moreover, in the first quarter 2018, Non-GAAP gross profit amounted to $239.8 million (29.3% of revenues) as compared to $226.8 million (30.3% of revenues) in the first quarter of 2017. Non-GAAP net income attributable to the Company’s shareholders in the first quarter of 2018 is of $54.9 million (6.7% of revenues), as compared to $51.7 million (6.9% of revenues) in the first quarter of 2017. Non-GAAP operating income is of $69.4 million (8.5% of revenues) in the first quarter of 2018, as compared to $65.5 million (8.7% of revenues) in the first quarter of 2017.  Equity in net earnings of affiliated companies and partnerships was $3.1 million (0.4% of revenues) in the first quarter of 2018, as compared to $1.6 million (0.2% of revenues) in the first quarter of 2017. Net income attributable to non-controlling interests was $0.2 million in the first quarter of 2018, as compared to $0.3 million in the first quarter of 2017.

Additionally, in the first quarter 2018, Financial expenses, net were $10.2 million as compared to $8.6 million in the first quarter of 2017. Taxes on income were $6.4 million (effective tax rate of 12.0%) in the first quarter of 2018, as compared to $5.3 million (effective tax rate of 10.6%) in the first quarter of 2017. Operating cash flow used in the first quarter ended March 31st, 2018 was $147.9 million, as compared to $51.3 million in the quarter ended March 31, 2017.

In addition, in the first quarter of FY 18, Research and development expenses, net were $68.2 million (8.3% of revenues) as compared to $58.4 million (7.8% of revenues) in the first quarter of 2017. Marketing and selling expenses, net were $68.2 million (8.3% of revenues) in the first quarter of 2018, as compared to $65.8 million (8.8% of revenues) in the first quarter of 2017. General and administrative expenses, net were $35.7 million (4.4% of revenues) in the first quarter of 2018, as compared to $38.7 million (5.2% of revenues) in the first quarter of 2017.