Formula Systems Ltd reports Q3 EPS $1.00 vs. $1.09 last year

Reports Q3 revenue $654.8M vs. $627.7M last year. Commenting on the results, Guy Bernstein, CEO of Formula Systems, said: “Formula Systems group continues to demonstrate strong and consistent performance, making big strides across multiple fronts, as reflected by our 2023 third quarter and nine months period all-time high revenues and operational profits. Our broad investment portfolio allows us to carefully mitigate the current risks in the IT market, which are mainly a product of the challenging macro-economic environment. With respect to current events taking place in Israel, since October 7, 2023 approximately 1,100 out of our 22,000 employees were drafted to active military service in Israel’s Iron Swards war against the terrorist organization Hamas. The absence of such employees may result in lower profitability in the fourth quarter in certain areas of our operations. Our global operations which rely on our dedicated global employee base continues to be unaffected by the war, while our Israeli teams continue to work generally in a usual hybrid manner. We estimate that the impact of the current events on our operations across our investment portfolio will not be severe and we remain committed to executing our growth strategy.”