Elbit Systems UAV
Photo: Elbit Systems
Elbit Systems Q1 profit tops estimates
Asia-Pacific and Latin America contracts help Israel's largest publicly traded defense company beat analysts' estimates.
Israeli defense electronics firm Elbit Systems reported flat quarterly profit that beat analysts' estimates, as the company won contracts in Asia-Pacific and Latin America, the company said on Tuesday.
The company earned $1.22 per diluted share excluding one-time items in the first quarter, unchanged from a year earlier. Revenue rose to $682.6 million from $680.2 million.
Elbit, Israel's largest publicly traded defense company, was forecast to earn $1.07 a share on revenue of $697.2 million, according to Thomson Reuters I/B/E/S.
Its backlog of orders rose to $6.06 billion at the end of March from $5.78 billion a year earlier.
Chief Executive Bezhalel Machlis noted the company's backlog surpassed $6 billion for the first time.
"The growth in backlog, including recent contract awards in the Asia-Pacific and Latin America regions, is an indication of stability and has the potential to support revenue growth over the coming years," he said.
Elbit declared a dividend of 32 cents per share for the first quarter, up from 30 cents for the fourth quarter.
