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Israel's Elbit Systems Q4 profit, revenue gain
March 22, 2017 / 7:12 AM / 9 months ago

Israel's Elbit Systems Q4 profit, revenue gain

TEL AVIV, March 22 (Reuters) - Israeli defence electronics firm Elbit Systems reported higher quarterly net profit, boosted by a rise in revenue, and the company said it sees increasing demand for its products.

Elbit, Israel’s largest publicly traded defence firm, said on Wednesday it earned $1.82 per diluted share excluding one-time items in the fourth quarter, up from $1.74 a year earlier.

The maker of drones, pilot helmet displays and cyber security systems said revenue grew to $953.7 million from $886.6 million.

“In today’s geopolitical environment we see increasing demand for our solutions in many markets and we are pursuing increased opportunities around the world,” said Chief Executive Bezhalel Machlis. “Based on these opportunities and a growing backlog, we believe that we have the potential for further improvement and growth.”

Elbit’s order backlog rose to $6.9 billion at the end of 2016 from $6.6 billion a year earlier.

Elbit declared a dividend of 44 cents per share, up from 40 cents in the third quarter. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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