UPDATE 2-Elbit Q1 profit up, sees double digit rev growth

* Net profit up to $43.3 million vs forecast $34 million

* Revenue up 6.6 percent to $656.9 million

* Sees double-digit revenue growth in 2009

* CEO doesn't see decline in Israel, U.S. defence budgets

* Declares dividend of 30 cents/share

(Adds CEO quotes, analyst comments, share price)

By Tova Cohen

TEL AVIV, May 20 (Reuters) - Elbit Systems (ESLT.O), Israel's largest publicly traded defence contractor, posted higher quarterly net profit that beat analysts' expectations and predicted double digit growth in revenue in 2009.

Although revenue grew only 6.6 percent in the first quarter, the coming quarters will see higher year-over-year growth, President and Chief Executive Joseph Ackerman told Reuters.

"We expect a double-digit growth in revenues in 2009, as compared to 2008," he said.

Elbit (ESLT.TA) shares were up 3.5 percent at 239.1 shekels in late morning trade in Tel Aviv.

The company's growth is outpacing that of the defence industry because of the sectors in which the company operates.

"I don't see demand decreasing in our sectors -- electro-optics, intelligence, unmanned air vehicles (UAV) and communications," Ackerman said.

"We have been watching trends in the marketplace and we don't see a decrease in Israel's defence budget. We are watching the U.S. budget and I don't expect this to be decreased as well."

Ackerman reiterated that Elbit does not plan any layoffs.

Earlier this week Elbit said its subsidiary Elbit Systems of America and General Dynamics (GD.N) Armament and Technical Products formed a joint venture for unmanned aerial systems.