TEL AVIV, March 19 Israeli defence electronics
firm Elbit Systems reported lower quarterly profit and
sales that missed analysts' estimates, reflecting an especially
strong year-ago quarter, the company said on Wednesday.
The company earned $1.26 per diluted share excluding
one-time items in the fourth quarter, down from $1.62 a year
earlier. Revenue slipped to $811.5 million from $843.9 million.
Elbit, Israel's largest publicly traded defence
company, was forecast to earn $1.41 a share on revenue of $840
million, according to Thomson Reuters I/B/E/S.
"Recently we implemented some organisational changes to
enhance our market position in the areas of cyber and
intelligence systems as well as commercial avionics systems,"
Bezhalel Machlis, who became chief executive in April, said.
"We consider both of these areas as growth engines for the
company and complementary to our traditional defence-based
Its backlog of orders rose to $5.82 billion at the end of
2013 from $5.68 billion a year earlier.
It declared a dividend of 30 cents per share for the fourth
quarter, the same as for the third quarter.
(Reporting by Tova Cohen; Editing by Steven Scheer)