August 16, 2016 / 6:50 AM / 3 years ago

Israel's Elbit Systems reports higher Q2 profit, revenue

TEL AVIV, Aug 16 (Reuters) - Israeli defence electronics firm Elbit Systems reported higher quarterly net profit and revenue, especially in Europe and Israel, as well as a growing order backlog.

Elbit, Israel’s largest publicly traded defence firm, said on Tuesday it earned $1.47 per diluted share excluding one-time items in the second quarter, up from $1.25 year earlier.

The maker of drones, pilot helmet displays and cyber security systems said revenue grew to $804.5 million from $749.6 million.

Chief Executive Bezhalel Machlis said Elbit’s diversified portfolio has enabled the company to grow in the defence and homeland security markets.

“Based on our backlog of orders and market position, we have the potential to continue this trend for the foreseeable future.”

Elbit’s order backlog rose to $6.8 billion from $6.3 billion.

Elbit declared a dividend of 40 cents per share, unchanged from the first quarter. (Reporting by Tova Cohen; editing by Jason Neely)

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