May 29, 2018 / 7:09 AM / in 24 days

Israeli defence contractor Elbit Systems Q1 profit, revenue rise

JERUSALEM, May 29 (Reuters) - Israeli defence electronics firm Elbit Systems reported higher fourth-quarter net profit on Tuesday on higher revenue.

The maker of drones, pilot helmet displays and cyber security systems said it earned $1.28 per diluted share excluding one-time items in the January-March period, up from $1.21 a year earlier.

Revenue rose to $818.5 million from $749.2 million.

Elbit’s order backlog climbed to $8.05 billion at the end of March from $7.07 billion a year earlier.

“Defence budgets in many of our target markets remain strong,” said Chief Executive Bezhalel Machlis. “We also continue to see good revenue diversification, based both on our geographic spread as well as by areas of operation. These factors support the potential for top line growth in both the short and the long term.”

Elbit declared a dividend of 44 cents per share for the first quarter, unchanged from the fourth quarter.

Earlier this year the government approved the sale of state-owned rival IMI Systems to Elbit. (Reporting by Steven Scheer, Editing by Ari Rabinovitch)

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