August 6, 2014 / 6:47 AM / in 3 years

Israel's Elbit Systems Q2 profit beats estimates

JERUSALEM, Aug 6 (Reuters) - Israeli defence electronics firm Elbit Systems reported higher quarterly profit that beat estimates due to cost-cutting measures and said its rising order backlog should boost revenues ahead.

The company earned $1.23 per diluted share excluding one-time items in the second quarter, up from $1.19 a year earlier. Revenue was largely flat at $702.6 million.

Elbit, Israel’s largest publicly traded defence firm, was forecast to earn $1.22 a share ex-items on revenue of $718.7 million, according to Thomson Reuters I/B/E/S.

Its backlog of orders rose to $6.2 billion from $5.8 billion.

Chief Executive Bezhalel Machlis said the continued backlog growth is a “good indicator of potential revenue growth in the future.”

Elbit said it would pay a dividend of 32 cents a share for the second quarter, the same as the first quarter. (Reporting by Steven Scheer, Editing by Ari Rabinovitch)

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