November 13, 2014 / 7:45 AM / 5 years ago

Israel's Elbit Systems Q3 profit, revenue fall

TEL AVIV, Nov 13 (Reuters) - Israeli defence electronics firm Elbit Systems reported lower quarterly profit on Thursday due to a decline in revenue and higher financing expenses.

The company earned $1.03 per diluted share excluding one-time items in the third quarter, down from $1.32 a year earlier. Revenue fell to $722.7 million from $730.6 million.

Financial expenses jumped to $23.4 million from $6.6 million a year earlier due to the accelerated depreciation of the shekel versus the dollar.

Elbit, Israel’s largest publicly traded defence firm, said its backlog of orders rose to $6.2 billion from $5.7 billion a year earlier.

Chief Executive Bezhalel Machlis said the company’s ongoing business continued to show stability in the quarter.

“We are encouraged by the continued growth in the backlog and by the increase in revenue in Latin America and Asia-Pacific in the quarter,” he said.

Elbit said it would pay a dividend of 32 cents a share for the third quarter, unchanged from the second quarter. (Reporting by Tova Cohen; Editing by Steven Scheer)

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