March 20, 2018 / 6:55 AM / a month ago

Israel's Elbit Systems Q4 profit, revenue up

TEL AVIV, March 20 (Reuters) - Israeli defence electronics firm Elbit Systems reported higher fourth-quarter net profit on Tuesday on record revenue.

The maker of drones, pilot helmet displays and cyber security systems said it earned $2.01 per diluted share excluding one-time items in the three-month period, up from $1.82 a year earlier.

Revenue rose to $1.01 billion from $953.7 million.

Elbit’s order backlog climbed to $7.65 billion at the end of December from $6.91 billion a year earlier.

“The business environment in which we operate is robust. We are seeing a number of defence budgets globally on the rise, with the areas in which we focus receiving increased priority,” Chief Executive Bezhalel Machlis said in a statement.

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

Last week the government approved the sale of state-owned IMI Systems to Elbit.

“The company is continuing the discussions with the Israeli government regarding the conditions to complete the transaction,” Elbit said. (Reporting by Tova Cohen Editing by Steven Scheer)

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