Defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) reported a rise in profit for the first quarter of 2014 on slightly higher revenue.
Revenue in the first quarter of 2014 was $682.6 million, up from $680.2 million in the corresponding quarter of 2013. Net profit rose to $48.2 million ($1.13 per share) compared with $41.4 million ($0.98 per share) in the corresponding quarter.
Elbit's orders backlog for the quarter ended March 31, 2014 totaled $6.064 billion, as compared to $5.777 billion as of March 31, 2013. 72% of the current backlog is for export orders and 66% of the backlog is scheduled to be performed during 2014 and 2015.
Elbit Systems President and CEO Bezhalel (Butzi) Machlis said, "I am pleased to report a positive start to 2014, highlighted by solid growth in our backlog, surpassing the $6 billion milestone for the first time, and strong cash flow. The results of the quarter underscore the strength of our business base. In particular, the growth in backlog, including recent contract awards in the Asia-Pacific and Latin America regions, is an indication of stability and has the potential to support revenue growth over the coming years."
Published by Globes [online], Israel business news - www.globes-online.com - on May 13, 2014
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