Elbit Systems reports lower revenue and profit

Elbit Systems Hermes UAV

The defense electronics company's order backlog has risen to $6.2 billion.

Defense electronics manufacturer Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has reported lower revenue and profit for the third quarter of 2014.

Revenue in the third quarter of 2014 was $722.7 million, down from $730.6 million in the corresponding quarter of 2013. Non-GAAP net profit in the third quarter of 2014 was $43.9 million ($1.03 per share), down from $55.8 million ($1.32 per share) in the corresponding quarter of 2013. The decrease in net income was due mainly to increased financial expenses.

However, Elbit's order backlog has grown to $6.2 billion as of September 30 2014, up from $5.7 billion at the end of September 2013.

Elbit Systems CEO and President Bezhalel Machlis said, "As we previously disclosed, our third quarter profit was affected by increased financial expenses. However, as reflected by our operating income, the ongoing business performance 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.”

Published by Globes [online], Israel business news - www.globes-online.com - on November 13, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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Elbit Systems Hermes UAV
Elbit Systems Hermes UAV
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