Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) posted $620.3 million revenue for the first quarter of 2011, up slightly from $618.2 million for the corresponding quarter of 2010. The company attributed the growth to its airborne systems.
Net profit attributable to ordinary shareholders fell to $27.9 million ($0.65 per share) for the first quarter from $49.8 million for the corresponding quarter, which included $9.6 million from the sale of shares in Mediguide Ltd. On a non-GAAP basis, Elbit reported a net profit of $38.6 million, or $0.9 per share.
Gross profit edged up to $185.6 million for the first quarter from $184.5 million for the corresponding quarter.
Elbit Systems will distribute a dividend of $0.36 per share, payable on June 6.
Elbit Systems' orders backlog rose to $5.6 billion at the end of March from $5.45 billion at the end of 2010 and $5.25 billion at the end of March 2010.
Elbit Systems president and CEO Joseph Ackermann said, "We are encouraged by the continuous growth in our backlog, for the fourth consecutive quarter." He added, "Over the past year, we have made significant strategic advances, completing numerous important acquisitions, both in Israel and internationally, which broaden the basis for our long-term strategic growth."
Elbit Systems' share price fell 0.7% on Nasdaq yesterday to $51.62, giving a market cap of $2.2 billion, and fell 0.8% in morning trading on the TASE today to NIS 178.30.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2011
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