Israel’s Elbit Systems Q1 profit dips, revenue up

Reuters

(Reuters) – Israeli defence electronics firm Elbit Systems on Tuesday reported lower first-quarter profit, attributing the drop to stock price-linked compensation plans, while revenue rose.

The company earned $1.19 per diluted share in the quarter compared to $1.64 per share the previous year. Revenue climbed to $1.35 billion from $1.12 billion.

The company’s board declared a dividend of $0.50 per share for the first quarter to be paid on July 11.

Elbit had warned earlier in the year that a recent increase in its share price could significantly impact expenses due to stock price-linked compensation plans for employees. It said profits were reduced by $0.72 per share due to those payments.


Excluding one-time items, Elbit earned $1.22 per diluted share in the first quarter, versus $1.72 a year earlier.


Elbit’s Tel Aviv-listed shares are up 36% this year.

Elbit said its backlog of orders reached $13.7 billion at the end of March, similar to the previous quarter. About 72% of that comes from orders outside Israel, and some 55% is due to be performed in 2022 and 2023.

(Reporting by Ari Rabinovitch; Editing by Steven Scheer)

tagreuters.com2022binary_LYNXNPEI4N06P-BASEIMAGE

You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.