November 26, 2019 / 7:14 AM / 11 days ago

Israeli defence firm Elbit Systems Q3 profit dips, revenue up

TEL AVIV, Nov 26 (Reuters) - Israeli defence electronics firm Elbit Systems reported lower quarterly net profit despite higher revenue, weighed down by higher financing, marketing and research expenses.

The maker of drones, pilot helmet displays and cyber security systems said on Tuesday it earned $1.33 per diluted share excluding one-time items in the third quarter, down from $1.57 a year earlier. Revenue rose to $1.1 billion from $895.2 million.

Last November, Elbit bought IMI from Israel’s government for $500 million.

“The integration of recent acquisitions is progressing as expected and we continue to explore additional opportunities to extract revenue and cost synergies,” said Chief Executive Bezhalel Machlis.

Elbit’s order backlog climbed to $9.8 billion at the end of September from $8.1 billion a year ago.

Elbit declared a dividend of 44 cents per share for the third quarter, the same as the second quarter. (Reporting by Tova Cohen Editing by Ari Rabinovitch)

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