March 25, 2020 / 6:59 AM / 8 days ago

Israeli defence firm Elbit Systems Q4 profit, revenue up

TEL AVIV, March 25 (Reuters) - Israeli defence electronics firm Elbit Systems reported higher quarterly profit, boosted by two acquisitions and growth in its legacy businesses, and said it has not been substantially impacted by the coronavirus outbreak.

The maker of drones, pilot helmet displays and cyber security systems said on Wednesday it earned $2.47 per diluted share excluding one-time items in the fourth quarter, up from $1.96 a year earlier. Revenue rose to $1.32 billion from $1.08 billion.

In November 2018, Elbit bought IMI from Israel’s government for $500 million. In September 2019 it bought the night vision business of L3Harris Technologies for $350 million.

“To date we have not experienced a material impact on our ongoing business from the COVID-19 pandemic,” said Chief Executive Bezhalel Machlis.

“However, we continue to monitor the situation, including its macroeconomic impacts, and have initiated a series of measures to protect our employees while maintaining our ongoing commitments to our customers.”

Elbit’s order backlog climbed to $10.03 billion at the end of the year from $9.4 billion at the end of 2018.

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

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