November 14, 2017 / 7:34 AM / a year ago

Israel's Elbit Systems Q3 profit up as defence budgets grow

TEL AVIV, Nov 14 (Reuters) - Israeli defence electronics firm Elbit Systems reported higher third-quarter net profit on Tuesday and said its backlog of orders has expanded due to growing defence budgets in its target markets.

The maker of drones, pilot helmet displays and cyber security systems said it earned $1.57 per diluted share excluding one-time items in the three-month period, up from $1.46 a year earlier.

Revenue rose to $800.7 million from $780.8 million.

Elbit’s order backlog climbed to $7.64 billion at the end of September from $6.84 billion a year earlier. It said about 73 percent of the backlog were orders from abroad.

“We see ongoing increases in defence budgets, which we have been able to capitalize on in many of our target markets,” Chief Executive Bezhalel Machlis said in a statement.

Elbit declared a dividend of 44 cents for the third quarter, unchanged from the second quarter. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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