Israel's Elbit Systems Q1 profit dips, revenue up
Reuters1 minute read
The HERMES 900 HFE drone made by Israeli company Elbit for use in the Swiss reconnaissance system (ADS15) is seen during a media presentation at the Swiss air force base in Emmen, Switzerland, December 9, 2019. REUTERS/Arnd Wiegmann/File Photo
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RegisterMay 24 (Reuters) - Israeli defence electronics firm Elbit Systems (ESLT.TA) 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.
Israel's Elbit Systems Q1 profit dips, revenue up
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.
