Israeli defense contractor Elbit Systems second-quarter profit, revenue rise

17 August 2018

Israeli defense electronics firm Elbit Systems reported on Thursday higher second-quarter net profit and revenue, boosted by an acquisition, its cybersecurity business, and sales of airborne systems.

The maker of drones, pilot helmet displays and cyber security systems said it earned $2.15 per diluted share in the April-June period, up from $1.46 a year earlier. Revenue rose to $892.2 million from $818.3 million.

Elbit’s order backlog climbed to $8.07 billion at the end of June from $7.33 billion a year earlier.

“This quarter, in particular, we see the fruits of our prior investment in (cybersecurity unit) Cyberbit,” Chief Executive Bezhalel Machlis said.

The results of this quarter for the first time include those of Universal Avionics Systems Corp, a commercial avionics company that Elbit acquired.

“This acquisition is part of our strategy of strengthening our footprint in this business area,” Machlis said.

Elbit declared a dividend of 44 cents per share for the second quarter, unchanged from the first quarter.

Earlier this year the Israeli government approved the sale of state-owned rival IMI Systems to Elbit.