Elbit Systems Profits Up 16%

Elbit Systems Ltd. saw profits rise 16 percent in the first quarter of 2014 and touted a growing backlog of orders.

The defense contractor, which among other things produces electro-optics and electro-optic space systems, reported net income in the first quarter of 2014 at $48.2 million, as compared to $41.4 million in the first quarter of 2013. The backlog totaled $6.1 million, as compared to $5.8 million in the first quarter of 2013. The company said approximately 72 percent of the current backlog is attributable to orders from outside Israel.

Revenues were essentially flat, totaling $682.6 million in the first quarter of 2014 and $680.2 million in the first quarter of 2013. The company said it had lower R&D expenses thanks largely to business from the Israeli Office of the Chief Scientist and Ministry of Defense.

For more information, visit www.elbitsystems.com.