Elbit Systems Profits Up 16%
HAIFA, Israel, May 14, 2014 — 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.
- 1. The branch of physics that deals with the use of electrical energy to create or manipulate light waves, generally by changing the refractive index of a light-propagating material;
2. Collectively, the devices used to affect the intersection of electrical energy and light.
Compare with optoelectronics.
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