Elbit sees better 2011 after Q4 profit falls


Defence contractor Elbit Systems reported lower quarterly net profit due to write-offs from inventories and acquisition and finance expenses.

Elbit, Israel’s largest publically traded defence firm, on Tuesday posted fourth quarter earnings of US$1.01 per diluted share, compared with US$1.24 a year earlier.

Boosted by electro-optics and airborne systems, revenue increased 11.8 percent to US$797.8 million, Reuters reports.

Elbit, a defence electronics specialist, was forecast to earn US$1.24 per diluted share on revenue of US$709.7 million, according to Thomson Reuters I/B/E/S.
“As we move through 2011, we are better positioned from strategic, operational and financial perspectives, and we look forward to solid performance in the coming quarters and years,” President and Chief Executive Joseph Ackerman said in a statement..

It said its backlog of orders rose to US$5.4 billion from US$5.04 billion at the end of 2009.

The company said it would pay a dividend of 36 cents a share on April 11.