May 28, 2019 / 6:23 AM / 6 months ago

Israeli defence firm Elbit Systems Q1 profit jumps

TEL AVIV, May 28 (Reuters) - Israeli defence electronics firm Elbit Systems reported on Tuesday higher first-quarter net profit, boosted by its acquisition of IMI Systems.

The maker of drones, pilot helmet displays and cyber security systems said it earned $1.54 per diluted share excluding one-time items in the January-March period, up from $1.29 a year earlier. Revenue rose to $1.02 billion from $818.5 million.

In November Elbit bought rival IMI Systems from the government for $500 million.

“The significant increase in our backlog and the progress in the integration of IMI into the company support our long-term growth potential,” Chief Executive Bezhalel Machlis said.

Elbit’s order backlog climbed to $9.66 billion at the end of March from $8.05 billion a year earlier.

Elbit declared a dividend of 44 cents per share for the first quarter, the same as the fourth quarter. (Reporting by Steven Scheer and Tova Cohen)

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