Elbit Systems Q1 Profit Rises, Order Backlog Up; Declares Dividend

(RTTNews) - Elbit Systems Ltd, (ESLT), a defense manufacturer and supplier, on Tuesday reported that its first-quarter net income attributable to shareholders was $62.1 million, higher than last year's $52.8 million.

Earnings per share were $1.40, as compared to $1.19 in the first quarter of 2022.

Adjusted net income was $75.6 million, compared to $54.3 million a year ago. Adjusted earnings per share were $1.70 for the first quarter of 2023, as compared to $1.22 for the first quarter of 2022.

Revenues in the first quarter were $1.39 billion, slightly higher than prior year's $1.35 billion.

Aerospace revenues decreased 10 percent, while C4I and Cyber revenues increased 19 percent, ISTAR and EW revenues grew 17 percent and land revenues increased 8 percent.

The company's backlog of orders as of March 31, 2023 totaled $15.8 billion, an increase of 16 percent compared to the first quarter of 2022, reflecting the demand for portfolio of technologically advanced and relevant solutions. Approximately 75 percent of the current backlog is attributable to orders from outside Israel. Approximately 54 percent of the backlog is scheduled to be performed during the remainder of 2023 and 2024.

Further, the Board of Directors declared a dividend of $0.50 per share. The dividend's record date is June 26 and payment date is July 10.

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