UPDATE: Elbit Systems Posts Upbeat Q1 Profit

Israel's Elbit Systems

reported better-than-expected first-quarter earnings. Elbit posted its quarterly earnings of $1.22 per share, excluding one-time items, unchanged versus the year-ago period. Its revenue surged to $682.6 million versus $680.2 million. However, analysts were expecting earnings of $1.07 per share on revenue of $697.2 million. At the end of March, Elbit's backlog of orders increased to $6.06 billion, versus $5.78 billion in the year-ago period. Elbit shares dropped 0.68% to $61.75 in after-hours trading.