Elbit Systems Q1 Adjusted Profit Rises

Israeli firm Elbit Systems Ltd ESLT reported a rise in its adjusted profit for the first quarter. Net income attributable to Elbit's shareholders dropped to $44.6 million, or $1.04 per share, from $48.2 million, or $1.13 per share, in the year-earlier period. Non-GAAP net gained to $52.6 million, or $1.23 per share, from $51.9 million, or $1.22 per share. Its revenue climbed to $706.6 million versus $682.6 million. Its gross profit rose to $201.2 million, or 28.5% of revenue in the first quarter, versus $193.2 million, or 28.3% of revenue in the year-ago quarter. Elbit's operating income declined slightly to $59.8 million versus $59.9 million. Research and development expenses, net increased to $55.6 million from $48.9 million, while marketing and selling expenses, net slipped to $51.3 million from $55.0 million. At the end of March, the company's backlog of orders surged to $6.27 billion, compared to $6.06 billion, as of March 31, 2014. The company's board declared a dividend of 35 cents a share for the quarter. Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, said, "We are pleased with our first quarter financial results, which show that the ongoing improvement in our backlog over the past two years is being translated into revenue growth." Elbit shares gained 0.54 percent to close at $79.39 on Friday.