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Defense electronic systems manufacturer Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) posted higher revenue and profits for the third quarter of 2011, even as its orders backlog continued to grow. Revenue rose to $663.7 million for the third quarter from $649.9 million for the corresponding quarter of 2010, missing the analysts' revenue consensus of $705.6 million. The company reported a net loss from discontinued operations of $15.2 million
GAAP-based net profit fell to $36.5 million ($0.85 per share) for the third quarter from $45.3 million for the corresponding quarter, but non-GAAP net profit rose to $56.4 million ($1.06 per share) from $54.1 million. The company missed the analysts' consensus of $1.18 earnings per share.
Elbit Systems' orders backlog rose to $5,691 million at the end of September from $5,446 million at the end of 2010 and $5,381 million a year earlier. 75% of the orders are for export and 52% are due to be delivered through the end of 2012.
Elbit Systems' said that most sales were from its C4ISR systems (command, control, communications, computers, intelligence, surveillance, and reconnaissance) and airborne products, including avionics and unmanned aerial vehicles (UAV).
Elbit Systems president and CEO Joseph Ackerman said, "During the quarter we reported a number of important orders, and our backlog continued its growth trend for the sixth consecutive quarter." He also noted, "We are successfully growing in regions with expanding potential like South America and Asia-Pacific."
Elbit Systems' share price rose 2.1% on Nasdaq yesterday to $43.33, giving a market cap of $1.85 billion, and rose 0.4% in morning trading on the TASE today to NIS 160.50.
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