Elbit Systems reports lower q1 profit, revenue up

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Elbit Systems reports lower q1 profit, revenue up

Israeli defence electronics firm Elbit Systems reported a lower first-quarter profit, a drop in stock price-linked compensation plans, while revenue went up.

The company earned $1.19 per diluted share in the quarter compared to $1.64 per share the previous year. Revenue climbed to $1.35 billion from $1.12 billion.

The dividend for the first quarter to be paid on July 11 was declared by the company's board as $0.50 per share.

Elbit had warned earlier in the year that a recent increase in its share price could have a significant impact on expenses due to stock price-linked compensation plans for employees. The profits were reduced by $0.72 per share due to the payments.

Elbit earned $1.22 per diluted share in the first quarter, compared to $1.72 a year earlier in the year.

Elbit's Tel Aviv-listed shares are up 36% this year.

Elbit said its backlog of orders reached $13.7 billion at the end of March, similar to the previous quarter. More than 72% of that comes from orders outside Israel and some 55% are due to be performed in 2022 and 2023.