Elbit Systems, Israel’s largest defence firm, has reported higher quarterly profit boosted by strong global demand for military equipment, Al Jazeera reports.
Revenue has grown to a record $2.2 billion from $1.9bn, with a backlog of orders reaching $30.2bn. The increase in the quarter is mainly coming from Israel and Asia.
Elbit adds that it received a $1.4bn contract from an unnamed European customer for “extensive military modernisation programmes” that will be performed over five years.
The Israeli company says it earned $3.87 per diluted share in the first quarter, excluding one-time items, up from $2.57 a year earlier and well above expectations.
