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© Reuters. FILE PHOTO: The HERMES 900 HFE drone made by Israeli firm Elbit to be used within the Swiss reconnaissance system (ADS15) is seen throughout a media presentation on the Swiss air pressure base in Emmen, Switzerland, December 9, 2019. REUTERS/Arnd Wiegmann/File Phot
(Reuters) – Israeli defence electronics agency Elbit Methods (NASDAQ:) on Tuesday reported decrease first-quarter revenue, attributing the drop to inventory price-linked compensation plans, whereas income rose.
The corporate earned $1.19 per diluted share within the quarter in comparison with $1.64 per share the earlier 12 months. Income climbed to $1.35 billion from $1.12 billion.
The corporate’s board declared a dividend of $0.50 per share for the primary quarter to be paid on July 11.
Elbit had warned earlier within the 12 months {that a} current improve in its share worth may considerably affect bills as a result of inventory price-linked compensation plans for workers. It mentioned income had been decreased by $0.72 per share as a result of these funds.
Excluding one-time gadgets, Elbit earned $1.22 per diluted share within the first quarter, versus $1.72 a 12 months earlier.
Elbit’s Tel Aviv-listed shares are up 36% this 12 months.
Elbit mentioned its backlog of orders reached $13.7 billion on the finish of March, much like the earlier quarter. About 72% of that comes from orders exterior Israel, and a few 55% is because of be carried out in 2022 and 2023.
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