Elbit revenues decrease year on year

Defence company Elbit Systems has reported that, in its first quarter ended 31 March 2010, revenues decreased by 5.9 per cent to $618.2m (£415.1m), compared with $656.9m in the first quarter of 2009.

Gross profit decreased by 11.4 per cent to $184.5m (29.9 per cent of revenues) for the first quarter of 2010, compared with gross profit of $208.3m (31.7 per cent of revenues) in the first quarter of 2009.

Net income attributable to the company’s ordinary shareholders increased in the first quarter of 2010 by 15.1 per cent to $49.8m (8.1 per cent of revenues), compared with $43.3m (6.6 per cent of revenues) in the first quarter of 2009.

Diluted net earnings per share attributable to the company’s ordinary shareholders were $1.15 for the first quarter of 2010, compared with $1.02 for the first quarter of 2009 – an increase of 12.7 per cent.