Elbit Systems. Revenue down 2.2%
Elbit Systems Q2 profit falls slightly
Israeli defense technology contractor earns $38.3 million in second quarter of 2012, hurt by tightened defense budgets around world
Elbit Systems Ltd. says its second-quarter net income have fallen slightly, hurt by tightened defense budgets around the world.
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The Israeli defense technology contractor earned $38.3 million, or 90 cents per share, compared with $38.9 million, or 90 cents per share, in the same quarter last year.
Excluding discontinued operations and one-time charges, the company said it posted an adjusted profit of $1.14 per share for the recent quarter.
Revenue fell 2.2% to $676.4 million from $691.6 million.
Elbit said that revenue from its Latin American and Asia-Pacific markets continued to rise during the recent quarter.
It added that half of its overall revenue was tied to governments whose defense budgets continue to grow, including Israel, which should help offset the effects of tighter defense budgets in the US and Europe.
