Turkey sanctions cut Elbit Systems Q4 profit

March 14, 2012 12:54

Elbit Systems Ltd.  reported lower profits for the fourth quarter of 2011 on Wednesday, due to canceled contracts with Turkey, in line with the company's warning in February.

Despite the lost Turkish contracts, Elbit Systems' orders backlog rose to $5.53 billion at the end of 2011 from $5.45 billion a year earlier. 78% of the orders backlog is for export, and 72% will be delivered in 2012-13.Full-year revenue rose to $2.82 billion in 2011 from $2.67 billion in 2010. The increase was driven by sales of airborne systems, thanks in part to the acquisition of M7 Aerospace and C4ISR systems, which were partly offset by lower sales of electro-optical systems for reconnaissance night vision.

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