Shares of Elbit Systems (NASDAQ: ESLT) declined in pre-market trading on Tuesday after the defense electronics company reported Q4 adjusted earnings of $1.68 per share versus $2.14 in the same period last year and fell short of consensus estimates of $1.96 per share.
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Revenues in the fourth quarter came in at $1,506.4 million versus $1,494.3 million in the same period last year beating analysts’ estimates by $20 million.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented, “A healthy business environment and growing demand for Elbit Systems’ portfolio of leading technological capabilities resulted in a record order backlog of $15.1 billion. We increased our business development efforts to realize the significant opportunities created by growing defense budgets around the world.”
ESLT stock has gone down by more than 20% in the past year.