Elbit’s Q1 Beats; Shares Gain

Elbit Systems Ltd. (ESLT) reported first-quarter earnings of $1.02 per share this morning, matching the consensus estimate.

The maker of defense electronics said revenue grew 7% to $656.9 million, driven by sales of communication equipment and unmanned air vehicle systems.

Elbit also said that it anticipates double-digit growth in revenue during fiscal 2009.

Meanwhile, the full-year consensus estimate has remained unchanged at $3.88 per share over the past 60 days.

Shares of Elbit, a Zacks #3 Rank ("Hold") company, have gained almost 7% to $60.44 in afternoon trade on higher-than-usual volume of approximately 21,000, compared to average daily volume of about 17,000.

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