Israeli defense electronics firm Elbit Systems reported higher first-quarter profit on Tuesday as demand from Israel's military in fight against Hamas in Gaza boosted revenue.
One of Israel's largest defense contractors, the company posted earnings of $1.81 per diluted share excluding one-time items versus $1.78 a year earlier.
Revenue rose by 11.5% to $1.55 billion from $1.39 billion.
Elbit's board declared a first-quarter dividend of $0.50 per share.
The company predicts it will meet its revenue target earlier than expected, CEO Bezhalel Machlis told Reuters.
"Our internal goal was to reach $7 billion by 2026," Machlis said. "I can tell you it will be much earlier."
Machlis said there is a "growing demand in defense spending around the world" and that Elbit's portfolio "is very relevant".
"The fact that our systems are in operational use in Israel helps us because customers prefer to get mature solutions," Machlis said, without divulging which countries had expressed increased interest citing "security limitations".
The company supplies hundreds of products to Israel's Defense Ministry, which Machlis said includes simulators, unmanned aerial vehicles (UAVs), artillery, munitions, control systems, communications, high powered lasers and others.
Elbit's Tel Aviv listed shares were down 1.1% at midday and are down 7.4% this year.
