Elbit Systems' profit higher than expected

Elbit Systems, Israel's largest security firm, reported Thursday higher profits than expected in its quarterly report presented to the Tel Aviv Stock Exchange. The company attributes the increase primarily to sales growth in the airborne systems and unmanned aerial vehicles, as well as cost savings and efficiency measures. Its gross profit was 207.4 million U.S. dollars in the third quarter of 2013, compared to 191.5 million dollars in the third quarter of 2012. Revenues increased from 677.5 million dollars in the third quarter of 2012 to 730.6 million dollars in the third quarter of 2013. Elbit, which is a global firm headquartered in Israel, develops and manufactures weapons for homeland security. "The solid third quarter results reflect the year-over-year trend of improvements in revenue and profitability resulting from our ongoing focus on efficiency and on realizing the business-wide synergies of our global organization," Bezhalel Machlis, president and CEO of Elbit, said in a written statement released by the firm. He added that Elbit decides to increase efforts in research and development as well as in sales and marketing. "We are encouraged by the global markets' recognition of our innovative solutions, and we believe that, together with our efficiency measures, will maintain future growth," he said.