BAE Systems 2010 earnings up 0.8 percent

By @ibtimes on

BAE Systems reported a slight rise in full-year earnings, helped by cost savings and growth at its services and international business, which offset weakness at its land armaments unit.

BAE, Europe's biggest defense contractor, on Thursday said its underlying earnings before interest, tax and amortization (EBITA) rose 0.8 percent to 2.21 billion pounds ($3.55 billion) on revenues 1.8 percent higher at 22.39 billion pounds for the year to the end of December 2010.

The company was expected to report an average EBITA of 2.12 billion pounds, according to a Thomson Reuters poll of 18 analysts.

It raised the total dividend by 9.4 percent to 17.5 pence.

Shares in the company, which have risen 6.3 percent so far this year, closed at 355.70 pence on Wednesday, valuing the company at around 12 billion pounds.

(Reporting by Rhys Jones; editing by Neil Maidment)

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