Elbit Systems Ltd., the Israeli high-technology defense company, has reported robust financial results for the second quarter of 2024, reflecting a 12% year-over-year increase in revenues.
The company’s order backlog reached an impressive $21.1 billion, with revenues totaling $1.6 billion for the quarter. These results come as Elbit Systems experiences heightened demand for its products and solutions, particularly from the Israel Ministry of Defense (IMOD), following recent escalations in regional conflicts.
In a statement, Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented on the company’s performance: “Elbit Systems demonstrated a 12% year-over-year increase in revenues in the second quarter. The continuous high demand for our products and solutions reinforces our position as industry leaders. Our long-term investments in technologies, research, and development, in collaboration with our key customers, and the expansion of our manufacturing capabilities enable us to meet our commitments to our customers and to drive the continued growth and focus on profitability of the Company in alignment with our strategic goals.”
The company reported that its non-GAAP net income reached $93 million, while GAAP net income stood at $78 million. Non-GAAP diluted earnings per share were $2.08, compared to GAAP diluted earnings per share of $1.76.
Elbit Systems’ various segments showed notable growth, particularly in the Land segment, which saw a 37% increase due to a rise in ammunition and munition sales in Israel. C4I and Cyber revenues also grew by 11%, driven by increased sales of radio systems, while ISTAR and Electronic Warfare (EW) revenues rose by 9%, largely due to sales in Israel and the Asia-Pacific region.
The company continues to monitor the effects of the ongoing “Swords of Iron” war, which began in October 2023 when Hamas terrorists launched a series of attacks on Israel. Elbit Systems has experienced a material increase in demand for its products from the IMOD since the start of the conflict. The company has taken several measures to ensure business continuity, including relocating production lines and recruiting additional staff to meet the surge in demand.
The outlook for Elbit Systems remains strong, with the potential for further significant orders from the IMOD and other international customers as global defense needs evolve. The company’s ongoing investments in technology and infrastructure position it well to capitalize on these opportunities and continue its growth trajectory.
As part of its financial strategy, Elbit Systems has declared a dividend of $0.50 per share, to be paid on October 28, 2024. The company also continues to engage with investors through regular financial updates and conference calls.
