Israeli defense technology company Elbit Systems reported financial results for fiscal year 2023 on March 26, 2024, showing growth in its operating and financial metrics.
The company’s revenue rose 8% to $5.97 billion (NIS 21.9 billion), from $5.51 billion a year earlier, with this growth attributed to improved performance in the aerospace segments, C4I and Cyber, ISTAR and EW and ground systems, reflecting increasing demand for the company’s defense products.
The company highlighted its operational efforts to maintain service continuity during the ongoing conflict, including increased support to Israel’s Ministry of Defense amid increased demand for defense products following regional hostilities.
Bezhalel Machlis, president and CEO of Elbit Systems said: “In 2023, we continued our efforts to focus our portfolio on the end markets that are most relevant. I would like to express my appreciation to our employees who have shown considerable resilience in difficult times. Considering the growth of Elbit Systems and our ability to face multiple challenges, including the current conflict, I am confident in our ability to realize our potential.”
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The aerospace segment posted an 8% increase in revenue, driven primarily by higher sales of training and simulation systems in Europe and unmanned aerial systems (UAS) in both Asia Pacific and Europe, although this was partially offset by decrease in Precision Guided Ammunition Sales.
C4I and Cyber revenue increased 6%, primarily due to contracts in Asia Pacific. The ISTAR and EW segment was up 13%, driven by sales of Electronic Warfare and Electro-Optics systems in Europe, along with countermeasures systems. The land systems segment reported a 12% increase, with significant sales of artillery and weapon stations in Europe, as well as ammunition and ammunition in Israel.
Despite these positive trends, the company faced challenges, including a $52 million write-down related to the closure of an underperforming subsidiary, impacting net income and earnings per share. GAAP net income was reported at $215 million, with diluted net earnings per share of $4.82, reflecting the complexity of operating adjustments and market conditions.
Elbit Systems’ backlog of orders, a key indicator of future revenue, rose to $17.8 billion from $15.1 billion at the end of 2022, indicating sustained demand for its defense technologies. About 72% of this backlog is attributable to orders outside of Israel, with about 60% expected to take place over the next two years.
Read the original at Defence247.gr
