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Elbit Systems Reports Q2 2024 Financial Results with Strong Revenue Growth Amidst Ongoing Conflict

August 14, 2024 By admin Leave a Comment

Elbit Systems Ltd., a leading international defense technology company, released its financial results for the second quarter of 2024, reporting a 12% increase in year-over-year revenues, reaching $1.626 billion. This growth was primarily driven by increased demand across various sectors, including C4I and Cyber, ISTAR and EW, and Land systems, especially in response to the ongoing conflict and heightened defense needs in Israel.

The company’s non-GAAP gross profit for the quarter was $396.2 million, representing 24.4% of revenues, while GAAP gross profit stood at $389.7 million. Research and development expenses rose to $116.8 million, reflecting the company’s commitment to innovation and technological advancement.

Elbit Systems’ CEO, Bezhalel Machlis, emphasized the importance of long-term investments in R&D and manufacturing, which have bolstered the company’s ability to meet increased demands, particularly from the Israel Ministry of Defense (IMOD) following the escalation of conflict in the region. The company has taken measures to ensure business continuity, including relocating production lines and increasing inventory to counteract supply chain disruptions.

In terms of profitability, the company reported a non-GAAP net income of $92.7 million, translating to $2.08 diluted earnings per share, while the GAAP net income was $78.4 million, or $1.76 diluted earnings per share. The order backlog as of June 30, 2024, stood at $21.1 billion, with 69% of this backlog attributable to orders from outside Israel.

Elbit Systems also highlighted recent contracts, including a $340 million ammunition supply deal with the IMOD and a $130 million contract for the Iron Fist Active Protection Systems. The Board of Directors declared a dividend of $0.50 per share, payable on October 28, 2024.

The ongoing conflict has significantly impacted the company’s operations, leading to increased demand from the IMOD and necessitating operational adjustments to maintain production and employee safety. The future impact of the conflict on Elbit Systems’ performance remains uncertain, contingent on the duration and scope of hostilities.

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