Defense company Elbit Systems (TASE: ESLT, Nasdaq: ESLT) announced another record order backlog at the end of the third quarter: $22.1 billion, representing growth of $1 billion during the quarter. Quarterly revenues increased by 14.3% compared to the corresponding quarter in 2023, reaching $1.7 billion. In the first nine months of this year, revenues increased by 12.6% compared to the same period in 2023, reaching $4.9 billion.
On a non-GAAP basis, the company reported net income of $98.8 million (5.8% of revenue) for the third quarter, compared to $76.5 million (5.1% of revenue) in the third quarter of 2023. On a non-GAAP basis, Net income in the third quarter of 2024 was $79.1 million (4.6% of revenue), compared to $60.7 million (4.0% of Revenue) in the third quarter of 2024. The third quarter of 2023.
Non-GAAP diluted EPS attributable to shareholders of the Company was $2.21 for the third quarter of 2024, compared to $1.71 for the third quarter of 2023. On a GAAP basis, diluted EPS attributable to shareholders of The company in the third quarter of 2024 reached $1.77, compared to $1.36 in the third quarter of Year 2024. 2023.
How well does the company’s current production capacity match demand?
CEO of Elbit Systems Bezhalel Machlis: “We have invested a lot in capital equipment and in stocks, in order to increase our production capacity. We will soon open a new drone factory, and we have introduced automation and robotics into our production lines, and in the case of some lines, this has led to Increased production tenfold. We will continue to operate in Ramat Hasharon, along with the new factory in Ramat Beka, investing in additional production lines and increasing the number of suppliers we have to handle orders Our workforce is also growing, and will continue to grow over the next year.
Does the Ministry of Defense buy from you instead of external suppliers, given there is some kind of blockade on Israel?
“No. The State of Israel and the Ministry of Defense, as a strategy, prefer to buy as much as possible from Israel. We feel difficulties in the supply chain, but we are able to overcome them with alternatives and stocks. Supply chain difficulties arise from suppliers who in the past supplied the State of Israel with goods, and will not “There are not many of them today, but there are some, and there are alternatives for all of them. They have difficulties shipping goods to Israel.”
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Your stock price has rebounded recently, rising 30% over the past three months. What does the market understand now that it did not understand before?
“I think there is a lot of interest in our stock, thanks to our strategy, and the fact that despite the war, Elbit has managed to grow in all areas and in all geographies. There is stability, expectations have been presented, we have gone into new areas, we are working On the development of an airborne laser, for example, from my point of view, all this, together with the continuous improvement in profit, finds expression in the stock price.
Elbit Systems has a market capitalization of $10.6 billion.
Published by Globes, Israel Business News – en.globes.co.il – on November 19, 2024.
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