Elbit System headquarters in Matam, Haifa technology park. Credit: Zvi Roger.

Israeli defence technology firm Elbit Systems reported financial results for financial year 2023, on 26 March 2024, showing an increase in its operational and financial metrics.

The company’s revenues rose by 8% to $5.97bn (NIS21.9bn), up from $5.51bn in the previous year, with this growth attributed to enhanced performance in aerospace, C4I and Cyber, ISTAR and EW, and land systems sectors, reflecting increasing demand for the company’s defence products.

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The company highlighted its operational efforts to maintain service continuity during the ongoing conflict, including increased support to the Israel Ministry of Defense, amidst the heightened demand for defence 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 that have demonstrated significant resilience in challenging times. In view of Elbit Systems’ growth and our ability to address multiple challenges, including the current conflict, I am confident in our ability to realise our potential.”

The aerospace sector saw an 8% increase in revenues, primarily due to higher sales of training and simulation systems in Europe and Unmanned Aerial Systems (UAS) in both the Asia Pacific region and Europe, although this was partially offset by a decrease in Precision Guided Munitions sales. 

C4I and Cyber revenues went up by 6%, largely driven by contracts in the Asia Pacific. The ISTAR and EW sector witnessed a 13% rise, thanks to Electronic Warfare and Electro-Optic systems sales in Europe, along with countermeasure systems. The land systems sector reported a 12% increase, with significant sales of artillery and weapon stations in Europe, as well as ammunition and munitions in Israel.

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Despite these positive trends, the company faced challenges, including a $52m write-off related to the closure of an underperforming subsidiary, impacting its net income and earnings per share figures. GAAP net income was reported at $215m, with a diluted net earnings per share of $4.82, reflecting the complexities of operational adjustments and market conditions.

Elbit Systems’ order backlog, a key indicator of future revenue potential, grew to $17.8bn, from $15.1bn at the end of 2022, indicating sustained demand for its defence technologies. Approximately 72% of this backlog is attributed to orders outside Israel, with about 60% expected to be realised in the next two years.