JERUSALEM — Elbit Systems reported its financial results for the third quarter of 2024, accumulating a 5.2% increase in its order backlog, to $2.2 billion, a trend in line with other local defense companies supplying weapons for Israel’s war against Hamas and Hezbollah.
The Israeli company booked fresh deals recently, including a $127 million contract to supply Iron Fist active protection systems for U.S. Bradley infantry fighting vehicles and a $335 million contract to supply PULS rocket launchers and Hermes 900 drones to a European country that company officials did not to name.
According to Elbit’s report, the company’s quarterly revenue increased by 14.4% compared to the corresponding quarter last year, reaching $1.71 billion. The company attributes most of the rise to the continued increase in orders from the Israeli Ministry of Defense for the armed forces.
The figures show a 7% increase in aircraft sales, 13% in information technology and cyber sales – mainly radio and control systems, 13% in intelligence and electronic warfare, and 24% in land sales.
Geographically, 29% of Elbit’s sales in the third quarter were to Israel, 25% to Europe, 22.5% to North America, 18.3% to Asia Pacific, 2.2% to Latin America and 3% to the rest of the world.
Elbit mentions in its report that its revenues from sales to America increased by 17% compared to the corresponding quarter last year due to the increase in sales of night-vision systems and medical instrumentation sales.
In Europe, on the other hand, sales decreased by 3.2% after two strong years due to the arming of European countries amid the war in Ukraine.
Another Israeli company that benefited from the “Iron Swords” War is IAI, whose backlog of orders rose to $25 billion, of which $2 billion resulted from orders from the Israeli Ministry of Defense.
The company’s revenue grew by 16% compared to the corresponding quarter last year and stood at approximately $1.54 billion, with the increase being shown in all of the company’s operational divisions and in each of the geographies in which it is active.
The missile and space systems division made up the bulk of its quarterly sales and accounted for 42% of them.
A spokeswoman said the results mark IAI’s “most profitable period in the company’s history.”
Tzally Greenberg is the Israel correspondent for Defense News. He has experience reporting on economic affairs as well as defense and cyber companies.
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