Elbit Systems fourth-quarter profit, revenue rise amid Israel's war vs Hamas

Elbit Systems

18/03/2025 09:10

JERUSALEM, March 18 (Reuters) - Israel's largest defence firm Elbit Systems ESLT.TA reported stronger quarterly profit, boosted by higher revenue to Israel's military during its war against Palestinian militant group Hamas in Gaza.

Elbit ESLT.O said on Tuesday it earned $2.66 per diluted share excluding one-time items in the fourth quarter of 2024, up from $1.56 a year earlier. Analysts had expected EPS of $1.95, according to LSEG data.

Boosted by a 27% rise in aerospace sales, largely of drones to Israel and European customers, revenue rose to $1.93 billion from $1.63 billion.

More than 30% of Elbit's revenue came from Israel, where the country has been fighting Hamas since October 7, 2023.

For full-year 2024, Elbit made adjusted profit of $8.76 per diluted share, compared with $6.70 a share in 2023. Revenue rose 14% to $6.83 billion.

Its backlog of orders reached $22.6 billion in 2024, versus $17.8 billion in 2023. Some 65% of the backlog is from outside Israel, while 57% of the orders are scheduled to be fulfilled during 2025 and 2026.

"Since the commencement of the war, Elbit Systems has experienced a material increased demand for its products and solutions from the Israel Ministry of Defense," it said.

"At the same time, the company and its subsidiaries around the world continued to conduct their business in international markets."

Elbit said it would pay a quarterly dividend of 60 cents a share, up from 50 cents a share in the third quarter.

 (Reporting by Steven Scheer)

 ((steven.scheer@thomsonreuters.com; +972 2 632 2210; Reuters Messaging: Twitter: @StevenMScheer))