Elbit’s profit soars as global defense needs drive record order backlog |
Israeli defense giant Elbit Systems saw its quarterly profit surge and order backlog grow to a record, as heightened geopolitical conflicts and increased military spending continued to bolster demand for its defense and weapons systems from the Israeli military and countries in Europe and Asia.
“Our funnel of orders has never been so strong,” said Elbit CEO Bezhalel (Butzi) Machlis announcing the company’s first quarter results on Tuesday. “We see growing potential in the US market and Europe, especially from Germany, Scandinavian countries, and the Baltics, as well as in the Gulf countries, and also in countries in the Far East around China.”
To meet growing demand and operational challenges, Elbit is investing in expanding production capacity and increasing the use of automation, robotics, and artificial intelligence, Machlis added.
The country’s largest privately owned defense firm generated a net profit in the January to March period of $161 million, up more than 50% from the $107 million posted in the same quarter a year ago. Revenue rose by almost 16% to a record $2.2 billion from $1.9 billion during the same comparative period, led by sales of its land systems, which were up 27% due largely to increased ammunition and munitions sales in Israel and Europe.
Elbit, led by Machlis, is an arms manufacturer and supplier specializing in the development of a broad spectrum of defense, homeland security and commercial systems that are marketed worldwide.
The defense firm’s Tel........