Elbit Systems saw its revenues rise to a record $6.8 billion in 2024, as its order backlog also grew to a new high of $22.6 billion. It had in 2023 reported respective totals of $5.9 billion and $17.8 billion.
Up 14% year on year, the revenue figure contains aerospace activities accounting for $2 billion, while the company’s ISTAR and EW (electronic warfare) unit contributed $1.3 billion, including non-aerospace business.
“Aerospace revenues increased by 9% in 2024 as compared to 2023, mainly due to increased UAS [uncrewed air system] revenues in Israel and Europe, and increased PGM [precision-guided munition] revenues,” the company says. This was “partially offset by lower training and simulation sales”, it adds.
Export business accounted for $4.8 billion, including work performed by Elbit’s international subsidiaries, while its domestic orders were worth $2 billion.
“Approximately 65% of the current backlog is attributable to orders from outside of Israel,” the company says, while around 57% of the total work ”is scheduled to be performed during 2025 and 2026”.
Hailing its performance, chief executive Bezhalel Machlis notes that the latest set of figures represent “a fourth consecutive quarter of double-digit growth in revenues and backlog year-over-year”.
“A year and a half into the [Gaza] conflict, Elbit remains a key strategic partner for the IDF [Israel Defence Force],” Machlis said during a results call with analysts on 18 March. “The company has demonstrated its ability to scale up production massively and meet customer demand, while maintaining a strong presence alongside the IDF, upgrading systems in real time during combat.”
Such activities have more recently included a roughly $80 million contract to update self-protection equipment used by the Israeli air force’s Lockheed Martin F-16Is, received by Elbit in late-January.
Other highlights from the company’s activities in 2024 included securing a contract to equip the German air force’s trio of Airbus A350 VIP/head of state transport aircraft with directed infrared countermeasures equipment.
The company also views rising defence budgets around the world as presenting a clear opportunity for future success. “We are growing year by year, and we see more and more potential for us around the globe – in Europe, in the US, as well as in the Asia-Pacific,” Machlis notes. “The potential is huge. We expect export activities to continue – part of it from Israel, but the majority done by our subsidiaries globally.”
Elbit’s gross profit of $1.64 billion last year was up from $1.48 billion in 2023.
