HAIFA, Israel - Elbit Systems Ltd. (NASDAQ: NASDAQ:ESLT), a high technology defense company, announced its fourth quarter financial results, surpassing analyst expectations for both earnings per share (EPS) and revenue.
The company reported an adjusted EPS of $1.56, which was $0.24 higher than the analyst estimate of $1.32. Revenue for the quarter reached $1.63 billion, exceeding the consensus estimate of $1.51 billion.
The company's strong performance in the fourth quarter was reflected in a 1.13% increase in its stock price, indicating a positive market response to the earnings and revenue beat. Elbit Systems' growth was driven by a significant increase in the order backlog, which stood at $17.8 billion, highlighting the demand for the company's portfolio of advanced technological solutions.
Revenue growth was attributed to a successful operational transformation plan that increased capacity to convert a growing backlog into revenues. Notably, aerospace revenues saw a 3% increase mainly due to higher unmanned aerial systems (UAS) sales in Asia Pacific and Europe. Land revenues also surged by 30%, primarily due to artillery and weapon stations sales in Europe and ammunition sales in Israel.
President and CEO Bezhalel (Butzi) Machlis expressed confidence in the company's growth trajectory, stating, "The significant increase in the order backlog in 2023 highlights the relevance of Elbit Systems' portfolio of advanced technological and operationally proven solutions that provide a competitive edge to our customers around the world."
Elbit Systems' financial health is further underscored by its solid performance throughout the year, with an 8% increase in annual revenues to $5.97 billion from $5.51 billion in the previous year. The company's strategic focus on end markets and operational efficiency contributed to this growth.
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