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HAIFA, Israel - Elbit Systems Ltd. (NASDAQ:ESLT) reported better-than-expected first quarter results on Monday, sending shares up 3.62% in early trading.
The Israeli defense technology company posted adjusted earnings per share of $2.66, surpassing analyst estimates of $1.85 by $0.81.
Revenue for the quarter came in at $1.93 billion, exceeding the consensus forecast of $1.75 billion and marking an 18.7% increase from $1.63 billion in the same quarter last year.
Elbit Systems’ strong performance was driven by growth across multiple segments. Aerospace revenues jumped 27% YoY, boosted by increased unmanned aerial systems sales in Israel and Europe, as well as higher precision guided munition revenues.
Land revenues surged 29%, primarily due to ammunition and munition sales in Israel.
The company’s backlog of orders reached $22.6 billion at the end of the quarter, up from $17.8 billion a year earlier. Approximately 65% of the current backlog is from orders outside Israel.
The board declared a quarterly dividend of $0.60 per share, payable on May 5 to shareholders of record as of April 22.
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