Elbit Systems reports record $32 billion backlog and 40% profit rise

Elbit Systems has reported a record order backlog of $32 billion, marking a 33% increase from $23.8 billion the previous year. The defense manufacturer saw net profit rise by 40% to $173.6 million during the second quarter.

Sales for the quarter reached $2.3 billion, a 16% increase, putting the company on track for annual sales of $9 billion. Growth was driven by several sectors, including a 32% rise in land systems sales due to munitions demand in Israel and an 11% increase in C4I and cyber systems, largely fueled by sales of radio and command-and-control systems in Europe.

Intelligence and electronic warfare sales grew by approximately 22%, supported by high-power laser and naval systems in the Asia-Pacific region. While drone sales decreased by 8% due to a shift in project mix and lower training system sales in Europe, this was partially offset by increased unmanned aerial vehicle sales in Israel.