Israel’s Elbit Systems reports increase in Q1 revenue and order backlog

May 26, 2021 (Last Updated May 26th, 2021 12:41)

Elbit Systems has reported a 4.67% year-on-year increase in quarterly revenue due to strong demand for its products.

Israel’s Elbit Systems reports increase in Q1 revenue and order backlog
Elbit System headquarters in Matam, Haifa technology park. Credit: Zvi Roger.

Israel-based defence electronics company Elbit Systems has reported an increase in quarterly revenue and order backlog amid sustained demand for its products and solutions.

In the first quarter of this year, the company reported total revenue of $1.12bn. The figure represents a 4.67% increase from $1.07bn recorded in the same period last year.

As of 31 March 2021, Elbit Systems’ backlog of orders amounted to $11.8bn. A year ago, the figure was $10.8bn.

However, the company’s GAAP gross profit fell from $289.4m to $281.3m on a year-on-year basis.

GAAP operating income was up 4.23% from $80.4 in Q1 2020 to $83.8m Q1 2021.

GAAP net income attributable to the shareholders was $72.5m in the first quarter of 2021, compared with $63.6m in the prior-year period.

Elbit Systems’ research and development expenses, and marketing and selling expenses in Q1 2021 stood at $84.3m and $51.5m respectively.

The company also noted that its defence activities were not materially impacted by the ongoing pandemic during last year and in the first quarter of 2021.

Elbit Systems president and CEO Bezhalel (Butzi) Machlis said: “Our financial results for 2021 have started well, with revenues up 4.4% over those of the first quarter last year.

“Sustained demand for our products and solutions from customers around the world led to a 9% increase in our order backlog, reaching a record $11.8bn.

“This backlog and a healthy pipeline of opportunities provide us with good visibility and confidence in the company’s prospects.”

Last month, Elbit Systems acquired BAE Systems Rokar International for nearly $31m. Rokar specialises in delivering high-end global positioning system (GPS) receivers.