Israel’s Elbit Systems has posted revenues of $1.35bn in the first quarter of this year ending on 31 March 2022.
The figure represents a 20% year-on-year (YoY) jump from the $1.12bn reported in the same period of 2021.
The defence electronics company attributed the rise to organic growth and the contribution of maritime defence contractor Sparton, which was acquired last year.
GAAP gross profit also increased from $281.3m in Q1 2021, to $326.9m in Q1 2022.
Elbit’s GAAP operating income fell to $58.6m in the first quarter of this year, from $83.8m recorded in the year prior.
GAAP diluted net earnings per share (EPS) in the quarter stood at $1.19, compared to $1.64 in the same quarter in the previous year.
GAAP net income attributable to shareholders also declined from $72.5m to $52.8m YoY.
As of 31 March 2022, Elbit’s order backlog totalled $13.7bn. Approximately 72% of the current backlog involves orders from outside Israel.
In the first quarter of the year, the company spent $100.7m on research and development.
It added that the company’s defence activities were not materially impacted by the Covid-19 pandemic during 2021 and in the first three months of 2022.
Elbit Systems president and CEO Bezhalel (Butzi) Machlis said: “Elbit Systems is well-positioned to benefit from acceleration in defence budget growth, due to its portfolio of leading technological capabilities and positions in key global defence markets.
“Growth in the first quarter reflects strong demand for our solutions from customers around the world.”
Last month, subsidiary Elbit Systems UK announced that its Interim Combined Arms Virtual Simulation (Deployable) ICAVS(D) entered service with the British Army.