Israel’s Elbit Systems has reported a 20% increase in revenue in the third quarter of 2021 on a year-on-year (YoY) basis, driven by organic growth.
The company’s revenues totalled $1.36bn in the three-month period to 30 September 2021, compared to $1.13bn registered in the same period a year prior.
GAAP gross profit increased from $237.4m to $363.2m on a YoY basis, despite booking an impact of around $60m due to non-cash expenses incurred from the impairment of assets and Covid-19-related inventory write-offs.
As of 30 September 2021, Elbit Systems’ order backlog totalled $13.6bn.
The company’s GAAP operating income was $110.3m in the third quarter of 2021, compared to $23.5m at the same time last year.
GAAP net income attributable to the shareholders also jumped on a YoY basis from $17m to $91.9m.
The company’s net research and development expenses in the quarter were $101.5m.
Elbit Systems president and CEO Bezhalel (Butzi) Machlis said: “We are pleased with our third quarter results that demonstrated the successful execution of our strategy to build a diverse global footprint, which contributed to the 20% revenue growth, as well as successful implementation of efficiency measures that supported an improved operational performance.
“The third quarter results and sustained demand from our customers provide us with confidence in Elbit Systems’ long-term strategy and future prospects.”
The Israeli firm added that its defence activities were not materially impacted by the Covid-19 pandemic during 2020 and the first nine months of this year.
As a technology company, Elbit Systems is associated with multiple defence, homeland security and commercial programmes.
Recently, Elbit and Roboteam introduced a multi-payload military 6X6 uncrewed ground vehicle (UGV).