Israeli defence electronics firm Elbit Systems has reported that its revenue in the third quarter (Q3) of 2022 dropped to $1.34bn, from $1.36bn in Q3 2021.

The company’s non-GAAP gross profit amounted to $337.9m in the quarter, which is 25% of revenues. Its GAAP gross profit was $326m.

Non-GAAP operating income was $84.3m, compared to $123.0m in the same quarter a year ago, and GAAP operating income was $73.4m.

In Q3, non-GAAP net income attributable to the company’s shareholders was $62.6m, compared to $103.1m. The company noted that its net income was reduced by nearly $20m due to net expenses associated with its stock price linked compensation plans.

Non-GAAP diluted net earnings per share attributable to the company’s shareholders were $1.40 for the quarter, as compared to $2.33 in the same quarter the year prior.

Elbit Systems president and CEO Bezhalel (Butzi) Machlis said: “The current environment presents opportunities and challenges for Elbit Systems.

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“Elevated geopolitical tensions and growing defence budgets have created multiple opportunities and we are increasing investment in business development to realise the potential from these trends.”

The company said its backlog of orders reached $14.7bn at the end of September. Nearly 75% of that has been attributed to orders from outside Israel.

Machlis added: “Our working assumption is that supply chain and labour inflation pressures will gradually subside from the second half of 2023.

“We continue to invest in Elbit Systems’ portfolio of advanced technological capabilities including unmanned systems, C4I, EW, maritime solutions, and precision munitions.

“The significant orders received in 2022 have highlighted the relevance of our portfolio to our customers and support future growth prospects.”

Earlier this month, the company’s UK subsidiary reached a partnership with Draken Europe in the area of uncrewed aerial systems.