Elbit Systems has reported consolidated revenues of $5.511bn for the fiscal year (FY) 2022, representing a growth from $5.278bn in FY2021.

This increase has been attributed to the company’s Airborne systems and C4ISR systems segments, which recorded the majority of revenues in the year.

Elbit Systems said the growth in the C4ISR area of operations was primarily due to an increase in sales of uncrewed aircraft systems (UAS) to European customers and a rise in sales of Sparton’s products in the US.

The company’s cost of revenues for FY22 was $4.13bn, approximately 75.1% of revenues.

Non-generally accepted accounting principles (GAAP) net income attributable to the company’s shareholders stood at $269m, while the GAAP net income was $275m.

The non-GAAP gross profit for FY22 stood at $1.405bn and non-GAAP operating income was $356.6m.

In the full year ended 31 December 2022, non-GAAP diluted net earnings per share (EPS) was $6.03 and GAAP net EPS was $6.18.

Elbit Systems CEO and president Bezhalel Machlis said: “A healthy business environment and growing demand for Elbit Systems’ portfolio of leading technological capabilities resulted in a record order backlog of $15.1bn.

“Increasing customer interest and the growing scale of new contracts reflect Elbit Systems’ successful transformation in recent years from a systems supplier to a comprehensive solution provider and supports future growth prospects.”

Meanwhile, the company’s revenues in the fourth quarter (Q4) of FY22 increased to $1.506bn, compared to $1.494bn for the same period in FY21.

The non-GAAP gross profit in Q4 FY22 increased to $387.8m from $381.1m in Q4 FY21.

Elbit Systems secured two major contracts in Q4 FY22, including the Romanian Ministry of National Defense’s $410m award for Watchkeeper X UAS and a $36m contract to deliver full F-16 mission simulators to Poland.

The company ended the year with a backlog of orders totalling $15.1bn, compared to $13.7bn.