The increase in the world's defense budgets brought the order backlog of Elbit Systems to a record of almost 16 billion dollars. In order to truly understand how significant this order backlog is, one must go back a year to watch a massive 20% increase in orders from the company. For perspective, the average annual growth rate of the entire Defense industry according to The Business Research Company is 7.9%.

In the last year, Elbit Systems suffered a significant increase in operating expenses that resulted mainly from the "absorption" of smaller defense companies into it and the alignment that the management had to do in all of the different production processes to bring them to the required standard of Elbit. From the company's data, it appears that, as mentioned, it has accumulated orders of 15.8 billion dollars; Revenues totaled $1.39 billion; Non-GAAP net profit - 76 million dollars; Net profit according to US-GAAP - 62 million dollars; Non-GAAP net profit per share - $1.70; Net profit per share according to - US-GAAP $1.40.

Elbit Systems Ltd. was up 5.00% after hours $ESLT
https://t.co/g5XLZh4KpX

— volume ticker (@volumeticker) May 30, 2023

Bezalel (Butsi) Machlis, President and CEO of Elbit Systems said in response to the exciting news within his company: "The financial results in the first quarter reflect the demand for our portfolio of advanced and relevant technological solutions, which led to a record order backlog of $15.8 billion, a 16% increase compared to the first quarter of 2022. We continue to invest in human capital, new and existing facilities, and research and development, to satisfy and realize the backlog of orders and the significant potential created by the increase in defense budgets around the world. I am sure that the ongoing demand for our solutions together with the operational improvement actions will support the successful implementation of Elbit Systems' long-term strategy.

$ESLT - Elbit Systems Non-GAAP EPS of $1.70 misses by $0.03, revenue of $1.39B https://t.co/R8S7gaS24a

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At the beginning of May of this year, the company announced that its subsidiary in the United Kingdom, Elbit Systems Britain, won a contract from the British Ministry of Defense worth approximately 71 million dollars for the supply, maintenance, and operation of the training systems for the RCM, for the Boxer APCs and the Challenger 3 battle tanks under a British Army project, Vulcan. The contract will be exercised over a period of three years plus a period of nine years which includes operational operation and maintenance services at the UK facilities.

$ESLT - Elbit Systems: 2023 Turnaround Starts With The Record Order Backlog https://t.co/KqwsxyPRAK

— Beeken Industrial (@BeekenIndustri) April 8, 2023

Also in May 2023, the company announced that as part of an agreement between the Israeli Ministry of Defense and the Dutch Ministry of Defense, it won a contract worth $305 million to supply Precise & Universal Launching System (PULS) artillery rocket systems to the Dutch army. The contract will be implemented over a period of five years.