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Elbit Systems' First-Quarter Results Rise as Order Backlog Tops $30 Billion

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Elbit Systems' First-Quarter Results Rise as Order Backlog Tops $30 Billion

Elbit Systems (ESLT) reported higher first-quarter results and said its order backlog topped $30 billion, lifted by surging demand from Israel's Ministry of Defense amid ongoing regional conflicts.

The Israeli defense electronics company on Tuesday reported non-GAAP per-share earnings in the three months ended March 31 rose to $3.87 from $2.57 a year earlier. Four analysts in a FactSet poll projected $3.38. Revenue increased to $2.19 billion from $1.9 billion. Three analysts expected $2.15 billion.

The company's shares jumped 8.4% in Tuesday trading in New York. The stock has advanced 44% this year.

"We began 2026 with a strong quarter across all key metrics, including double-digit growth in revenue and profitability, with non-GAAP operating margins surpassing the 10% mark," CEO Bezhalel Machlis said in a statement.

Elbit reported a record order backlog of $30.2 billion at the end of March, with about 71% outside of Israel.

The company cited a "continued material increase" in demand for its products and solutions from Israel amid the war in Iran and other conflicts in the Middle East. The war is now in its third month, with the US reportedly launching fresh strikes on Iran on Monday.

"With demand rising well above historical levels, we continue to focus on order execution," Machlis said. "We are scaling production capacity, increasing the use of automation, robotics and AI, while maintaining strict capital discipline and expanding operational margins."

Elbit won a $1.4 billion contract covering a European customer's extensive military modernization programs. It includes the delivery of uncrewed autonomous solutions, advanced networked land electronic warfare, and precision-guided munitions, the company said Tuesday in a separate statement.

Land revenue in the first quarter rose 27% to $714.6 million, buoyed by ammunition sales in Israel and Europe. Revenue in the command, control, communications, computers and intelligence and cyber business climbed 17% to $256.7 million, driven by sales in Europe.

Intelligence, surveillance, target acquisition and reconnaissance and electronic warfare revenue increased 17% to $423.1 million, and aerospace revenue rose 2% to $516.6 million. Elbit Systems of America revenue gained 5% to $423.9 million.

Price: $832.33, Change: $+64.51, Percent Change: +8.40%

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