Elbit reports 11% revenue growth on the back of land division and war in Gaza
Contracts for ammunition have boosted Elbit Systems order book. (Photo: Elbit Systems)
Elbit Systems reported little growth in its US and aerospace businesses for the first quarter of 2024 compared to the same period in 2023 but substantial growth in C4ISR, EW and land with the latter boosted by ammunition sales.
Elbit Systems, reporting its first full quarter (1Q) since the Hamas attack on Israel and the latter’s invasion of Gaza, has recorded a major increase in revenue on the back of providing equipment and material to land forces, a movement reflected by other companies supplying equipment to Israel and to the Ukraine.
The company noted revenues for 1Q 2024 were US$1.5 billion, as compared to $1.4 billion in 1Q 2023, with land revenues increasing by 26%, from $301 million to $381 million due to the increase in ammunition and munition sales in Israel.
C4I and cyber revenues increased by 12%,
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