Elbit Systems reported strong revenue and EPS growth supported by significant contract wins and a record order backlog. However, challenges such as declining gross margins and increased financial expenses were noted. The overall sentiment is positive, with expectations of continued growth and efficiency improvements.

Company Guidance

During the third quarter of 2024, Elbit Systems reported a 14% increase in revenue, reaching $1.718 billion compared to $1.502 billion in the same period of 2023, marking the third consecutive quarter of double-digit growth. By segment, Aerospace revenues grew by 7%, C4I and Cyber by 13%, ISTAR and EW also by 13%, Land by 24%, and Elbit Systems of America by 17%. The non-GAAP gross margin was 24.4%, with a GAAP gross margin of 24%. Non-GAAP operating income stood at $140.7 million, or 8.2% of revenues, while GAAP operating income was $125.8 million, or 7.3% of revenues. The company reported a non-GAAP diluted EPS of $2.21 and GAAP diluted EPS of $1.77. Elbit Systems' backlog reached $22.1 billion, with new orders of $2.7 billion, and operating cash flow was $83 million for the first nine months of 2024. The Board declared a dividend of $0.50 per share. The company aims for over $7 billion in revenue by 2025 and a non-GAAP operating margin of around 10% by 2026.

Revenue Growth

Third quarter revenue increased by 14% to $1.718 billion compared to $1.502 billion in the third quarter of 2023, marking the third consecutive quarter of double-digit revenue growth.

Segment Performance

Significant revenue increases were recorded across various segments: Aerospace revenues increased by 7%, C4I and Cyber by 13%, ISTAR and EW by 13%, Land by 24%, and Elbit Systems of America by 17%.

Record Backlog

Order backlog reached a record $22.1 billion, approximately $5.5 billion higher than the previous year, with $2.7 billion in new orders.

EPS Improvement

Non-GAAP diluted EPS was $2.21 in Q3 2024 compared to $1.71 in Q3 2023, and GAAP diluted EPS was $1.77 compared to $1.36, marking a second consecutive quarter of double-digit EPS growth.

Significant Contract Wins

Contracts worth $335 million were awarded to supply defense systems to a European customer, including PULS rocket launchers and Hermes 900 UAVs.

Geographic Revenue Distribution

Diverse geographic revenue base with Europe contributing 25%, North America 23%, Asia-Pacific 18%, and Israel 29% of revenues.

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Elbit Systems (ESLT) Earnings, Revenues Date & History

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ESLT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 16, 2018	2018 (Q2)	- / 2.21	1.475	49.57% (+0.73)	―	―
Nov 20, 2018	2018 (Q3)	- / 1.56	1.425	9.66% (+0.14)	―	―
Mar 19, 2019	2018 (Q4)	- / 0.03	1.62	-98.15% (-1.59)	―	―
May 28, 2019	2019 (Q1)	- / 1.18	1.16	1.72% (+0.02)	―	―
Aug 15, 2019	2019 (Q2)	- / 1.22	2.15	-43.26% (-0.93)	―	―
Nov 26, 2019	2019 (Q3)	- / 1.63	1.5	8.67% (+0.13)	―	―
Mar 25, 2020	2019 (Q4)	- / 1.16	0.03	3766.67% (+1.13)	―	―
May 26, 2020	2020 (Q1)	- / 1.44	1.18	22.03% (+0.26)	―	―
Aug 13, 2020	2020 (Q2)	- / 2.02	1.22	65.57% (+0.80)	―	―
Nov 24, 2020	2020 (Q3)	- / 0.38	1.63	-76.69% (-1.25)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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ESLT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 19, 2024	$234.68	$249.12	+6.15%
Aug 14, 2024	$189.18	$195.59	+3.39%
May 28, 2024	$197.19	$191.84	-2.71%
Mar 26, 2024	$202.26	$202.63	+0.18%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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