Elbit Systems missed expectations in Q2 slightly on the top line

Elbit Systems published its financial reports for the second quarter of the year and once again missed expectations, slightly on the top line and more significantly on the bottom line. Despite the misses, the company's management expresses satisfaction with the results.
Bezalel (Butsi) Machlis Machlis President of Elbit says: "This is another record quarter for Elbit, the backlog is at an all-time high, and the median sales increased compared to last year by 10%.

We see the continuation of mega projects that the company signed, which is a significant change in the way the company works and is run. This is in addition to the medium and small projects that she has always brought. This is a leap forward in the way the company works, the way the company thinks, and how it conducts itself."
Machlis explains the reasons for the increase in the company's activity that stems from the increase in security budgets around the world in recent months: "There are three key parameters - first, the conflict in Ukraine, which affects all of Europe and NATO, the second is China, which continues to affect all of Asia Pacific, including the American budget, and the third is the tensions With Iran, which because of the Abraham agreements creates significant opportunities for us.
"All these events generate an increase in security budgets and a significant increase in demand, and more than that, an increase in demand for local industries and Elbit has dozens of subsidiaries around the world. We also have a very broad portfolio that is very relevant to the needs we see in the market. We see an increase in demand for almost the entire length of our product range. In the field Intelligence systems, UAV systems, precision guided weaponry, network systems - communication and command and control, anti-tank missiles, ammunition for anti-aircraft missiles and improvements to anti-aircraft missiles, as well as in the field of anti-aircraft (electronic warfare) systems, which means there is growth in all areas of our activity . "We continue to invest significant sums in innovation. One example is the powerful aerial laser in aerial systems. We think this will change reality. It also brings Elbit into the field of air defense systems, which is a field we have not been in before.
"All in all, the company continues to grow both in the backlog and in sales. I think there is great and very significant potential going forward. Some of our factories work 3 shifts to satisfy the great demand and we have also expanded production lines, in Israel and around the world."