Israeli defense company Elbit profit, revenue rise on Gaza war demand
Company supplies simulators, UAVs, artillery, munitions, control systems, communications, high powered lasers and others to Israel's Defense Ministry
Israeli defense electronics firm Elbit Systems on Tuesday reported higher first-quarter profit as demand from the Israel-Hamas war appears to have boosted revenue. One of Israel's largest defense contractors, the company's revenue rose by 11.5% to $1.55 billion from $1.39 billion.
The company predicts it will meet its revenue target earlier than expected, CEO Bezhalel Machlis told Reuters. "Our internal goal was to reach $7 billion by 2026," he said. "I can tell you it will be much earlier."
The company has observed growth in international clients' interest since the October 7 attack and after an April Iranian strike on Israel. During that attack, Elbit's "Citron Tree" and "Golden Almond" technologies served as the operating system for Israel's aerial defense.
Machlis said there is a "growing demand in defense spending around the world" and that Elbit's portfolio "is very relevant."
"The fact that our systems are in operational use in Israel helps us because customers prefer to get mature solutions," noted Machlis.
The company supplies hundreds of products to Israel's Defense Ministry. According to Machlis, this includes simulators, unmanned aerial vehicles (UAVs), artillery, munitions, control systems, communications, high powered lasers and others.