Elbit Systems is headquartered in Haifa, Israel. Credit: Zvi Roger/Haifa Municipality – The Spokesperson, Publicity and Advertising Division/commons.wikimedia.org.

Elbit Systems has reported consolidated revenues of $5.511bn for the fiscal year (FY) 2022, representing a growth from $5.278bn in FY2021.

This increase has been attributed to the company’s Airborne systems and C4ISR systems segments, which recorded the majority of revenues in the year.

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Elbit Systems said the growth in the C4ISR area of operations was primarily due to an increase in sales of uncrewed aircraft systems (UAS) to European customers and a rise in sales of Sparton’s products in the US.

The company’s cost of revenues for FY22 was $4.13bn, approximately 75.1% of revenues.

Non-generally accepted accounting principles (GAAP) net income attributable to the company’s shareholders stood at $269m, while the GAAP net income was $275m.

The non-GAAP gross profit for FY22 stood at $1.405bn and non-GAAP operating income was $356.6m.

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In the full year ended 31 December 2022, non-GAAP diluted net earnings per share (EPS) was $6.03 and GAAP net EPS was $6.18.

Elbit Systems CEO and president Bezhalel Machlis said: “A healthy business environment and growing demand for Elbit Systems’ portfolio of leading technological capabilities resulted in a record order backlog of $15.1bn.

“Increasing customer interest and the growing scale of new contracts reflect Elbit Systems’ successful transformation in recent years from a systems supplier to a comprehensive solution provider and supports future growth prospects.”

Meanwhile, the company’s revenues in the fourth quarter (Q4) of FY22 increased to $1.506bn, compared to $1.494bn for the same period in FY21.

The non-GAAP gross profit in Q4 FY22 increased to $387.8m from $381.1m in Q4 FY21.

Elbit Systems secured two major contracts in Q4 FY22, including the Romanian Ministry of National Defense’s $410m award for Watchkeeper X UAS and a $36m contract to deliver full F-16 mission simulators to Poland.

The company ended the year with a backlog of orders totalling $15.1bn, compared to $13.7bn.