FX.co ★ Elbit Systems Q4 Profit Down, Revenues Rise; Declares Dividend

Elbit Systems Ltd., an Israeli defense technology company, announced on Tuesday that its net income for shareholders in Q4 fell to $30.0 million from the previous year's $85.3 million. The earnings per share dropped to $0.67 from $1.91 of the prior year.

When adjusted for certain factors, the net income was $69.7 million, slightly lower than the $76.1 million reported in the same period in 2022. Adjusted earnings per share stood at $1.56, a tad less than 2022's $1.71.

The company’s revenues in the final quarter of 2023 were $1.63 billion, up from the $1.51 billion recorded in the previous year, with aerospace revenues seeing a 3 percent increase.

The order backlog for 2023 stood at a whopping $17.8 billion, more than the $15.1 billion as of the end of 2022. Notably, 72 percent of the current backlog is from orders placed outside Israel, and about 60 percent of these orders are scheduled to be executed during 2024 and 2025.

In other news, the company's Board of Directors announced a dividend of $0.50 per share. Shareholders on record as of April 24 will receive the dividend on May 6.