Elbit Systems Ltd (NASDAQ:ESLT), a leading defense technology company, stock fell 0.70% (As on May 29, 1:18:20 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 24. Aerospace revenues were similar to the revenues in the first quarter of 2023. C4I and Cyber revenues increased by 12% in the first quarter of 2024, as compared to the first quarter of 2023 mainly due to radio systems sales in Israel. ISTAR and EW revenues increased by 17% mainly due to Electronic Warfare and Electro-Optic systems sales in Israel. Land revenues increased by 26% due to the increase in ammunition and munition sales in Israel. Elbit Systems of America revenues were similar to the revenues in the first quarter of 2023.

Mreover, Non-GAAP gross profit amounted to $383.4 million (24.7% of revenues) in the first quarter of 2024, as compared to $369.0 million (26.5% of revenues) in the first quarter of 2023. Non-GAAP operating income was $121.6 million (7.8% of revenues) in the first quarter of 2024, as compared to $108.5 million (7.8% of revenues) in the first quarter of 2023. Non-GAAP net income attributable to the Company’s shareholders in the first quarter of 2024 was $80.7 million (5.2% of revenues), as compared to $79.0 million (5.7% of revenues) in the first quarter of 2023. The Company’s order backlog as of March 31, 2024 totaled $20.4 billion. Approximately 71% of the current backlog is attributable to orders from outside Israel. Approximately 51% of the backlog is scheduled to be performed during the remainder of 2024 and 2025. Cash flow used in operating activities in the three months ended March 31, 2024 was $6.4 million, as compared to $73.0 million in the three months ended March 31, 2023. The cash flow in the three months ended March 31, 2024 was affected mainly by the increase in inventories and trade receivables offset by the increase in contract liabilities.

ESLT in the first quarter of FY 24 has reported the adjusted earnings per share of $1.81, beating the analysts’ estimates for the adjusted earnings per share of $1.33. The company had reported the adjusted revenue of $1.55 billion in the first quarter of FY 24, beating the analysts’ estimates for revenue of $1.49 billion. Additionally, the company has declared a dividend of $0.50 per share.

Meanwhile, the company has been awarded a contract to supply systems to an international customer, in an amount of approximately $260 million. The contract will be performed over a period of two years.