"Growth is mainly coming from the international market — the U.S., Europe and Asia Pacific," CEO Bezhalel Machlis told Reuters after second-quarter results.
"There is huge interest in our products and portfolio, and I believe that the momentum of growth in the company will continue for many years to come."
Elbit has many subsidiaries in the U.S. and Europe, where defence spending is rising.
"We are talking about huge investment in defence," Machlis said. "I see the funnel of opportunities that we are handling right now, it's enormous, and I believe that this growth will continue."
OPERATIONAL EXPERIENCE
Elbit said on Tuesday it earned $4.14 per diluted share, excluding one-off items, in the second quarter, up from $3.23 a year earlier. Revenue rose to $2.29 billion from $1.97 billion.
The results come nearly three years after Hamas militants launched their October 7, 2023 attack on Israel, triggering a two-year war in Gaza. Israel has also fought Hezbollah in Lebanon and Iran. As a major supplier to the Israeli military, Elbit's equipment has been used extensively in those conflicts.
"With the operational experience that we are bringing with us, that's a very unique position that Elbit is having," Machlis said.
Its order backlog reached a record $32 billion as of June 30, driven mainly by growth in Europe. About 73% of the backlog is for orders from outside Israel.
Machlis also noted strong demand from countries that are party to the Abraham Accords, such as the United Arab Emirates.
He added that a high-power laser defence system for helicopters would become operational "relatively soon", while Elbit is also developing a similar system for fighter jets. The company is working with defence firm Rafael on ground-based lasers designed to intercept missiles.
Elbit, which is increasing investment in capital expenditure and research and development, will pay a quarterly dividend of $1.00 per share.
