Elbit Systems' stock rose 12% due to strong earnings

Elbit Systems, a company that makes combat drones, saw its stock price jump nearly 12% this week. The increase followed a positive earnings report that pleased investors. The Israeli defense company released its fourth-quarter and annual results on Tuesday. For the fourth quarter, Elbit reported more than $1.93 billion in revenue. This is an increase from $1.63 billion during the same period last year. The company's profits also jumped, with adjusted net income rising 71% to over $119 million, or $2.66 per share. These results exceeded what analysts had expected. Elbit's CEO, Butzi Machlis, noted that this was the fourth consecutive quarter of double-digit revenue growth. He highlighted the company's success in securing significant contracts worldwide and emphasized its investments in research and development. Additionally, Elbit's order backlog grew significantly, reaching $22.6 billion by the end of December. About 57% of these orders are set to be delivered in the next two years. With the ongoing demand for drone technology in various global conflicts, Elbit Systems is well-positioned for future success.