Elbit Systems Ltd. (NASDAQ:ESLT) Q1 2024 Earnings Conference Call May 28, 2024 9:00 AM ET

Company Participants

David Ravia - VP, IR
Kobi Kagan - EVP & CFO
Butzi Machlis - President & CEO

Conference Call Participants

Peter Skibitski - Alembic Global
Sheila Kahyaoglu - Jefferies
Omri Efroni - Oppenheimer

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems' First Quarter 2024 Results Conference Call. All participants are present in listen-only mode. Following management’s formal presentation, instructions will be given for the question-and-answer session. As a reminder, this conference is being recorded.

I would now like to hand over the call to David Ravia, Elbit Systems' Investor Relations Director. David, please go ahead.

David Ravia

Thank you, operator. Good day, everyone, and welcome to our first quarter 2024 earnings call. On the call with me today are Butzi Machlis, our President and CEO; and Kobi Kagan, our CFO.

Before we begin, I would like to point out that the safe harbor statement in the company's press release issued earlier today also refers to the contents of this conference call. As we do every quarter, we will provide you with both our regular GAAP financial data as well as certain supplemental non-GAAP information. We believe that this non-GAAP information provides additional detail to help understand the performance of the ongoing businesses.

You can find all of the detailed GAAP financial data as well as the non-GAAP information and the reconciliation in today's press release. Kobi will begin by providing a discussion of the financial results, followed by Butzi, who will talk about some of the significant events during the quarter and beyond. We will then turn the call over to the question-and-answer session.

With that, I would like now to turn the call over to Kobi. Kobi, please.

Kobi Kagan

Thank you, David. Hello, everyone, and thank you for joining us today. The financial results of the first quarter of 2024 reflect the significant increase in demand and opportunities the company has. This demand supported the growth of our order backlog to more than $20 billion. As we mentioned in our previous quarter investment conference, we can see the continuous improvement in our profitability.

I will now highlight and discuss some of the key figures and trends in our financial results. First quarter revenues were $1.554 billion compared to $1.394 billion in the first quarter of 2023. Our diverse geographic revenue base is important to the long-term sustainability of our business. In the first quarter of 2024, Europe contributed 25%, North America, 21%; Asia Pacific, 20%; and Israel contributed 29% of revenues. Growth in Israeli revenues reflects the increased demand for a broad range of our solutions following the breakout of the Swords of Iron War.