Elbit Systems Ltd. (NASDAQ:ESLT) Q2 2024 Earnings Conference Call August 14, 2024 9:00 AM ET

Company Participants

David Ravia - Investor Relations Director
Butzi Machlis - President and CEO
Kobi Kagan - Chief Financial Officer

Conference Call Participants

Pete Skibitski - Alembic Global
Greg Konrad - Jefferies
Omri Efroni - Oppenheimer

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems Second 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 second 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 and 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 and certain supplemental non-GAAP information. We believe that this non-GAAP information provides additional details to help understand the performance of our business. You can find all the detailed GAAP financial data, as well as the non-GAAP information and their 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 a Q&A 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 second quarter of 2024 yielded positive results driven by 12% year-over-year increase in revenues, additional growth of our backlog that now exceeds $21 billion and improved profitability.

I will now highlight and discuss key figures and trends in our financial results. Second quarter revenues reached $1,626 million, compared to $1,454 million in the second quarter of 2023. This reflects 12% growth and is the second quarter in a row in which we have experienced low double-digit revenue growth.

In the second quarter of 2024, Europe contributed 29% of revenues, North America 23% of revenues, Asia-Pacific 15% of revenues, and Israel contributed 27% of revenues. It should be noted that our diverse geographic revenue distribution is a very important factor for the long-term sustainability of our business.