Elbit Systems Ltd. (NASDAQ:ESLT) Q3 2024 Earnings Conference Call November 19, 2024 10:00 AM ET

Company Participants

Daniella Finn - VP, Investor Relations
Kobi Kagan - Chief Financial Officer
Butzi Machlis - President and CEO

Conference Call Participants

Ellen Page - Jefferies
Ella Fried - Bank Leumi
David Fingold - Dynamic Funds
Stanley Bogen - Bernstein

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems' Third Quarter 2024 Results Conference Call. All participants are at present in a 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 Daniella Finn, Elbit Systems' VP - Investor Relations. Daniella, please go ahead.

Daniella Finn

Thank you, Daniel. Hello everyone and welcome to our third quarter 2024 earnings call. On the call with me today are Butzi Machlis, President and CEO; Kobi Kagan, CFO; and myself, Daniela Finn, VP, Investor Relations.

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 usual, we will provide you with both GAAP financial data as well as certain supplemental non-GAAP information. We believe that this non-GAAP information provides additional transparency to help understand the performance of the ongoing business. You can find all the detailed GAAP financial data as well as the non-GAAP information and the reconciliation in today's press release.

Kobi will begin by discussing the financial results followed by Butzi who will elaborate on the main events during the quarter and beyond. We will then turn the call over to a Q&A session. With that, I would like to now turn the call over to Kobi. Kobi, please go ahead.

Kobi Kagan

Thank you, Daniella. Hello everyone and thank you for joining us today. The financial results of the third quarter of 2024 continue to reflect the ongoing strong demand for our technology and solutions and the progress in the implementation of our operational improvement plans. In fact, this is the third consecutive quarter where we recorded double-digit revenue growth.

Turning now to the results of the third quarter. Third quarter revenue increased by 14% to $1.718 billion compared to $1.502 billion in the third quarter of 2023. In terms of quarterly revenue by segment, Aerospace revenues increased by 7% in the third quarter of 2024 compared to the third quarter of 2023 mainly due to increased UAS sales in Israel. C4I and Cyber revenues increased by 13% year over year mainly due to radio system and command and control system sales. ISTAR and EW revenues increased by 13% mainly due to electronic warfare and electro-optical system sales.