Stock Track | Elbit Systems Shares Soar Over 5% After Smashing Q3 Earnings Estimates on Booming Defense Demand

Stock Track11-19

Elbit Systems Ltd (NASDAQ: ESLT) shares soared 5.32% in pre-market trading on Tuesday, November 19, 2024, after the Israeli defense technology company reported stronger-than-expected third-quarter financial results, fueled by surging global demand for its products and services.

For the quarter ended September 30, the company posted adjusted earnings of $2.21 per share, significantly beating analysts' consensus estimate of $1.86 per share. Revenue climbed 14.4% year-over-year to $1.72 billion, surpassing the $1.61 billion forecast by Wall Street.

The impressive Q3 performance was driven by a record order backlog of $22.1 billion as of September 30, with around 66% of the orders coming from international customers outside of Israel. Elbit noted strong interest in its offerings from various regions, including North America, Europe, and Asia-Pacific.

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