What Happened
Global Defense Needs Drive Israeli Defense Giant's Growth
Elbit Systems, an Israeli defense giant, has reported a surge in quarterly profit and a record order backlog of $30.2 billion, driven by heightened global defense needs and increased military spending. The company’s revenue rose by almost 16% to $2.2 billion, with 71% of its total backlog generated from orders outside of Israel. Elbit has been investing in expanding production capacity and increasing the use of automation, robotics, and artificial intelligence to meet growing demand. This was first reported by The Times of Israel.