Israeli Defense Company Elbit Q1 Profit Rise on Gaza War Demand

A soldier installs an Israeli flag on a tank during a military drill near Israel's border with Lebanon in northern Israel, October 26, 2023. (Reuters)
A soldier installs an Israeli flag on a tank during a military drill near Israel's border with Lebanon in northern Israel, October 26, 2023. (Reuters)
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Israeli Defense Company Elbit Q1 Profit Rise on Gaza War Demand

A soldier installs an Israeli flag on a tank during a military drill near Israel's border with Lebanon in northern Israel, October 26, 2023. (Reuters)
A soldier installs an Israeli flag on a tank during a military drill near Israel's border with Lebanon in northern Israel, October 26, 2023. (Reuters)

Israeli defense electronics firm Elbit Systems reported higher first-quarter profit on Tuesday as demand from Israel's military in fight against Hamas in Gaza boosted revenue.

One of Israel's largest defense contractors, the company posted earnings of $1.81 per diluted share excluding one-time items versus $1.78 a year earlier.

Revenue rose by 11.5% to $1.55 billion from $1.39 billion.

Elbit's board declared a first-quarter dividend of $0.50 per share.

The company predicts it will meet its revenue target earlier than expected, CEO Bezhalel Machlis told Reuters.

"Our internal goal was to reach $7 billion by 2026," Machlis said. "I can tell you it will be much earlier."

Machlis said there is a "growing demand in defense spending around the world" and that Elbit's portfolio "is very relevant".

"The fact that our systems are in operational use in Israel helps us because customers prefer to get mature solutions," Machlis said, without divulging which countries had expressed increased interest citing "security limitations".

The company supplies hundreds of products to Israel's Defense Ministry, which Machlis said includes simulators, unmanned aerial vehicles (UAVs), artillery, munitions, control systems, communications, high powered lasers and others.

Elbit's Tel Aviv listed shares were down 1.1% at midday and are down 7.4% this year.



World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

 Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
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World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

 Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)

World leaders are converging Tuesday at the United Nations annual climate conference in Baku, Azerbaijan although the big names and powerful countries are noticeably absent, unlike past climate talks which had the star power of a soccer World Cup.

But 2024's climate talks are more like the World Chess Federation finals, lacking the recognizable names but big on nerd power and strategy. The top leaders of the 13 largest carbon dioxide-polluting countries will not appear with their countries responsible for more than 70% of 2023's heat-trapping gases.

Biggest polluters and strongest economies China and the United States aren't sending their No. 1s. The four most populous nations with more than 42% of all the world's population aren't having leaders speak.

“It’s symptomatic of the lack of political will to act. There’s no sense of urgency,” said climate scientist Bill Hare, CEO of Climate Analytics. He said this explains “the absolute mess we’re finding ourselves in.”

On Tuesday, Azerbaijan’s president Ilham Aliyev, United Kingdom’s Prime Minister Keir Starmer and Türkiye's President Recep Tayyip Erdogan are the headliners of among the nearly 50 leaders set to speak.

But there'll be a strong showing expected from the leaders of some of the world’s most climate-vulnerable countries. Several small island nations presidents and over a dozen leaders from countries across Africa are set to speak over the two-day World Leaders’ Summit at the COP29 conference.