Elbit Systems Ltd. (NASDAQ:ESLT) reported first-quarter FY24 revenue of $1.554 billion, beating the consensus of $1.463 billion.

Segment revenues: Aerospace $422.0 million (broadly flat Y/Y), C4I and Cyber $197.0 million (+12% Y/Y), ISTAR and EW $346.1 million (+17% Y/Y), Land $380.1 million (+26% Y/Y) and Elbit Systems of America (ESA) $344.1 million (roughly flat Y/Y).

Adjusted gross margin contracted to 24.7% from 26.5% a year ago, and adjusted operating margin stood at 7.8% (flat Y/Y) in the quarter.

Adjusted EPS rose to $1.81 from $1.78 a year ago, beating the consensus of $1.35.

ESLT’s backlog of orders, as of March-end, totaled $20.4 billion. Cash flow used in operating activities stood at $6.4 million in the quarter.

Bezhalel (Butzi) Machlis, President and CEO, said, “The significant increase in our order backlog, which surpassed $20 billion, highlights the relevance of Elbit Systems’ portfolio of advanced technological and operationally proven solutions in light of the increase in defense budgets world-wide, which positively impacts the revenues and growth of the Company.”

Dividend: The company declared a dividend of $0.50 per share, payable on July 1 to the shareholders of record date on June 18.

This month, Elbit Systems received a contract worth $260 million to supply systems to an international customer.

Also, the company won a group of contracts in an aggregate amount of approximately $760 million to supply ammunition to the Israeli Ministry of Defense.

Price Action: ESLT shares were down 2.89% at $192.84 at the last check Tuesday.

Why Elbit Systems Shares Are Down Today