Although many industries in Israel are facing headwinds, the defense sector is still strong.
Elbit Systems, reported a higher first-quarter profit in May thanks to an increase in demand. The company’s revenue rose 11.5% to $1.55 billion from $1.39 billion.
Elbit’s CEO sees the rise as the beginning and predicts more profitable quarters ahead.
CEO Bezhalel Machlis told Reuters. “Our internal goal was to reach $7 billion by 2026,” he said. “I can tell you it will be much earlier.”
Machlis said there is a “growing demand in defense spending worldwide” and that Elbit’s portfolio “is very relevant.”
