Israel Aerospace Industries (IAI) announced its highest-ever 9-month net income and gross profit in the company’s history, with record-breaking sales of $3.87 billion in the nine months ended September 30, 2023, and an EBITDA (earnings before interest, taxes, depreciation, and amortization) of $487 million, the highest amount it has ever recorded.
During the nine-month period, the company experienced an 18% increase in net income to $239 million compared with $202 million during the corresponding period in 2022 and an increase in net income in Q3 2023 to $74 million compared with $73 million in Q3 2022.
IAI’s gross profit increased in the nine months ended September 30, 2023, to $682 million, compared with $647 million in the corresponding period of last year, and an increase of 3% in gross profit in Q3 2023, amounting to $226 million compared with $220 million in Q3 2022.
The order backlog as of September 30, 2023, amounted to $16.6 billion, compared to $15.6 billion at the end of 2022, the highest order backlog ever recorded by the Company. 72% of the order backlog is held for sales to foreign customers that are widely dispersed geographically, based on a large variety of projects, and secures about 3.5 years of operation given current sales volumes.
Amir Peretz, Chairman of the Board of Directors of IAI: “We conclude the third quarter of the year with a sense of stability which enables us to deal with the challenges that the current fighting will create in the fourth quarter. Our third-quarter results indicate a continuation of the trend showing an increase both in IAI’s contracts and profits. I am proud of our women and men, who were quick to show up for work on the morning of October 7, and have since been fulfilling their different tasks 24/7 to ensure the success of both the Israel Defense Forces (IDF) and the State of Israel.”
Boaz Levy, IAI’s President and CEO: “The results for the third quarter of 2023 reflect the company’s continuing growth and the wide variety of ground-breaking projects, whether in space, in the air, at sea, or on the ground, conducted for the Israeli defense establishment and for our customers around the world. As before, and so too in this quarter, our partners have placed their trust in us thereby enlarging the company’s portfolio of signed contracts and the consequent business results. Our products are playing a significant role in the current ‘Swords of Iron’ operation, and our employees continue to work at all levels to strengthen Israel’s defense capabilities while also fulfilling our obligations to our partners and customers abroad.”
