Israel Aerospace Industries (IAI) reported a record-breaking financial performance, with net income soaring 74% to $416 million and its order backlog hitting an all-time high of $25 billion in 2024's first nine months.
“It is with great satisfaction that I report on the three best years at Israel Aerospace Industries since the company’s establishment,” said IAI Chairman Amir Peretz. “Building on outstanding performance in 2022 and 2023, today we conclude another three-quarters of exceptional business activity.”
Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw 33% growth, going up from $487 million in the corresponding period of last year to $646 million this reporting period. Operating income grew from $292 million the same time last year to $431 million this period.
Gross profit growth
Gross profit growth reached approximately $836 million compared to about $682 million in the corresponding period of last year, and sales grew by 13% from $3.873 million in the first three quarters of 2023 to $4.393 million in the reporting period this year.
With the rise in income came a rise in spending, too, with in-house research and development expenses rising by 21.8% from $174 million at the same time last year to $212 million this period.
“The unprecedented scope of our order book tangibly expresses IAI's current capabilities and, equally important, our future potential,” said IAI President and CEO Boaz Levy. “At this challenging time, as the State of Israel faces a war on multiple fronts and IAI systems play a critical role [in] defending the country, these business results reflect an additional layer of the state's economy.”
Peretz revealed, “Throughout this journey, we not only partnered with Israel's defense establishment - supplying innovative systems that ensure Israel's technological superiority - but also deepened our commitment to Israeli society. We launched innovation centers in the periphery, strengthened partnerships with local communities, and invested in technological education for the next generation while expanding collaborations with leading academic and research institutions.”
Peretz, concluding his tenure at IAI, said, “I see a company that is growing, breaking new ground, and deepening its contribution - not only as a first-rate provider of technological and security solutions but also as an engine of economic growth and social development, embodying the values of partnership, innovation, and a commitment to Israel and the world. IAI is not just a successful business enterprise; it is also a national symbol representing the best capabilities and values of the State of Israel.”