Shares of Elbit Systems Ltd (NASDAQ: ESLT) surged 6.38% in pre-market trading on Tuesday after the Israeli defense technology company reported impressive fourth quarter and full year 2024 financial results that exceeded analyst expectations.

The company reported non-GAAP earnings per share of $2.66 for Q4 2024, significantly beating the analyst consensus estimate of $1.95 and marking a 70.51% increase from $1.56 per share in the same period last year. Revenues for the quarter reached $1.93 billion, up 18.78% year-over-year and surpassing analyst estimates of $1.78 billion.

For the full year 2024, Elbit Systems reported revenues of $6.83 billion, a 14% increase from $5.97 billion in 2023. The company's non-GAAP net income for 2024 was $392 million, with non-GAAP earnings per share of $8.76. Notably, Elbit Systems' backlog of orders grew to $22.6 billion as of December 31, 2024, indicating strong future business prospects.

Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems, commented on the results: "Elbit Systems reports a solid set of annual and quarterly results today with a fourth consecutive quarter of double-digit growth in revenues and backlog year-over-year. In addition to these strong metrics Elbit Systems generated $320 million in free cash flow. The Company has secured significant contracts worldwide, with its advanced technologies achieving major successes and milestones alongside investments in R&D and production infrastructure."

The company's strong performance was driven by growth across multiple segments, with notable increases in Aerospace, Land, and C4I and Cyber revenues. Investors appear to be reacting positively to Elbit's ability to capitalize on increasing global defense budgets and its diverse portfolio of advanced defense technologies.