Shares of Elbit Systems Ltd (NASDAQ: ESLT) surged 7.62% in pre-market trading on Tuesday, following the release of the company's impressive fourth quarter and full year 2024 financial results. The Israeli defense technology company reported better-than-expected earnings and revenue, along with a significant increase in its order backlog and a higher dividend.

Elbit Systems 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. The company's full year 2024 revenues grew 14% to $6.83 billion, driven by strong performance across multiple segments, particularly in Israel where revenues increased by 70% to $1.99 billion.

Investors were particularly encouraged by the growth in Elbit's order backlog, which rose to $22.6 billion as of December 31, 2024, compared to $17.8 billion a year earlier. This increase suggests strong future business prospects for the company. Additionally, Elbit Systems raised its quarterly dividend to $0.60 per share from $0.50, further boosting investor confidence. The company's President and CEO, Bezhalel Machlis, attributed the strong results to Elbit's global presence and diversified portfolio, which positions the company well to capture increasing global defense budgets.