Israel Aerospace Industries reported a record-breaking order backlog of approximately $25 billion and a 74% increase in net income in its third-quarter earnings report released on Thursday.
“During this time, we have achieved unprecedented milestones, not just in technological and business terms but as a testament to our commitment to excellence,” said IAI chairman Amir Peretz.
Net income for the nine months ending September 30 rose sharply to $416 million, up from $239 million in the same period last year, making it the most profitable period in the state-owned company’s history. For the third quarter alone, net income increased to $122 million, a significant rise from $74 million in Q3 2023.
The growth was driven by IAI’s Missile and Space Systems Division, with $1.87 billion in sales for the first nine months of 2024, up from $1.63 billion in 2023. The Arrow missile system earned global acclaim, supported by increased R&D investment of $81 million in Q3, up from $65 million.