06:10 AM EDT, 05/28/2024 (MT Newswires) -- Elbit Systems ( ESLT ) reported higher first-quarter results on Tuesday boosted by growth across most of its segments, while the Israeli defense electronics company's order backlog surpassed $20 billion.

Adjusted earnings came in at $1.81 a share for the March quarter, up from $1.78 a year earlier, topping the estimate of $1.60 from a single analyst polled by Capital IQ. Revenue advanced to $1.55 billion from $1.39 billion, ahead of the $1.49 billion estimate based on the same number of analysts.

In the command, control, communications, computers, intelligence surveillance and reconnaissance and cyber segment, revenue gained 12% to $197 million primarily due to radio systems sales in Israel. Aerospace revenue edged up to $422 million from $420.8 million in the prior-year quarter.

The land segment jumped 26% to $380.1 million driven by ammunition and munition sales growth in Israel. Intelligence, surveillance, target acquisition and reconnaissance and electronic warfare revenue climbed 17% to $346.1 million, while sales in North America declined to $344.1 million from $345.3 million.

Total operating expenses widened to $268.8 million from $267.6 million year-over-year, the company said. Elbit's ( ESLT ) backlog totaled $20.4 billion at the end of March. Roughly 17% of the current backlog is made up of orders outside of Israel, while the company anticipates about 51% of the orders to be carried out in the remainder of this year and in 2025.

"The significant increase in our order backlog, which surpassed $20 billion, highlights the relevance of Elbit Systems' ( ESLT ) portfolio of advanced technological and operationally proven solutions in light of the increase in defense budgets world-wide, which positively impacts the revenues and growth of the company," Chief Executive Bezhalel Machlis said in a statement.

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