STORY: A 'new era' of defense spending will drive growth at BAE Systems for years to come.
That's what the British arms giant said on Wednesday (February 18).
The firm reported a 12% rise in full-year operating profit, and a record $113.5 billion order backlog.
The company also said operating profit hit $4.5 billion on sales up a tenth to around $41.6 billion.
CEO Charles Woodburn said defense spending would be driven by growing security challenges in the coming years.
He added BAE is well placed to provide advanced conventional systems and disruptive technologies.
Shares of the UK's biggest defense contractor surged 6% in morning trade to approach all-time highs.
BAE's stock has more than trebled since Russia invaded Ukraine four years ago.
Woodburn said the conflict in Ukraine had - quote - "fast tracked more than a decade's worth of defense tech evolution into just a few years."
Looking ahead, BAE forecast 7-9% higher sales and 9-11% higher operating profit for this year.
