Elbit Systems Awarded $80 Million Contract to Supply Unmanned Turrets for AFVs of a Country in Asia-Pacific

Rhea-AI Summary

Elbit Systems Ltd. (NASDAQ: ESLT) announced a contract worth $80 million to supply unmanned turrets for Armoured Fighting Vehicles in an Asian-Pacific country. This contract, spanning three years, involves providing 30mm-gun unmanned light turrets that enhance situational awareness and target acquisition. Yehuda Vered, General Manager of Elbit Systems Land, highlighted the company's strong position to meet increasing military demands for improved armored platform capabilities. The contract reflects ongoing growth in defense spending globally.

Positive

• Awarded a contract valued at $80 million, enhancing revenue.
• Contract duration of three years provides stable future cash flow.
• Supplies advanced unmanned turrets, indicating innovative product offerings.
• Increasing global military demand for operational upgrades positions the company favorably.

Negative

• None.

HAIFA, Israel, Sept. 22, 2022 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT and TASE: ESLT) ("Elbit Systems") announced today that it was awarded a contract valued at $80 million to supply unmanned turrets for Armoured Fighting Vehicles ("AFVs") of an Asian-Pacific country. The contract will be performed over a three-year period. 

Under the contract, Elbit Systems will supply 30mm-gun unmanned light turrets that integrate sensors and display systems for enhanced situational awareness, target acquisition capabilities, fire control systems and weapon systems of various types, enabling significant mission performance upgrade for the AFVs.

Yehuda (Udi) Vered, General Manager of Elbit Systems Land, said: "I believe that Elbit Systems is uniquely positioned to address the renewed and growing demand by militaries around the globe to improve the operational capabilities of their armoured platforms, due to our ability to provide comprehensive integrated solutions."

About Elbit Systems

Elbit Systems Ltd. is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios, cyber-based systems and munitions. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.

For additional information, visit: https://elbitsystems.com, follow us on Twitter or visit our official Facebook, Youtube and LinkedIn Channels.

Company Contacts:

Joseph Gaspar, Senior EVP – Business Management 
Tel:  +972-77-2948661 
j.gaspar@elbitsystems.com

Yaacov (Kobi) Kagan, EVP & Chief Financial Officer 
Tel:  +972-77-2946663
kobi.kagan@elbitsystems.com 

Rami Myerson, Director, Investor Relations 
Tel: +972-77-2948984 
rami.myerson@elbitsystems.com

David Vaaknin, VP, Head of Corporate Communications 
Tel: +972-77-2946691 
david.vaaknin@elbitsystems.com  

IR Contact:
Ehud Helft 
Kenny Green 
GK Investor Relations  
Tel: 1-646-201-9246 
elbitsystems@gkir.com

This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management's current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company's future financial results, its anticipated growth strategies and anticipated trends in its business.  Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings.  The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.

Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this Press Release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies.  All other brand, product, service and process names appearing are the trademarks of their respective holders.  Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.

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SOURCE Elbit Systems Ltd.

FAQ

What contract did Elbit Systems receive on Sept. 22, 2022?

Elbit Systems was awarded an $80 million contract to supply unmanned turrets for Armoured Fighting Vehicles in an Asian-Pacific country.

How long will the Elbit Systems contract last?

The contract will be performed over a three-year period.

What is the significance of the unmanned turrets supplied by Elbit Systems?

The unmanned turrets integrate sensors and display systems, enhancing situational awareness and target acquisition for Armoured Fighting Vehicles.

How does this contract impact Elbit Systems' financial outlook?

The $80 million contract is expected to positively affect Elbit Systems' revenue and provide stable cash flow over three years.