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Elbit Systems Ltd. (NASDAQ: ESLT, TASE: ESLT) is a leading global defense technology company, headquartered in Haifa, Israel. The company is renowned for developing, manufacturing, and integrating advanced, high-performance defense electronic and electro-optic systems. Their expertise extends across a multitude of sectors including defense, homeland security, and even commercial aviation.
Elbit Systems focuses on a broad range of sophisticated systems such as Command, Control, Communication, Computer, Intelligence, Surveillance and Reconnaissance (C4ISR) network-centric systems, which are pivotal for defense and homeland security operations. The company is also heavily involved in the production and modernization of unmanned vehicles, avionic systems, and aerostructure products, providing comprehensive support services to ensure their optimal performance and maintenance.
In recent years, Elbit Systems has achieved significant milestones. Notably, they secured a $50 million contract for their new air defense system, 'Red Sky™,' and a $37 million contract for the 'Iron Fist Active Protection Systems' aimed at enhancing the capabilities of the U.S. Army's Bradley Infantry Fighting Vehicles. Additionally, the company was awarded a $53 million contract to supply the 'Crossbow Unmanned Turreted Mortar Systems' and another aggregate $760 million in contracts for supplying ammunition to the Israeli Ministry of Defense.
Financially, Elbit Systems is robust, reporting revenues of approximately $6.0 billion in 2023 and an order backlog of $20.4 billion by March 2024. This impressive backlog underscores the global demand for their innovative products and solutions, supported by the expertise of approximately 19,000 employees across five continents.
Elbit Systems continues to thrive on its agile and collaborative culture, leveraging Israel's rich technology ecosystem to meet the rapidly evolving challenges of modern battlefields. Their ability to adapt and innovate ensures they remain at the forefront of defense technology, delivering solutions that enhance security and safety worldwide.
Elbit Systems Ltd (NASDAQ: ESLT) has secured a $76 million contract to supply Electronic Warfare (EW) training capabilities to an Asia-Pacific Air Force. This contract, set to be executed over two years, enhances aircrew training in a comprehensive EW environment. According to Oren Sabag, General Manager of Elbit Systems ISTAR & EW, this initiative is crucial for mission readiness and cost efficiency.
The agreement highlights the growing demand for advanced EW training, as military readiness increasingly relies on sophisticated simulation technologies.
Elbit Systems Ltd. (NASDAQ: ESLT) announced its U.S. subsidiary, Elbit Systems of America, has secured a maximum potential $49 million Indefinite Delivery/Indefinite Quantity (ID/IQ) contract to provide 120mm mortar systems for the U.S. Army. The contract covers five years, starting with an initial delivery order of $10 million over two years. This follows a successful similar contract awarded in 2016, underscoring the company's role as a trusted defense partner.
Elbit Systems Ltd. (NASDAQ: ESLT) announced that its U.S. subsidiary received a $10 million contract from SOSSEC, Inc. to develop an Advanced Low Light Level Sensor (ALLLS) for the U.S. Army's Integrated Visual Augmentation System (IVAS) 2.0. The project supports enhanced soldier situational awareness and will run through 2025 with work conducted in Roanoke, Virginia. This contract showcases Elbit Systems of America's commitment to innovation and meeting U.S. Army needs.
Elbit Systems Ltd. (NASDAQ: ESLT) announced it has secured two significant contracts totaling $240 million for upgrading Main Battle Tanks (MBTs) for an international customer. The contracts consist of a $60 million deal to be delivered over two years and a $180 million contract over four years. These upgrades will enhance the operational capabilities of the tanks through advanced electronics. CEO Bezhalel Machlis noted a growing demand from militaries aiming to enhance their armored platforms.
Elbit Systems Ltd. (NASDAQ: ESLT) reported a strong order backlog of $14.1 billion and revenues of $1.3 billion for Q2 2022. The GAAP net income was $81 million, with a corresponding net EPS of $1.82. Non-GAAP metrics showed a net income of $77 million and EPS of $1.73. Despite minor revenue growth from $1.302 billion in Q2 2021, net income and EPS decreased compared to last year. Operating cash flow for H1 2022 was negative at $133.5 million, influenced by tax payments. Elbit continues to face challenges from the COVID-19 pandemic but maintains a robust cash position.
Elbit Systems Ltd (NASDAQ: ESLT) announced the release date for its second quarter 2022 financial results, set for August 16, 2022. A conference call to discuss these results will occur on the same day at 9:00 AM ET, with management available for Q&A. Interested parties can join via various dial-in numbers or through the company’s website for a live transmission. Elbit Systems operates in defense, homeland security, and commercial sectors, providing advanced technologies and support services.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a $33 million contract awarded to its subsidiary, Universal Avionics Systems Corporation, by AerSale Corporation for the supply of Enhanced Flight Vision Systems (EFVS) for Boeing 737NG aircraft. The contract will be carried out through 2023, featuring ClearVision™ systems that improve safety and operational efficiency for pilots in degraded visibility conditions. This contract reflects a renewed demand in the commercial aviation market for advanced vision technologies, according to Yoram Shmuely, General Manager of Elbit Systems Aerospace.
Elbit Systems Ltd (NASDAQ:ESLT) has secured a significant contract worth $660 million to provide intelligence systems for a European country. This contract spans four years, followed by an additional ten years for maintenance. Bezhalel Machlis, President & CEO of Elbit Systems, highlighted that this award reflects the company's technological edge and the trust customers place in their solutions.
This development is pivotal for Elbit Systems as it enhances its defense capabilities and strengthens its market position.
Elbit Systems Ltd (NASDAQ:ESLT) announced a contract worth $80 million to supply Direct Infrared Counter Measures (DIRCM) and airborne Electronic Warfare systems to a customer in the Asia-Pacific region. Set to be executed over two years, the contract includes the provision of C-MUSIC™ DIRCM systems and Infra-Red-based Passive Airborne Warning Systems (IR-PAWS) for various aircraft, enhancing protection against shoulder-fired missiles. The systems have proven operational effectiveness, having been deployed in over 25 aircraft types by clients including Israel and Germany.
Elbit Systems Ltd (NASDAQ:ESLT) announced the completion of the sale of its subsidiary Ashot Ashkelon Industries Ltd. to FIMI Opportunity Funds for approximately $84 million. This sale, following prior regulatory approvals, is in line with Elbit's strategy to concentrate on core business areas. Ashot specializes in aerospace and defense manufacturing, particularly jet engine components. Elbit's CEO highlighted the operational improvements within Ashot since its acquisition by Elbit.
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