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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.
On March 27, 2022, Elbit Systems Ltd. (NASDAQ:ESLT) announced contracts valued at approximately $130 million to develop an artillery munitions production line in the Asia-Pacific region. The project will last for 2.5 years and involves constructing a turnkey industrial complex for enhanced munitions manufacturing. CEO Bezhalel Machlis emphasized the contracts' reflection on the company's quality portfolio and technological capabilities in international partnerships.
Elbit Systems Ltd. (NASDAQ: ESLT) has secured a $27 million contract from the Swedish Defence Material Administration to supply M339 rounds and Data Setting Units for Leopard Main Battle Tanks. This contract is set to be executed over ten months and aims to enhance the firepower of the Swedish Armed Forces' tanks, which are compliant with NATO standards. The M339 is described as high-accuracy, multi-purpose ammunition suitable for all NATO 120mm smooth bore gun MBTs. This selection reflects growing recognition of the quality of Elbit's product portfolio.
Elbit Systems of America and KMC Systems have partnered with Aza Technology Inc. to develop a rapid blood ammonia detector. This device, the Rapid Ammonia Monitoring Device (AMD), has received FDA Breakthrough Device designation for point-of-care measurement, crucial for detecting hyperammonemia to prevent serious health issues. KMC will assist in seeking FDA approval and manufacturing the AMD, which aims to significantly reduce ammonia testing times from hours to minutes. This collaboration highlights a commitment to innovative healthcare solutions.
Elbit Systems Ltd. (NASDAQ: ESLT) will release its fourth quarter and full year 2021 financial results on March 29, 2022. The Annual Report on Form 20-F will be filed in April 2022. A conference call will be held on the same day at 9:00 AM Eastern Time for management to discuss results and answer questions. Investors can access the call through various dial-in numbers or via live webcast. An investor conference will also take place in Israel, streamed live with English translation. The event's recording will be available post-event.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a one-time expense of approximately $80 million due to a recent amendment in Israeli law regarding tax on exempt earnings. This expense will be recorded in the fourth quarter of 2021 financial results, set for release in March 2022. The law amendment allows reduced corporate tax on selected accumulated income, affecting future dividend withholding tax rates, estimated at 17%. The tax payment is planned for 2022.
Elbit Systems Ltd. (NASDAQ: ESLT) has secured a $16 million contract to develop a space telescope for the Weizmann Institute of Science as part of Israel's Ultraviolet Transient Astronomy Satellite (ULTRASAT) program. This contract spans two years and aims to enhance understanding of deep space phenomena, including black holes and supernovas. The project is collaboratively managed with the Israeli Space Agency and the German DESY research center. Elbit Systems brings extensive experience in providing advanced space technologies for various international programs.
Elbit Systems Ltd (NASDAQ: ESLT) announced that its Swedish subsidiary won a contract from the Swedish Defence Material Administration to supply Albatross Combat Management Systems for the Royal Swedish Navy. The contract is valued at an amount not material to the company and will be executed over 34 months. The Albatross CMS enhances operational capabilities during mine countermeasures by providing real-time data integration. Elbit Systems expects rising demand for its naval solutions, following other recent contract wins in Europe and Asia Pacific.
Elbit Systems Ltd. (NASDAQ: ESLT) announced the sale of the Power and Control Business of its subsidiary Ferranti Technologies Ltd. to TT Electronics (UK) Plc for approximately $12 million. The transaction is subject to customary adjustments. The remaining operations of Ferranti will be integrated into Elbit Systems UK, focusing on areas like training, simulation, and avionics. This move aligns with the company's strategy to streamline operations and enhance growth in the UK market.
Elbit Systems Ltd. (NASDAQ: ESLT) announced that its Brazilian subsidiary, AEL Sistemas S.A., has secured a contract to supply additional Hermes 900 UAS to the Brazilian Air Force. The contract, which is not material to Elbit's overall financials, will be executed over 16 months and includes the provision of UAS and spare parts. The Hermes 900 UAS has established a presence in 12 countries, showcasing its technological reliability. This aligns with the Brazilian Air Force's mixed fleet operations aimed at enhancing security and monitoring in the Amazon region.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a $53 million contract for its UAE subsidiary to supply Direct Infrared Countermeasures and Electronic Warfare systems for the Airbus A330 of the UAE Air Force. This contract, spanning five years, includes delivery of the J-MUSIC Self-Protection System and Infra-Red-based Passive Airborne Warning System, enhancing aircraft safety against missile threats. The company sees strong demand for these technologies in light of rising security concerns in aviation.
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