Welcome to our dedicated page for Elbit Systems news (Ticker: ESLT), a resource for investors and traders seeking the latest updates and insights on Elbit Systems stock.
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 of America has opened the Cambridge Innovation Center in Cambridge, Massachusetts, aiming to enhance its engineering capabilities. This facility will host up to 60 engineers and provides advanced lab and virtual reality spaces. The center is part of a broader expansion strategy, including plans to hire 100 engineers across various disciplines. The new center will bolster KMC Systems, Elbit's medical instrumentation division, enabling further innovation in life sciences. The opening aligns with the company’s commitment to delivering cutting-edge solutions.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a contract worth approximately $350 million to supply land systems to an international customer, expected to be completed over three years. The CEO, Bezhalel Machlis, emphasized that this contract demonstrates the company's competitive edge and addresses the rising demand for advanced networked capabilities in armed forces, aimed at enhancing mission efficiency and economic performance.
Elbit Systems Ltd. (NASDAQ: ESLT) announced the results of its Annual General Meeting of Shareholders held on December 14, 2021. The proposed resolutions were approved by the necessary majority. These included the re-election of seven board members for the upcoming term and the re-appointment of Kost, Forer, Gabbay & Kasierer as the independent auditor for the fiscal year ending December 31, 2021. The company continues to operate in defense, homeland security, and commercial sectors, providing a range of technological solutions and support services.
Elbit Systems Ltd. reported a strong performance for Q3 2021, achieving revenues of $1,363.6 million, a 20% increase from the previous year. Gross profit reached $370.7 million (27.2% of revenues), with GAAP net income of $91.9 million ($2.08 per share). The company's backlog stood at $13.6 billion, primarily from overseas orders. Despite challenges posed by COVID-19, Elbit Systems maintained operational continuity and effective cash management. A quarterly dividend of $0.46 was declared, with a record date of December 20, 2021, reinforcing shareholder returns.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a contract worth approximately $106 million to supply SIGMA self-propelled howitzer gun systems to an Asia-Pacific country. The contract will be fulfilled over five years. SIGMA is a highly automated 155mm artillery system designed for rapid engagement and operational efficiency, featuring advanced loading and aiming capabilities. CEO Bezhalel Machlis emphasized SIGMA’s effectiveness in enhancing artillery performance while reducing life-cycle costs.
Elbit Systems (NASDAQ: ESLT) has secured contracts totaling approximately $74 million from South Korea's Defense Acquisition Program Administration. These contracts will provide airborne munitions as part of the Precision Fires Program for the Republic of Korea Air Force. The work is set to be conducted over a five-year period. Yehuda Vered, General Manager of Elbit Systems Land, highlighted the growing demand for sophisticated munitions.
Elbit Systems (NASDAQ: ESLT) announced a significant contract win valued at approximately $100 million from Babcock International Group Plc to enhance the Royal Navy's Electronic Warfare capabilities. The contract, part of the Maritime Electronic Warfare System Integrated Capability (MEWSIC) Program, spans 13 years and includes in-service support. Elbit Systems UK will develop advanced Electronic Warfare suites to improve situational awareness and missile defense for frontline naval platforms.
Elbit Systems Ltd. (NASDAQ: ESLT) announced that its UK joint venture, Affinity Flying Training Services, secured an approximately $88 million contract from the UK Ministry of Defence. The contract involves the operation of four additional Texan T-6C aircraft as part of the UK Military Flying Training System over a 12-year period. Elbit Systems and KBR each hold a 50% share in Affinity, and the new aircraft will support RAF pilot training, adding to the existing fleet of 10 aircraft already in service.
Elbit Systems Ltd. (NASDAQ: ESLT) will release its third quarter 2021 financial results on November 23, 2021. A conference call will take place at 9:00 AM Eastern Time to discuss the results and answer questions. Investors can participate via designated dial-in numbers or listen to the live broadcast on Elbit's website. Additionally, a replay will be available for two days following the call. The company specializes in defense and security technologies, operating in aerospace, naval systems, and cyber-based systems.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a definitive agreement to sell its subsidiary IMI Systems Ltd.'s shares in Ashot Ashkelon Industries Ltd. to FIMI Opportunity Funds for $88 million. This transaction aligns with Elbit's strategy to concentrate on core business areas. Ashot specializes in aerospace and defense manufacturing. FIMI, a private equity fund managing over $5.5 billion in assets, will acquire Ashot, which has seen operational improvements under Elbit's ownership. The deal is subject to certain regulatory approvals.
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