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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 of America has secured a firm-fixed-price, Indefinite-Delivery/Indefinite-Quantity contract with the U.S. Army to supply Integrated Helmet And Display Sight System (IHADSS) equipment for the AH-64 Apache helicopter fleet, valued at up to $76 million. The first order is approximately $6 million. Deliveries will occur over five years, concluding in September 2026. This contract reinforces Elbit's longstanding relationship with the Army and positions the company to continue supporting Apache operations with advanced technology solutions.
Elbit Systems (NASDAQ: ESLT) announced that its U.S. subsidiary, Elbit Systems of America, received an ID/IQ contract from the U.S. Army valued at up to $76 million to supply Integrated Helmet And Display Sight Systems for the AH-64 Apache helicopter fleet. The contract spans five years, with an initial order of $6 million to be fulfilled over two years from the Texas facility. The IHADSS enhances pilot situational awareness and mission success, reflecting Elbit's ongoing commitment to the U.S. Army's Apache fleet.
BVI has announced a strategic investment in Beyeonics Vision, a subsidiary of Elbit Systems (NASDAQ: ESLT), to enhance surgical visualization technology. Beyeonics One, the first commercial ophthalmic digital imaging system, will replace traditional microscopes and offer real-time imaging support to surgeons. This partnership aims to streamline the U.S. commercialization of Beyeonics One while also looking to expand internationally. BVI believes this collaboration will significantly improve surgeon workflows and patient outcomes in eye surgery.
Elbit Systems Ltd. (NASDAQ: ESLT) has announced a successful financing round totaling $36 million for its subsidiaries, Beyeonics Surgical and Beyeonics Vision. The funding includes $26 million led by TechWald Holding and Alive Israel HealthTech, along with participation from existing shareholders. Additionally, a $10 million convertible loan was provided by BVI Medical. Beyeonics specializes in augmented reality and AI systems for surgical applications, aiming to enhance operating room capabilities.
Elbit Systems of America's medical division, KMC Systems, has opened a new corporate innovation center in Cambridge, Massachusetts. This expansion includes 10,000 square feet of workspace and aims to enhance their medical instrumentation capabilities, particularly in next-generation sequencing and cell and gene therapy.
The facility will accommodate 50-60 engineers and foster partnerships, including with start-up companies. The move strengthens Elbit's presence and access to talent in the region while supporting local academic institutions.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a new production order worth approximately $54 million from its U.S. subsidiary, Elbit Systems of America, to supply Enhanced Night Vision Goggle – Binocular (ENVG-B) systems to the U.S. Army. This order includes spare parts, logistics support, and test equipment, to be delivered by February 2023. The project is part of a broader contract that could total $442 million. The ENVG-B systems are designed to enhance situational awareness and operational effectiveness for military personnel.
Elbit Systems Ltd. (NASDAQ: ESLT) announced it has secured contracts worth approximately $56 million to enhance the Anti-Submarine Warfare (ASW) capabilities for an Asia-Pacific navy. The contracts involve supplying Seagull™ Unmanned Surface Vessels and Towed Reelable Active Passive Sonar (TRAPS) systems, scheduled for a 12-month execution period. These systems aim to improve detection and tracking in underwater operations, addressing growing naval challenges.
Elbit Systems Ltd. (NASDAQ: ESLT, TASE: ESLT) announced key management changes effective April 1, 2022. Joseph Gaspar, the current CFO, will transition to Senior EVP - Business Management after 20 years in the role. Dr. Kobi Kagan, the Deputy General Manager of Finance and Control at Elbit Systems Land, will succeed him as CFO. Dr. Kagan brings extensive experience from both the private sector and the Israeli Navy, holding an advanced education in economics and business. These appointments are expected to contribute positively to Elbit's growth trajectory.
Elbit Systems Ltd. (NASDAQ: ESLT) reported a 21% increase in revenues for Q2 2021, reaching $1.3 billion. Non-GAAP net income rose to $93.4 million (7.2% of revenues), with GAAP net income at $101.7 million (7.8% of revenues). The company’s backlog grew 26% to $13.6 billion, indicating strong demand globally. Significant expenses increased, including R&D costs at $95.4 million, and the acquisition of Sparton for $380 million contributed to results. A dividend of $0.46 per share was declared for Q2, payable September 13, 2021.
Elbit Systems Ltd. (NASDAQ: ESLT) has announced the release date for its second quarter 2021 financial results, scheduled for August 12, 2021. The company will also hold a conference call at 9:00 AM Eastern Time to discuss the results, during which management will field questions from participants. Interested parties can access the call through specified dial-in numbers or via a live broadcast on the company's website. An online replay will be available shortly after the call's conclusion.
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