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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) announced that it raised approximately $581 million (NIS 1.9 billion) through a public notes offering in Israel. The offering included three series of notes with varying interest rates: Series B (1.08%), Series C (2.12%), and Series D (2.67%). Proceeds are allocated for general corporate purposes, including financing operations and acquisitions. The notes are set to be listed on the Tel Aviv Stock Exchange. The offering underscores strong market confidence in Elbit Systems, as indicated by the significant participation.
On July 5, 2021, Elbit Systems Ltd. (NASDAQ: ESLT) announced an update regarding a potential notes offering in Israel. Following previous announcements, the company revealed that S&P Global Ratings Maalot Ltd. assigned an "ilAA" rating with a stable outlook for the offering, estimated at approximately NIS 2 billion ($613 million nominal value). The final terms and execution of the offering remain subject to board approval. The notes will not be registered under U.S. law and are intended for the Israeli market.
Elbit Systems of America has secured $29 million in orders from the U.S. Army for upgrading their AN/AVS-6 Aviator's Night Vision Imaging Systems (ANVIS) with advanced white phosphor image intensifier tubes. This upgrade will enhance the clarity and performance of the night vision goggles used by active duty and National Guard rotary-wing aviation units. Deliveries are expected to be completed by September 2021.
Elbit Systems (NASDAQ: ESLT) announced on June 17, 2021, that its U.S. subsidiary received two orders totaling approximately $29 million from the U.S. Army's Program Executive Office Soldier. The orders are part of an existing Indefinite Delivery/Indefinite-Quantity contract and will be fulfilled from their Roanoke, Virginia facility with deliveries due by September 2021. The orders aim to upgrade the Army's AN/AVS-6 Aviator's Night Vision Imaging Systems with advanced white phosphor image intensifier tubes, enhancing visual clarity and contrast for pilots.
Elbit Systems Ltd. (NASDAQ: ESLT) announced that its German subsidiary secured a $23 million contract from the Swedish Defence Material Administration to supply additional Software Defined Radios (SDRs) for the Swedish Armed Forces. This follow-on contract, valid for 30 months, builds upon previous orders since 2016. The E-LynX SDRs will enhance Sweden’s tactical radio capabilities, reflecting Elbit's strong position in European defense markets. The contract underscores the confidence the Swedish Armed Forces place in Elbit's communication technologies.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a potential notes offering in Israel, following the assignment of an "ilAA" issuer rating by S&P Global Ratings Maalot Ltd. This rating, which comes with a stable outlook, applies to the new notes expected to total approximately NIS 1.2 billion (around $370 million). While the details of the offering are pending Board and TASE approval, Elbit Systems emphasizes that there is no guarantee the offering will be completed. The notes will not be registered under the U.S. Securities Act and will only be available in Israel.
On June 10, 2021, Elbit Systems (NASDAQ: ESLT) announced plans for a potential notes offering in Israel, authorized by its Board of Directors. This offering, which will be part of the company’s shelf prospectus dated September 30, 2020, aims to be publicly listed on the Tel Aviv Stock Exchange. The specifics regarding timing, terms, and raised amounts remain undetermined and require further Board approval. Importantly, the securities will not be registered under the U.S. Securities Act and will only be offered in Israel.
Elbit Systems Ltd. (NASDAQ: ESLT) announced its UK subsidiary secured a $16 million contract with the UK Ministry of Defence to supply XACT Night Vision Goggles (NVG). This initial contract will be executed over 18 months with potential follow-on orders extending to five years. The lightweight XACT nv33 NVGs will enhance mission efficiency in low-light conditions and are already operational in several NATO countries. CEO Martin Fausset noted this opportunity will create skilled jobs in the UK and demonstrate value for money for the UK Armed Forces.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a contract worth approximately $80 million with an Asia-Pacific country to supply SPECTRO XR multi-spectral electro-optic systems for maritime forces. The contract, spanning four years, will enhance intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) capabilities for naval operations under challenging conditions. SPECTRO XR utilizes AI for features like multi-target video tracking, showcasing growing demand for advanced ISTAR solutions as military forces seek superior capabilities in difficult visibility.
Elbit Systems Ltd. reported a 4.4% revenue increase in Q1 2021, totaling $1,118.3 million. The order backlog reached a record $11.8 billion, reflecting a 9% growth. Non-GAAP net income rose to $76.2 million, with a diluted EPS of $1.72. However, gross profit margins declined, with non-GAAP gross profit at 25.6% of revenues, down from 27.6% year-over-year. Expenses in R&D and general administration increased slightly. The company also declared a dividend of $0.44 per share, payable on June 21, 2021.
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