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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 partnered with Textron Systems to develop the Advanced Reconnaissance Vehicle (ARV) prototype for the U.S. Marine Corps, set to replace the outdated Light Armored Vehicle. The ARV will feature advanced technologies that enhance combat capabilities and situational awareness. Elbit's IronVision will provide a 360-degree situational awareness suite, crucial for success in modern environments. This development aligns with the USMC's needs for advanced reconnaissance systems, promising significant improvements in lethality and survivability for Marines.
Elbit Systems Ltd. (NASDAQ: ESLT) announced it will release its first quarter 2021 financial results on May 25, 2021, followed by a conference call at 9:00am Eastern Time. The call will review the results and allow for a Q&A session. Interested participants can join by dialing the provided numbers. The meeting will also be broadcast live on the company's investor relations website, with a replay available post-call. The company specializes in defense, homeland security, and commercial programs, focusing on aerospace, land systems, and advanced technologies.
Elbit Systems of America has received an approximately $41 million order from the USMC to replace legacy night vision devices with the upgraded Squad Binocular Night Vision Goggle (SBNVG). This initiative started in 2019 under an IDIQ contract and will continue through March 2022. The SBNVG features enhanced clarity, depth perception, and thermal imaging, aimed at improving Marines' operational effectiveness. All units will be produced at the company's facility in Roanoke, Virginia.
Elbit Systems Ltd. (NASDAQ: ESLT) announced that its U.S. subsidiary secured a $41 million delivery order for night vision systems for the U.S. Marine Corps. This order is part of a $249 million IDIQ contract awarded on September 6, 2019, aimed at enhancing Marine capabilities in low-light conditions with advanced Squad Binocular Night Vision Goggles. The contract underscores Elbit's commitment to delivering high-performance defense solutions and is expected to be fulfilled by March 2022, thereby contributing positively to the company's revenue stream.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a significant contract valued at approximately $1.65 billion with the Hellenic Air Force for the establishment and operation of an International Flight Training Center. This 20-year contract includes supplying new M-346 training aircraft and comprehensive maintenance of the training fleet. Elbit will also provide advanced Embedded Virtual Avionics, flight simulators, and command systems. The contract emphasizes Elbit's leadership in pilot training solutions and is part of a larger agreement between Israeli and Hellenic defense ministries.
On April 7, 2021, Elbit Systems Ltd. held an Extraordinary General Meeting of Shareholders where critical resolutions were approved. These included an amended compensation policy, revised employment agreements for the President and CEO, and the issuance of exemption letters for executives and future directors not classified as controlling shareholders. These decisions align with the company's governance measures aimed at enhancing management structure and operational accountability.
Elbit Systems of America has acquired Sparton Corporation for $380 million, enhancing its presence in the undersea warfare sector. Sparton, a key supplier for the U.S. Navy, brings over 120 years of defense experience. The acquisition aims to leverage increased demand for undersea products amidst rising threats in the Indo-Pacific and Atlantic regions. An independent U.S. Proxy Board has been established to oversee Sparton's undersea activities. This strategic move is expected to fuel growth for Elbit Systems, supporting expansion and innovation in critical defense solutions.
Elbit Systems Ltd. (NASDAQ: ESLT) announced the completion of its acquisition of Sparton Corporation for $380 million, following the necessary U.S. Government and regulatory approvals. Based in Florida, Sparton specializes in systems for Undersea Warfare, enhancing Elbit's maritime capabilities. CEO Bezhalel Machlis highlighted the acquisition's significance for long-term growth, particularly in the U.S. market. This strategic move aims to bolster Elbit's position and technology in defense sectors.
Elbit Systems Ltd. (NASDAQ: ESLT) has acquired BAE Systems Rokar International Ltd. for approximately $31 million. This acquisition, announced on April 1, 2021, strengthens Elbit's capabilities in high-end GPS receivers and guidance systems for defense applications. Located in Jerusalem, Israel, Rokar's technology will enhance Elbit's networked precision fire solutions amid increasing demand in this sector, according to President & CEO Bezhalel (Butzi) Machlis.
Elbit Systems Ltd. (NASDAQ: ESLT) filed its annual report on Form 20-F for the fiscal year ending December 31, 2020 with the U.S. Securities and Exchange Commission and other authorities on March 24, 2021. The report is accessible on the company’s website, and shareholders can request a hard copy at no charge. Elbit Systems is involved in various sectors including defense and homeland security, offering technologies in aerospace, cyber systems, and more.
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