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 Ltd. (NASDAQ: ESLT) reported robust financial results for Q4 and full year 2020, showcasing resilience during the COVID-19 pandemic. Q4 revenues reached $1.38 billion, up from $1.32 billion in Q4 2019. GAAP gross profit surged to $357.8 million, marking a significant increase compared to $284.3 million a year prior. The annual revenue totalled $4.66 billion, up from $4.51 billion in 2019. Notably, the backlog of orders rose by 10% to $11.02 billion, indicating strong demand. Non-GAAP net income attributable to shareholders for Q4 was $105 million, down slightly from $109.3 million in 2019.
Elbit Systems of America will continue to support and maintain the Integrated Helmet and Display Sighting System (IHADSS) for the U.S. Army's AH-64 Apache pilots. This contract, carried out at the Component Repair Center of Excellence in Talladega, Alabama, ensures that Apache pilots have reliable systems for mission readiness. The company has provided maintenance for this crucial technology for 17 years, underscoring its trusted relationship with the Army. Elbit Systems of America specializes in high-performance defense solutions and remains dedicated to logistics support.
Elbit Systems Ltd. (NASDAQ: ESLT) will release its fourth quarter and full year 2020 financial results on March 24, 2021. The company will host a conference call at 10:00am Eastern Time to discuss the results and answer questions. Interested participants can dial in using provided teleconferencing numbers. A live broadcast will be available on the company's website with a replay offered for two days after the call. Elbit Systems operates in various sectors including defense and homeland security, emphasizing advanced technologies.
Elbit Systems Ltd. (NASDAQ: ESLT) has secured a contract worth approximately $300 million from an Asian country to supply its Hermes 900 Unmanned Aircraft Systems (UAS). The contract spans five years and includes the provision of UAS, sub-systems, and maintenance services. The Hermes 900 has been adopted by 12 nations, demonstrating its technological advantages. CEO Bezhalel Machlis highlighted the growing demand for unmanned systems, affirming the company's competitive positioning in addressing diverse operational needs.
Elbit Systems Ltd. has secured a contract worth approximately $46 million to supply VBTP 6X6 Armored Personnel Carriers (APCs) to an undisclosed Asia-Pacific country. The contract will span three years and involves supplying wheeled APCs developed in collaboration with Iveco Defence Vehicles and the Brazilian Army. Elbit will equip these vehicles with its advanced subsystems, including fire control and communication systems. This deal highlights Elbit's role in enhancing defense exports from Brazil.
Elbit Systems Ltd. (NASDAQ: ESLT) has secured an $82 million contract from BAE Systems Hägglunds to deliver Active Protection Systems (APS) and electro-optical commander sights for the Royal Netherlands Army. This project will enhance the CV90 armored vehicles as part of a modernization initiative spanning 4.5 years. Key systems include Iron Fist APS and Commander Open Architecture Panoramic Sights (COAPS), designed for superior threat neutralization and target acquisition under various conditions.
Elbit Systems Ltd. (NASDAQ: ESLT) has secured a $172 million contract to supply light tanks to an Asian-Pacific country's army. This contract, expected to span three years, involves the delivery of the 'Sabrah' light tank based on the tracked ASCOD platform from General Dynamics and the wheeled Pandur II 8X8 from Excalibur Army. The 30-ton tanks will feature a 105mm turret and advanced subsystems, enhancing operational effectiveness. CEO Bezhalel Machlis emphasized the strategic collaboration with General Dynamics, aiming for expanded market opportunities.
Elbit Systems (NASDAQ: ESLT) announced on Jan. 21, 2021, that its UK subsidiary secured a contract worth approximately $137 million from the UK Ministry of Defence. This five-year contract aims to provide a future target acquisition solution for the British Armed Forces under the Dismounted Joint Fires Integrators program. The solution, leveraging Artificial Intelligence, enhances target acquisition for effective engagement of joint fires, facilitating rapid communication across military units.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a contract to supply Seagull™ Unmanned Surface Vehicles (USVs) to a Navy in the Asia-Pacific region. The contract, while not materially significant, will be executed over a 17-month period. Elbit will provide Seagull USVs configured for Mine Counter Measures, with options for Anti-Submarine Warfare capabilities. The vehicles will include advanced sonar systems and autonomous technology. This contract highlights the increasing demand for autonomous maritime solutions in defense.
Elbit Systems Ltd. (NASDAQ: ESLT) announced that its subsidiary, Elbit Systems UK, received a contract worth approximately $166 million from the UK Ministry of Defence for the Future Naval Training Program. This 12-year initiative aims to modernize the Royal Navy's training, including the Future Submarine School. The contract positions Elbit Systems UK as a key provider of training technologies, enhancing Defence Operational Training Capability. CEO Martin Fausset emphasized the significance of this award in advancing the Royal Navy's transformation agenda.
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