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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 (NASDAQ: ESLT) has secured a contract worth approximately $190 million to supply its Iron Sting laser and GPS-guided mortar munition to the Israeli Ministry of Defense. The contract will be executed over a 2-year period. Iron Sting is a precision-guided 120mm mortar munition with a range of up to 10 kilometers, featuring immune GPS and laser guidance technology. It includes a multi-mode fuze with various detonation options and a loading time of about 15 seconds.
Yehuda Vered, General Manager of Elbit Systems Land, emphasized the company's position as a market leader in precision-guided solutions, highlighting the increasing demand for accurate technologies in urban military conflicts to minimize collateral damage.
Elbit Systems (NASDAQ: ESLT) (TASE: ESLT) has announced the release date for its second quarter 2024 financial results. The results will be published on Wednesday, August 14, 2024, followed by a conference call at 9:00am Eastern Time on the same day. During the call, management will review and discuss the results and be available to answer questions.
Investors can participate in the conference call using the provided teleconferencing numbers for the US, Canada, Israel, and international dial-ins. The call will also be broadcast live on Elbit Systems' website, with an online replay available 24 hours after the call ends. Additionally, a replay number will be available for two days following the call for those unable to attend live.
Elbit Systems (NASDAQ: ESLT, TASE: ESLT) announced that S&P Global Ratings Maalot , an Israeli rating agency, reaffirmed its long-term rating of 'ilAA' with a stable outlook and its short-term rating of 'ilA-1+' for the company's commercial paper. The reaffirmed ratings apply to Elbit Systems' Series B, C, and D Notes. Maalot's Rating Report was submitted to the Israel Securities Authority and the Tel Aviv Stock Exchange in Hebrew. An unofficial English translation was also submitted to the U.S. Securities and Exchange Commission on Form 6-K. This announcement does not constitute an offer to buy any securities.
Elbit Systems (NASDAQ: ESLT) reported its Q1 2024 results, showing a significant increase in order backlog to $20.4 billion and revenues of $1.6 billion, up from $1.39 billion in Q1 2023. The company's non-GAAP net income was $81 million, with a non-GAAP EPS of $1.81. GAAP net income was $74 million, with a GAAP EPS of $1.65. Notable revenue growth was seen in C4I and Cyber (12%), ISTAR and EW (17%), and Land (26%). However, gross profit margins declined compared to the previous year. Cash flow used in operating activities improved to $6.4 million from $73 million. Management highlighted increased demand from the Israeli Ministry of Defense due to ongoing regional conflicts and announced several new contracts worth hundreds of millions of dollars.
Elbit Systems (NASDAQ: ESLT) has secured a $260 million contract to supply systems to an international customer. Announced on May 23, 2024, the contract will be executed over a two-year period. Elbit Systems' CEO, Bezhalel Machlis, expressed pride in offering advanced solutions to enhance national security and technological capabilities for their international clientele. The contract reflects Elbit Systems' ongoing commitment to providing cutting-edge technology and strengthening global security measures.
On May 21, 2024, Elbit Systems (NASDAQ: ESLT, TASE: ESLT) announced that it has secured contracts totaling approximately $760 million for supplying ammunitions to the Israeli Ministry of Defense (IMOD). These contracts will be executed over a two-year period.
Elbit Systems noted a significant uptick in demand for its products since the beginning of the Swords of Iron war. This heightened demand from the IMOD may continue, potentially leading to additional substantial orders for the company.
Elbit Systems has been awarded a $53 million contract to supply Crossbow Unmanned Turreted Mortar Systems to General Dynamics European Land Systems for a European customer. The contract spans 6 years and marks the first supply agreement for the Crossbow system. The system boasts high protection, survivability, and quick firing capabilities, with a maximum rate of ten rounds per minute. The Crossbow can fire various NATO 120mm ammunition, including guided munitions with a range of up to 10 kilometers.
Elbit Systems (NASDAQ: ESLT) announced the schedule for releasing its first quarter 2024 financial results on May 28, 2024, along with a conference call for management to review and discuss the results and answer questions.
Elbit Systems has been awarded a $37 million contract to supply Iron Fist Active Protection Systems (APS) to upgrade the U.S. Army's Bradley Infantry Fighting Vehicles (IFVs). The system offers advanced self-defense capabilities against modern battlefield threats, providing 360-degree protection in various environments. The contract will span over 24 months, enhancing the U.S. armed forces' capabilities.
Elbit Systems (NASDAQ: ESLT) has secured a $50 million contract for its new air defense system, Red Sky, from an international customer. The system includes two Red Sky batteries with soft-kill and hard-kill defense capabilities, as well as the Redrone electronic warfare solution. The project will span over 2 years, providing protection against low-altitude aerial threats.
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