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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 a contract award from Lockheed Martin for manufacturing Forward Equipment Bay assemblies for the F-35, valued as non-material to Elbit. The contract spans four years, during which over 1,400 components will be supplied for all F-35 variants. This contract enhances Elbit's ongoing collaboration with Lockheed Martin, building on previous successes in similar projects. The Aerospace Division General Manager expressed pride in the continued partnership and trust established over the years.
Elbit Systems of America has secured a $79 million Indefinite Delivery/Indefinite Quantity (ID/IQ) contract from the Defense Logistics Agency Land for supplying the U.S. Army with components for the Bradley Infantry Fighting Vehicle over five years. The contract includes an initial purchase order of $26 million and a subsequent $12 million order. The components will enhance operational effectiveness and replace damaged equipment, with production planned through 2024. This order underscores Elbit's commitment to modernizing U.S. Army capabilities.
Elbit Systems Ltd. (NASDAQ: ESLT) announced that its U.S. subsidiary secured a $79 million Indefinite Delivery/Indefinite Quantity (ID/IQ) contract from the Defense Logistics Agency Land. This contract involves supplying gunner hand stations and circuit cards for the Bradley Infantry Fighting Vehicle over five years. An initial purchase order worth $26 million and a subsequent order of $12 million are included for a three-year execution period. The contract aims to enhance the operational capabilities of the U.S. Army's ground forces.
Elbit Systems of America has integrated Sintela's Linear Ground Detection System (LGDS) into its TORCH™ Command & Control system for the U.S. Border Patrol. This system enhances surface and subterranean surveillance along the southern border, supporting the Border Wall System (BWS). The LGDS utilizes machine learning for automated threat detection, improving safety and efficiency for Border Patrol agents. Elbit Systems is the exclusive U.S. distributor for this technology. The partnership underscores Elbit's role as a key contractor for the Integrated Fixed Towers program, providing significant border security.
KMC Systems, a subsidiary of Elbit Systems of America (NASDAQ: ESLT), has been chosen by the Department of Defense to assist in developing ventilator designs as part of the Vulcan-5 Ventilator Project to combat COVID-19. The project aims to ensure ventilator availability during surges in cases. KMC will evaluate five selected designs for manufacturability and component availability, leveraging its expertise in FDA-regulated environments. The initiative underscores KMC's commitment to provide rapid medical solutions amid the pandemic.
On August 17, 2020, Elbit Systems Ltd. (NASDAQ: ESLT) announced it secured a $27 million contract to provide air-to-air combat training systems for a Navy in South Asia. The contract spans two years, with an additional three years for maintenance. The deal involves the EHUDTM Air Combat Maneuvering Instrumentation systems, enhancing military training with features like real-time hit notifications and electronic warfare capabilities. Elbit Systems' experience in the field supports its competitive edge in providing advanced training solutions.
Elbit Systems Ltd. (NASDAQ: ESLT) reported consolidated results for Q2 2020, revealing revenues of $1,079.4 million, slightly up from $1,064.0 million in Q2 2019. Non-GAAP gross profit was $286.4 million, but margins decreased. Operating income saw a significant rise, at $92.7 million (8.6% of revenues). The backlog reached $10.8 billion, indicating strong future visibility. Despite challenges from COVID-19, the company managed positive cash flow of $169.3 million. A dividend of $0.44 is declared, payable on September 14, 2020.
Elbit Systems Ltd. (NASDAQ: ESLT) announced the successful election of Mr. Noaz Bar Nir as an External Director during its Extraordinary General Meeting on August 10, 2020. This election ensures the company meets Nasdaq's board independence requirements and complies with Israeli Companies Law. The meeting was held at the company's offices in Haifa, Israel, and followed the Proxy Statement sent to shareholders on July 6, 2020.
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