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. reports developments as a global defense technology company that develops, manufactures, integrates and sustains systems across multiple domains. Its recurring news includes defense contract awards, financial results, annual reporting, and program updates tied to land systems, airborne munitions, rocket artillery, active protection systems, C4I and cyber, ISTAR and electronic warfare, and aerospace applications.
Company updates often reference products and systems such as PULS artillery rocket systems, UT30MK2 turrets, Iron Fist active protection systems, and advanced munitions for defense ministries, armed forces and international customers. Coverage also includes customer support, follow-on sustainment, technology transfer arrangements and geographic activity across Israel, North America, Europe, Asia-Pacific and other markets.
Elbit Systems has secured a $27 million contract from Avioane Craiova S.A. for a four-year upgrade program of the Romanian Air Force's IAR-99 Standard trainer aircraft. The project will enhance the aircraft with advanced avionics systems, enabling better pilot training for advanced fighter jets like the F-16. This initiative continues Elbit's collaboration with the Romanian military, following previous technology deliveries. Yoram Shmuely, General Manager of Elbit Systems Aerospace, expressed honor in supporting the RoAF through this upgrade.
On December 2, 2020, Elbit Systems Ltd. conducted its Extraordinary and Annual General Meeting of Shareholders in Haifa, Israel. Key resolutions passed included the re-election of seven board members and the extension of indemnification letters for two directors. The company also reappointed its independent auditor for the fiscal year 2020. Elbit Systems continues to operate in various defense and technology sectors, offering advanced systems and solutions worldwide.
Elbit Systems Ltd. (NASDAQ: ESLT, TASE: ESLT) has secured a contract worth approximately $96 million to provide a Rotary-Wing Mission Training Center (MTC) to a European nation. This nine-year contract includes an option for extending maintenance services by an additional 10 years. The Rotary-Wing MTC aims to enhance training for helicopter pilots in various military branches, offering realistic tactical simulations. Yoram Shmuely, General Manager of Elbit's Aerospace Division, highlighted the importance of such technologies in improving military readiness and cost efficiency.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a contract to supply the E-LynX Software Defined Radio (SDR) solution for the Spanish Army's combat battalion level. This marks an initial step in Spain's combat radio network modernization program. The contract includes hundreds of handheld E-LynX SDR systems and vehicular units, to be delivered in six months, with cooperation from Telefonica, S.A. The solution was chosen after rigorous evaluations for future waveform implementation and security standards. E-LynX has gained traction as a preferred option in Europe, having been selected by other countries like Switzerland and Sweden.
Elbit Systems Ltd. reported its Q3 2020 results, showcasing revenues of $1,134.2 million, an increase from $1,101.2 million in Q3 2019. Non-GAAP gross profit rose to $302.3 million (26.7% of revenues), while GAAP gross profit fell to $237.4 million (20.9% of revenues), impacted by $60 million in non-cash impairments due to COVID-19. Non-GAAP net income reached $72.7 million (6.4% of revenues), compared to $58.7 million (5.3%) the previous year. The order backlog stood at $10.86 billion, a year-over-year increase of 10.8%. A dividend of $0.44 per share was also declared.
The United States Air Force has selected Elbit Systems of America to compete for future task orders under its Joint All-Domain Command and Control (JADC2) Indefinite-Delivery/Indefinite-Quantity contract. This initiative aims to develop systems for unified operations across various domains including air, land, and cyber. Elbit Systems of America plans to leverage its expertise in AI and sensor-fused data to enhance warfighter capabilities. CEO Raanan Horowitz emphasized the company's commitment to providing advanced AI-enabled solutions to enhance operational effectiveness.
Elbit Systems Ltd. (NASDAQ: ESLT) will announce its third quarter 2020 financial results on November 24, 2020. A conference call is scheduled for 9:00am Eastern Time where management will discuss the results and take questions. Interested parties can join the call using provided US, Canada, and international dial-in numbers. The call will be available for replay for 48 hours post-event. Elbit Systems specializes in defense and security technology, operating globally in various sectors.
Elbit Systems Ltd. (NASDAQ: ESLT) announced a significant reduction in demand for its aviation products due to the COVID-19 pandemic, resulting in expected non-cash expenses of approximately $60 million for asset impairments and inventory write-offs in Q3 2020. The slowdown in commercial air traffic has led to lower production rates from aircraft manufacturers, and recovery to pre-pandemic levels may take years. The company will report these expenses as part of its regular financials in November 2020, although they will be excluded in non-GAAP results.
Elbit Systems Ltd. announced that its U.S. subsidiary received an Other Transaction Authority (OTA) contract from the U.S. Army for Enhanced Night Vision Goggle – Binocular (ENVG-B) systems, valued at up to $442 million. An initial order worth $22.5 million has been placed for low-rate initial production, expected to be fulfilled by December 2021. The ENVG-B systems are designed to enhance situational awareness for U.S. soldiers. CEO Bezhalel Machlis emphasized the significance of this contract for the company’s night vision technology efforts.
Elbit Systems of America has been awarded a five-year, $50 million IDIQ contract by the Defense Logistics Agency to produce spare parts for the Aviators' Night Vision Imaging System/Head-Up Display (ANVIS HUD) system. The initial order amounts to $17.9 million, scheduled for delivery until 2023. This contract ensures the availability of crucial equipment for U.S. Army helicopter pilots, enhancing their situational awareness and safety during missions. Elbit's ongoing commitment to supplying the ANVIS HUD strengthens its position in U.S. Army aviation modernization efforts.