Zinger Key Points
- Elbit Systems secures $300M contract to supply armored vehicle systems, reinforcing market dominance.
- In the last reported quarter, European revenues surge for Elbit, reaching $496.9M, with C4I and Cyber sales up 9% in the continent.
- Get 5 stock picks identified before their biggest breakouts, identified by the same system that spotted Insmed, Sprouts, and Uber before their 20%+ gains.
On Tuesday, Elbit Systems Ltd. ESLT said it secured a contract worth around $300 million to provide weapon, reconnaissance, driving, and situational awareness systems for roughly 230 armored vehicles to a European client.
While reporting third-quarter results in November last year, the company said revenues from Europe totaled $496.9 million, significantly higher than $347.1 million in the year-ago period. C4I and Cyber revenues in the last reported quarter increased by 9% year over year mainly due to radio systems sales in Europe.
The latest agreement spans six years and encompasses tailored design, production, lifecycle maintenance, and comprehensive in-country support.
“This contract underscores the customer’s high level of satisfaction for our systems and solutions already in service,” said Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems.
The company’s cash and equivalents stood at $146.9 million as of September 30, 2023.
On December 18, the company said it was awarded a series of contracts by the Israel Ministry of Defense (IMOD) in an aggregate amount that is material to the company.
Price Action: ESLT shares closed higher by 0.01% to $205.07 on Friday.
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