Elbit Systems Bolstered By Recent Order Blitz - Clinches $260M Deal With International Client

Elbit Systems Ltd. ESLT said on Thursday that it received a contract worth $260 million to supply systems to an international customer. 

The contract will be performed over a period of 2 years.

“We are proud to continue providing our advanced solutions to our international customers, enhancing national security and advancing technological capabilities,” said CEO Bezhalel (Butzi) Machlis.

Order Blitz 

The latest deal follows a whopping $760 million order bagged by the company for the supply of ammunitions to the Israeli Ministry of Defense.

On May 8, the company was awarded a contract worth approximately $53 million to supply the Crossbow Unmanned Turreted 120mm Soft Recoil Mortar Systems to General Dynamics European Land Systems.

On May 5, the firm was awarded an initial contract of approximately $37 million to supply Iron Fist Active Protection Systems to General Dynamics Ordnance and Tactical Systems for upgrades to the U.S. Army’s Bradley M2A4E1 Infantry Fighting Vehicles.

While reporting fourth-quarter results in March, the company detailed elaborately about its backlog of orders for the year ended December 31, 2023, which totaled $17.8 billion. 

Approximately 72% of the company’s backlog is attributable to orders from outside Israel. Approximately 60% of the current backlog is scheduled to be performed during 2024 and 2025, the company said.

“The acceleration in revenue growth reflects the successful implementation of our operational transformation plan, as we increase capacity to convert a growing backlog into revenues,” Machlis said in a press release dated March 26.

Price Action: ESLT shares closed lower by 0.16% to $199.29 on Wednesday.