Elbit Systems (ESLT) came out with quarterly earnings of $2.08 per share, beating the Zacks Consensus Estimate of $1.77 per share. This compares to earnings of $1.57 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 17.51%. A quarter ago, it was expected that this maker of defense electronics would post earnings of $1.60 per share when it actually produced earnings of $1.81, delivering a surprise of 13.13%. Over the last four q ...

Earnings Release ELBIT SYSTEMS REPORTS SECOND QUARTER 2024 RESULTS Order backlog at $21.1 billion; Revenues of $1.6 billion; Non-GAAP net income of $93 million; GAAP net income of $78 million; Non-GAAP net EPS of $2.08; GAAP net EPS of $1.76 Haifa, Israel, August 14, 2024 – Elbit Systems Ltd. ("Elbit Systems" or the "Company") (NASDAQ and TASE: ESLT), the international high technology defense company, reported today its consolidated results for the second quarter ended June 30, 2024. In this release, the Co ...

Core Insights - Elbit Systems reported a consolidated revenue of $1.6 billion for the second quarter of 2024, reflecting a 12% year-over-year increase from $1.45 billion in the same quarter of 2023 [3][4]. - The company has an order backlog of $21.1 billion, with approximately 69% of this backlog attributed to international orders [13][36]. - Non-GAAP net income for the second quarter of 2024 was $93 million, or $2.08 per diluted share, compared to $73.5 million, or $1.65 per diluted share, in the second quarter of 2023 [11][12]. Financial Performance - Revenues for the second quarter of 2024 were $1,626.2 million, up from $1,453.9 million in the second quarter of 2023 [4]. - Non-GAAP gross profit was $396.2 million, representing 24.4% of revenues, compared to $379.3 million or 26.1% of revenues in the same quarter of 2023 [6]. - GAAP net income attributable to shareholders was $78 million, up from $62.4 million in the second quarter of 2023 [11]. Segment Performance - Aerospace revenues remained stable compared to the second quarter of 2023, while C4I and Cyber revenues increased by 11% due to radio systems sales [5]. - ISTAR and EW revenues rose by 9%, driven by sales in Electronic Warfare and Electro-Optic systems in Israel and Asia-Pacific [5]. - Land revenues surged by 37%, primarily due to increased sales of ammunition in Israel [5]. Research and Development - Research and development expenses for the second quarter of 2024 were $116.8 million, or 7.2% of revenues, compared to $93.4 million, or 6.4% of revenues, in the second quarter of 2023 [7]. - Marketing and selling expenses decreased to $87.7 million, or 5.4% of revenues, from $101.7 million, or 7.0% of revenues, in the same quarter of 2023 [7]. Recent Contracts and Developments - The company was awarded a contract worth approximately $190 million to supply Iron Sting laser and GPS-guided mortar munitions to the Israeli Ministry of Defense [27]. - A contract valued at approximately $340 million for ammunition supply to the Israeli Ministry of Defense was also announced, with a manufacturing facility to be established [28]. - Elbit Systems secured a $270 million contract for rocket artillery supply to an international customer [29]. Impact of Current Events - The ongoing conflict in Israel has led to increased demand for Elbit Systems' products from the Israel Ministry of Defense, with a material rise in orders compared to pre-war levels [15]. - The company has experienced some operational disruptions due to supply chain constraints and employee mobilization for reserve duty, with approximately 6% of employees mobilized as of June 30, 2024 [16]. - Elbit Systems is taking measures to ensure employee safety and maintain production levels, including relocating production lines and increasing inventory [17]. Dividend Declaration - The Board of Directors declared a dividend of $0.50 per share, with a record date of October 15, 2024, and payment scheduled for October 28, 2024 [31]. Conference Call - A conference call was scheduled for August 14, 2024, to discuss the results and answer questions from investors [32].

HAIFA, Israel, Aug. 8, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today that it was awarded a contract worth approximately $130 million to supply Iron Fist Active Protection Systems (APS) to BAE Systems Hägglunds. The systems will be installed on the CV90 Infantry Fighting Vehicle (IFV) as part of a project of a European country. The contract will be performed over a period of five and a half years. The Iron Fist APS is an advanced Hard K ...

HAIFA, Israel, Aug. 6, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today that it was awarded a contract worth approximately $270 million to supply rocket artillery to an international customer. The contract will be performed over a period of 4 years. Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems: "This contract reaffirms Elbit Systems' position as a leading provider of advanced artillery solutions, enhancing the operational ...

HAIFA, Israel, Aug. 1, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems" or the "Company") announced today, that it was awarded a contract in an amount of approximately $340 million for the supply of ammunition to the Israeli Ministry of Defense (IMOD). The contract will be performed over a period of 10 years. Elbit Systems will establish a manufacturing facility to produce the ammunition. Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems: "We continue to expand ...

Iron Sting is a precision-guided mortar munition, launched from a 120mm mortar, designed to accurately target and destroy objectives, utilizing both immune GPS and laser guidance technology. It has a range of up to 10 kilometers. Iron Sting features a multi-mode fuze with Point Detonation (PD), Point Detonation Delay (PDD), and Proximity Sensor (PRX) operating modes. The loading time is approximately 15 seconds. About Elbit Systems Elbit Systems employs over 19,000 people in dozens of countries across five ...

Results Conference Call at 9:00am Eastern Time; 6:00am Pacific Time; 4:00pm Israel Time About Elbit Systems For additional information, visit: www.elbitsystems.com, follow us on Twitter or visit our official Youtube Channel. HAIFA, Israel, July 18, 2024 /PRNewswire/ -- Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) ("Elbit Systems") announced today that it will be releasing its second quarter 2024 financial results on Wednesday, August 14, 2024. US Dial-in Number: 1-866-744-5399 Canada Dial-in Number: 1-866 ...

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Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time. The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the nearterm price movement of its stock are proven to ...