Elbit wins $670m Asia Pacific defense solutions deal

Bezhalel Machlis  / Photo: Elbit Systems PR, ira prohorov

The Israeli defense electronics company has now won over $1 billion in contracts this year.

Israeli defense electronics company Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) notified the Tel Aviv Stock Exchange (TASE) today that it has won a $670 million contract to supply defense solutions to a country in the Asian Pacific region. The contract is to be delivered over 25 months. The company provided no other details.

Elbit Systems president and CEO Bezhalel Machlis said, "This significant contract award is a testament to the trust that customers place with our solutions and to the leading position we hold in the market."

The new contract brings the proceeds from contracts won by Elbit Systems this year to over $1 billion, including a $175 million contract from the Israel Ministry of Defense for supplying Iron Fist systems for the Eitan APC and ammunition for soldiers and a $136 million contract to supply anti-missile systems for Boeing and Airbus airliners in Asian Pacific country.

Elbit Systems, controlled by Michael Federmann with 44.3% share, is dual-listed on Nasdaq and the TASE at a $6.9 billion market cap. The company will publish its financial statements for 2019 next month. The company's revenue in the first nine months of 2019 was almost $3.2 billion, and its non-GAAP net profit was $189 million. Revenue from the Asian Pacific region, from where the company's new contract comes during this period totaled $732 million, up from $588 million during the corresponding period in 2018.

Published by Globes, Israel business news - en.globes.co.il - on February 18, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Bezhalel Machlis  / Photo: Elbit Systems PR, ira prohorov
Bezhalel Machlis / Photo: Elbit Systems PR, ira prohorov
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