Elbit: 3Q Earnings Snapshot


HAIFA, Israel (AP) _ Elbit Systems Ltd. (ESLT) on Tuesday reported third-quarter profit of $17 million.

On a per-share basis, the Haifa, Israel-based company said it had profit of 38 cents. Earnings, adjusted for one-time gains and costs, were $1.64 per share.

The maker of defense electronics posted revenue of $1.13 billion in the period.

Elbit shares have dropped 26% since the beginning of the year. The stock has dropped 28% in the last 12 months.

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Elbit Systems of America is based in Fort Worth. Here are some news items of interest to that subsidiary.

On August 31, 2020,  the company announced that its U.S. subsidiary, Elbit Systems of America, LLC (“Elbit Systems of America”), was awarded an Indefinite Delivery/Indefinite Quantity (“ID/IQ”) contract by the Defense Logistics Agency Land to supply the U.S. Army with gunner hand stations, commander hand stations and circuit cards for the Bradley Infantry Fighting Vehicle. The contract, with a maximum value of up to approximately $79 million, will be performed over a five-year period. An initial purchase order of approximately $26 million under the ID/IQ contract followed by a second purchase order of approximately $12 million have been issued to be executed over a three-year period.

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On September 14, 2020, the company announced that its wholly-owned subsidiary, Elbit Systems – Cyclone Ltd., was awarded a contract by Lockheed Martin (NYSE: LMT) for the manufacture of assemblies for Forward Equipment Bay assemblies for the F-35 fighter aircraft. The contract is in an amount that is not material to Elbit Systems and will be performed over a period of four years.

On October 5, 2020, the company announced that Elbit Systems of America was awarded an approximately $35 millionfive-year firm-fixed-priced contract by the U.S. Naval Supply Systems Command for repair of line-replaceable units in support of the V-22 aircraft. The repairs will be performed in Fort Worth and Talladega, Alabama, and the contract will be performed until October 2025.