In This Article:
Elbit Systems Ltd. (NASDAQ:ESLT) shares are trading higher premarket on Tuesday after it reported third-quarter revenue of $1.718 billion, beating the consensus of $1.608 billion.
Segment revenues (year over year): Aerospace $492.2 million, +7%), C4I and Cyber $213.4 million (+13%), ISTAR and EW $323.9 million (+13%), Land $421.8 million (+24%) and Elbit Systems of America (ESA) $416.6 million (+17%).
Adjusted gross margin contracted to 24.4% from 24.9% a year ago, and adjusted operating margin stood at 8.2% (vs. 8.0% a year ago) in the quarter.
Adjusted EPS rose to $2.21 from $1.71 a year ago, beating the consensus of $1.86.
ESLT’s backlog of orders, as of September-end, totaled $22.1 billion. Operating cash flow stood at $82.5 million in nine months ended September 30.
Bezhalel (Butzi) Machlis, President and CEO, said, “Elbit Systems reports a strong quarter, with substantial growth across key performance measures exceeding our internal goals, while meeting our customers’ needs in Israel and worldwide.”
Dividend: The company declared a dividend of $0.50 per share, payable on January 6 to the shareholders of record date on December 23.
Yesterday, Elbit Systems secured $335 million in contracts to supply a European country with PULS rocket launchers, rockets, and Hermes 900 UAS equipped with advanced payloads.
Last month, Elbit Systems secured a $200 million contract with the Israeli Ministry of Defense for high-power lasers in the “Iron Beam” air defense system.
Price Action: ESLT shares are up 3.77% at $244.00 premarket at the last check Tuesday.
Read Next:
Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
Get the latest stock analysis from Benzinga?
This article Elbit Systems Crushes Q3 Expectations Boosted By Global Defense Demand originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.