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Elbit Systems Ltd. (NASDAQ:ESLT) shares are trading higher after the company secured a roughly $200 million contract from the Israeli Ministry of Defense.
The deal provides high-power laser systems for the “Iron Beam” air defense system.
This contract includes both the supply of Elbit’s advanced laser technology—designed to counter various threats—and ongoing support services for the project.
Bezhalel (Butzi) Machlis, President and CEO of Elbit Systems said, “As Israel’s Laser Center and a global leader in high-power laser technology, Elbit Systems congratulates on the significant progress made in the “Iron Beam” project and is proud of its contribution to its success. The capabilities developed at Elbit Systems represent a leap forward in future defense against various threats.”
In August, the company reported second-quarter revenues of $1.63 billion, beating the consensus of $1.57 billion and adjusted EPS of $2.08, exceeding the consensus of $1.77.
As of June 30, 2024, order backlog stood at $21.1 billion.
Price Action: ESLT shares are up 5.46% at $221.82 premarket at the last check Monday.
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This article Elbit Systems Secures $200M Contract For High-Power Laser Defense; Stock Gains originally appeared on Benzinga.com
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