FTSE 100 today: Edges higher as pound slips; Mitchells & Butlers jumps on results
Investing.com -- Elbit Systems Ltd. (NASDAQ:ESLT) (TASE:ESLT) stock surged 9.5% in premarket trading Monday after the defense technology company announced it had secured a major international contract worth approximately $2.3 billion.
The strategic solution contract will be performed over an eight-year period, providing Elbit Systems with a significant long-term revenue stream. The company did not disclose specific details about the nature of the contract or the customer.
Bezhalel Machlis, President and CEO of Elbit Systems, highlighted the significance of the deal, stating: "Elbit Systems continues its significant investment in a broad range of advanced systems and solutions that provide our customers with a competitive advantage. This contract provides important recognition of our unique technological capabilities and significantly enhances our efforts to equip our customers with advanced and relevant solutions."
The substantial contract win represents a major boost for the Israel-based defense electronics specialist, which provides various military systems including aircraft upgrades, unmanned aircraft systems, land systems, intelligence and cybersecurity solutions.
This latest agreement adds to Elbit’s growing order backlog as global defense spending increases amid heightened geopolitical tensions in multiple regions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.