Elbit Climbs Most in Week as Unit Wins Contract: Tel Aviv Mover
Elbit Systems Ltd. (ESLT) advanced the most in a week in Israel after the defense systems developer said its unit won a $33 million-contract to supply electro-optical instruments for helicopters from an Asian customer.
Shares of the Haifa-based company gained 2 percent, the most since Sept. 29, to 187.70 shekels, or the equivalent of $52.89, at the close in Tel Aviv. The benchmark TA-25 Index (TA-25) rose 1.4 percent. Elbit shares traded in New York closed at $52.36 on Oct. 4. Last month, the company said it won a U.S. contract valued at $45 million.
“The order is another small addition to a nicely growing backlog of orders,” Dov Rozenberg, an analyst at Clal Finance Batucha Brokerage Ltd. in Tel Aviv, said by phone. “It points to management’s ability to secure orders in challenging times.”
Elbit’s Tel Aviv shares have climbed 26 percent this year, compared with a 7.6 percent rise for the TA-25 index, as second-quarter profit rose 30 percent and order backlog grew for a fifth consecutive quarter. The company is seeking to stay competitive by boosting its focus on advanced defense electronics and optics, Chief Executive Officer Bezhalel Machlis said in an interview in August.
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