Why Elbit Systems Stock Soared 12% Higher This Week
Combat drone maker Elbit Systems (NASDAQ: ESLT) might not have been so pleased to head into the weekend. After all, according to data compiled by S&P Global Market Intelligence, the company's share price rose by almost 12% over the trading week. Investors were quite happy with the latest earnings release posted by the Israel-based defense specialist.Well before the market open on Tuesday, Elbit unveiled both its fourth-quarter and full-year results. On the top line, it posted just over $1.93 billion in revenue, which bettered the $1.63 billion in the same period of 2023. It managed a more impressive leap in profitability, with non-GAAP (generally accepted accounting principles) adjusted net income surging 71% higher year over year to over $119 million ($2.66 per share). Both headline results were well above the consensus analyst estimates. On average, pundits following Elbit stock were anticipating the company would book only $1.75 billion in revenue and net an adjusted profit of $1.85 per share. Continue reading
Combat drone maker Elbit Systems (NASDAQ: ESLT) might not have been so pleased to head into the weekend. After all, according to data compiled by S&P Global Market Intelligence, the company's share price rose by almost 12% over the trading week. Investors were quite happy with the latest earnings release posted by the Israel-based defense specialist.
Well before the market open on Tuesday, Elbit unveiled both its fourth-quarter and full-year results. On the top line, it posted just over $1.93 billion in revenue, which bettered the $1.63 billion in the same period of 2023. It managed a more impressive leap in profitability, with non-GAAP (generally accepted accounting principles) adjusted net income surging 71% higher year over year to over $119 million ($2.66 per share).
Both headline results were well above the consensus analyst estimates. On average, pundits following Elbit stock were anticipating the company would book only $1.75 billion in revenue and net an adjusted profit of $1.85 per share.
