Elbit Systems Ltd. (ESLT) just announced a record quarter and full year. Shares are up on the news and the company is well positioned for 2009.

Company Description

Elbit Systems is a worldwide leader in Night Vision Goggles Head-Up Displays (NVG-HUD). The company is a major supplier to the U.S Army and U.S. Marine Corps of Night Vision Head-Up Display systems for use in various types of helicopters.

Elbit Systems is engaged in a wide range of defense-related airborne, ground and command, control and communications programs throughout the world. The Israeli contractor’s focus is on the upgrading of existing military platforms and developing new technologies for defense applications.

Record Year and Quarter

Elbit announced record quarterly and full-year 2008 results on Mar 11. The company increased revenue more than 18% on a year over year basis, up $107 million to $698 million.

Net income for the quarter was up more than 3 fold to $105 million, from $32 million. Earnings per share came out to $1.00, topping Wall Street estimates by 5 cents for the company’s fourth consecutive surprise.

Confident CEO

President and CEO Joseph Ackerman said, “We end 2008 in a very strong position as a global company and a well-known leader by our partners and customers. Looking ahead, we have primed our business for continued growth, well into the future.”

Estimates Rising

The full-year consensus estimates for both 2009 and 2010 have increased since the previously mentioned quarterly announcement. Estimates for 2009 are up 8.5% to $3.97 and the consensus for 2010 is up 6.8% to $4.54. These increases have been over the past 7 days.

The Chart

Shares of ESLT have formed a nice level of support near $40 after bottoming in December near $36. Take a look at the chart below.

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