(ESLT) Elbit Systems Inc. – Aggressive Growth – Zacks Rank Buy

June 16th, 2009

Elbit Systems Ltd. (ESLT) has been surging since it was originally featured as a Zacks Rank Buy back in March.

An Excellent Quarter

The Israeli defense company reported first-quarter results on May 20 that included a record backlog of $5.1 billion. Revenues rose 6.6% to $657 million. Growth in the communication equipment and unmanned air craft drove the increase in revenues.

Positive Comments

In the same release the President and CEO of Elbit, Joseph Ackerman said, “We have also witnessed continued demand in other areas of our activity. Based on all these factors, we expect a double digit growth in revenues in 2009, as compared to 2008.” Mr. Ackerman continued, “Based on our recent acquisitions, as well as our recent announcements regarding cooperation with industry leaders, we continue to feel confident about our future success.”

Estimates Spike

Following the earnings release the consensus estimate for 2009 jumped to $4.35, up from $3.88. Estimates for 2010 are averaging $5.06, up from $4.43. These projections would yield year-over-year growth rates of 31% and 16%, respectively.

The Chart

The recent quarter was enough to propel shares to set and continue to pressure a new 52-week high. Take a look below.

Read the March 18th Feature Here

Zacks Investment Research
View original at: Zacks.com News Feed

More on this topic (What's this?)
McCain stock: Israel's Elbit (ESLT) aids in defense (Blogging Stocks, 10/4/08)
Boeing (NYSE:BA) Gives Supply Contract (eMoneyDaily, 9/8/11)
Read more on Elbit Systems at Wikinvest

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