Elbit Systems' Stock Ticks Higher, Company Announces Contract Win With U.S. Navy

Shares of Elbit Systems Ltd (NASDAQ: ESLT), a company engaged in the fields of defense and homeland security, gained more than 0.50 percent Monday morning after the company announced a new contract win with the U.S. Navy.

Elbit announced it was awarded a $7.5 million contract to perform modifications on its U.S. Naval Test Pilot School's C-26 aircraft. The company was selected to install an Intelligence, Surveillance, and Reconnaissance (ISR) upgrade and a Finmeccanica, Vixen 500E AESA radar on the Navy's C-26 aircraft.

"Partnering with our military customers to develop a highly focused modification, repair and overhaul plan allows us to deliver an affordable, high quality solution that meets military requirements and keeps them in the fight," said Chris Hickey, vice president, Sustainment & Support, Elbit Systems of America. "This modification aligns with our strategy to extend the life and highlight the value of our C-26 franchise."