Elbit Systems falls after $512 mln equity raise

Elbit Systems

22/05/2025 13:57

**  U.S.-listed shares of Israeli defense firm Elbit Systems ESLT.O down 4.9% before the bell at $376.50 after follow-on priced

    ** Co said sold ~1.4 mln shares at $375 for gross proceeds of $512 mln to be used for general purposes

    ** Offering priced at 5.3% discount to stock's last close

    ** BofA, JP Morgan, Jefferies and Morgan Stanley jt bookrunners for offering

** Elbit has ~44.7 mln shares outstanding, per the SEC prospectus filing, giving it~$17.7 bln market cap

** Early Tues, Elbit posted 42% y/y jump in Q1 profit, and said expects an anti-missile laser system to be ready by year end

** About one third of co's rev came from Israel, where the country has been fighting Palestinian militant group Hamas in Gaza, supplying munitions, drones, guided rocket systems, reconnaissance capabilities and other systems

** Through Weds, shares up 53% YTD. Stock hit intraday record high of $426.40 on May 8

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))