On May 28, Elbit Systems rose 7.9% in regular trading, trading at $894.28/share, with trading volume of approximately $81.6 million.

The rally was driven by a dual catalyst: the company announced a contract worth approximately $1.4 billion from an unnamed European customer for a comprehensive five-year military modernization program, alongside a strong Q1 earnings beat. The modernization project focuses on maneuverability and survivability, encompassing uncrewed autonomous technologies, electronic warfare, precision-guided munitions, and targeting and reconnaissance systems networked by software-defined radios.

On the earnings front, non-GAAP EPS came in at $3.87, well above the $3.38 analyst consensus, while revenue of $2.19 billion topped the $2.15 billion estimate. GAAP net income surged 50.1% year-over-year to $160.8 million. The company's order backlog reached a record $30.2 billion, with 71% sourced from international markets outside Israel, underscoring strong revenue visibility. Morgan Stanley maintained its Equal Weight rating but lowered its target price to $978 from $1,115.

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