Rockwell-Elbit Bags $54m in Contracts

Elbit Systems Ltd. (ESLT - Snapshot Report) said on Tuesday that its joint venture with Rockwell Collins Inc. (COL - Snapshot Report) has bagged several contracts worth $54 million related to the F-35 aircraft.

The joint venture, Vision Systems International LLC, received the contracts from Lockheed Martin Corp. (LMT - Analyst Report) and involves delivery of 52 F-35 Helmet Mounted Displays and 30 additional aircraft systems.

Vision Systems has already received initial funding for the Pilot Fit Facility Standup at Eglin Air Force Base for the F-35 Helmet Mounted Display System program.

The contracts require deliveries to commence this year and continue through 2012.

Shares of ESLT have gained nearly 3% today.

COL is trading around break-even on volume of approximately 263,000, against the average daily volume of about 1.5 million.

Both ESLT and COL are Zacks #3 Rank ("Hold") stocks.