Kratos Defense & Security Solutions(US:KTOS) Globenewswire·2025-02-26 21:00Core Insights - Kratos Defense & Security Solutions reported full year 2024 revenues of $1.136 billion, reflecting a 9.6% growth compared to 2023 revenues of $1.037 billion, with 9.1% organic growth [17] - The company achieved full year 2024 net income of $16.3 million, with GAAP EPS of $0.11 per share, a significant improvement from a net loss of $8.9 million in 2023 [16][22] - The fourth quarter of 2024 saw revenues of $283.1 million, representing a 3.4% increase from $273.8 million in the fourth quarter of 2023 [5][14] Financial Performance - Full year 2024 Unmanned Systems revenues reached $270.5 million, marking a 27.5% increase from $212.2 million in 2023, with 25.1% organic growth [19] - Government Solutions segment (KGS) revenues for 2024 were $865.8 million, reflecting a 5.0% organic growth from $824.9 million in 2023 [20] - Fourth quarter 2024 cash flow from operations was $45.6 million, with free cash flow of $32.0 million after capital expenditures of $13.6 million [6][18] Book to Bill Ratio and Backlog - The consolidated book to bill ratio for the fourth quarter of 2024 was 1.5 to 1, with bookings of $434.2 million [13] - KGS reported a book to bill ratio of 1.6 to 1 for the fourth quarter of 2024, with total backlog at $1.150 billion, up from $988 million at the end of 2023 [12] - The total backlog for Kratos at the end of 2024 was $1.445 billion, compared to $1.227 billion at the end of 2023 [13] Future Outlook - The company forecasts a 10% organic revenue growth for 2025, with an initial revenue growth forecast of 13% to 15% for 2026 based on recent program awards [2][22] - Management emphasized the alignment with U.S. government objectives, anticipating increased bookings and profitability due to recent contract awards in various sectors [22] - The bid and proposal pipeline was reported at $12.4 billion as of December 29, 2024, indicating strong future growth potential [13]