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Kratos Reports Fourth Quarter and Full Year 2024 Financial Results
KTOSKratos Defense & Security Solutions(KTOS) GlobeNewswire·2025-02-26 21:00

Core Insights - Kratos Defense & Security Solutions reported full year 2024 revenues of 1.136billion,reflectinga9.61.136 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 16.3million,withGAAPEPSof16.3 million, with GAAP EPS of 0.11 per share, a significant improvement from a net loss of 8.9millionin2023[16][22]−Thefourthquarterof2024sawrevenuesof8.9 million in 2023 [16][22] - The fourth quarter of 2024 saw revenues of 283.1 million, representing a 3.4% increase from 273.8millioninthefourthquarterof2023[5][14]FinancialPerformance−Fullyear2024UnmannedSystemsrevenuesreached273.8 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 212.2millionin2023,with25.1212.2 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 824.9millionin2023[20]−Fourthquarter2024cashflowfromoperationswas824.9 million in 2023 [20] - Fourth quarter 2024 cash flow from operations was 45.6 million, with free cash flow of 32.0millionaftercapitalexpendituresof32.0 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 434.2million[13]−KGSreportedabooktobillratioof1.6to1forthefourthquarterof2024,withtotalbacklogat434.2 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 988millionattheendof2023[12]−ThetotalbacklogforKratosattheendof2024was988 million at the end of 2023 [12] - The total backlog for Kratos at the end of 2024 was 1.445 billion, compared to 1.227billionattheendof2023[13]FutureOutlook−Thecompanyforecastsa101.227 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]