Why Shares of Kratos Defense Are Falling Today
Shares of Kratos Defense & Security Solutions (NASDAQ: KTOS) traded down more than 11% on Thursday morning as investors reacted negatively to the defense specialist's second-quarter earnings release. The company actually beat estimates for the quarter, but its guidance was more conservative than many had hoped.
After markets closed Wednesday, Kratos reported second-quarter earnings of $0.08 per share on revenue of $187.9 million, topping analyst expectations for $0.06 per share in earnings on sales of $179 million. Company CEO Eric DeMarco noted in a statement that every business unit posted revenue growth compared to the first quarter, which he called a reflection of Kratos' close alignment with Pentagon priorities.
Kratos' Valkyrie drone during a June test flight. Image source: Air Force Photo by 2nd Lt. Randolph Abaya, 586 Flight Test Squadron.
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