Why Shares of Kratos Defense Are Higher Today
Shares of Kratos Defense & Security Solutions (NASDAQ: KTOS) climbed 15% at the open Friday after the company posted first-quarter numbers that came in ahead of expectations. The shares gave back some of the gains as the morning went on, but the bulls are definitely in control in Friday trading of one of the most volatile stocks in the defense sector. As of 12:15 p.m. EDT, shares were up nearly 13%.
After markets closed Thursday, Kratos reported first-quarter earnings of $0.09 per share on revenue of $168.9 million, topping expectations for $0.07 per share in earnings on $164 million in sales. Revenue was up 5.3% year over year, but adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), at $16.3 million, was down 6.9% from the first quarter of 2019 due to increased research and development efforts.
The Valkyrie in flight. Image source: Air Force photo by 2nd Lt. Randolph Abaya, 586 Flight Test Squadron.
Source Fool.com
