Kratos says delayed programs reduced sales

Kratos Defense & Security Solutions said this week sales in its most recent quarter reached $164.4 million, down slightly from the $166.3 million in sales it reported during the same three-month period a year earlier.

The company's quarterly profit was $4.7 million, up from a $22.2 million loss the prior year.

For the year, Kratos said its sales hit $618 million, up 2 percent from 2017. The company reported a loss for the year of $3.5 million, far less than the $42.7 million it lost in 2017.

Kratos said both its quarterly and full year sales fell below forecast "primarily due to the timing of four programs."

"These programs were either awarded later than expected, or have not ramped as quickly as originally forecast," it said. "We also experienced a delay in our [Defense Innovation Unit] program, with the related contract award now expected in Q2 2019."