Kratos Defense & Security Solutions, Inc. KTOS reported fourth-quarter 2019 adjusted earnings of 9 cents per share, which missed the Zacks Consensus Estimate of 11 cents by 18.2%. The bottom line was flat year over year.Including one-time adjustments, the company reported GAAP earnings of 3 cents per share, down 40% year over year.For 2019, the company posted adjusted earnings of 34 cents per share, which came in line with the Zacks Consensus Estimate. The bottom line was up 41.7% from the prior year.Kratos Defense & Security Solutions, Inc. Price, Consensus and EPS Surprise Kratos Defense & Security Solutions, Inc. price-consensus-eps-surprise-chart | Kratos Defense & Security Solutions, Inc. QuoteTotal RevenuesTotal revenues amounted to $185.1 million, missing the Zacks Consensus Estimate of $198 million by 6.5% but increasing 12.6% from $164.4 million reported in the year-ago quarter.For 2019, the company recorded revenues worth $717.5 million, up 16.1% from last year’s number. The full-year top line missed the Zacks Consensus Estimate of $730.3 million by 1.8%.Operational UpdateKratos’ operating expenses amounted to $39.1 million in the quarter compared with $34.7 million in the prior-year quarter. Selling, general and administrative expenses were up 0.04%, while research and development expenses rose 25%.Kratos reported fourth-quarter 2019 operating income of $9.3 million, reflecting a decrease of 13.9% from the fourth quarter of 2018.Kratos reported fourth-quarter 2019 bookings of $177.5 million and a book-to-bill ratio of 1.0 to 1.0. Backlog as of Dec 29, 2019 was $601.2 million compared with $608.7 million as of Sep 29, 2019.Segmental PerformanceUnmanned Systems: Net revenues during the fourth quarter increased 5.8% year over year to $38.3 million.Government Solutions: Net revenues in the fourth quarter increased 14.5% year over year to $146.8 million.Financial DetailsAs of Dec 29, 2019, cash and cash equivalents were $172.6 million compared with $182.7 million as of Dec 31, 2018.Long-term debt, including net of current portion, totaled $295.1 million as of Dec 29, 2019, up slightly from $294.2 million as of Dec 31, 2018.At the end of 2019, cash generated from operating activities was $28.9 million compared with $18.1 million in the prior year.2020 GuidanceFor first quarter of 2020, Kratos expects revenues in the range of $160-170 million. The Zacks Consensus Estimate for sales is pegged at $184.5 million, which lies above the company’s projected view.For 2020, the company expects revenues in the range of $740-780 million. The Zacks Consensus Estimate for full-year sales is pegged at $824.4 million, which lies above the company’s projected range.Zacks RankKratos currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Recent Defense ReleasesHuntington Ingalls Industries HII fourth-quarter 2019 earnings of $4.36 per share surpassed the Zacks Consensus Estimate of $4.24 by 2.83%. However, the reported figure declined 11.7% from $4.94 reported a year ago.Teledyne Technologies TDY reported fourth-quarter 2019 adjusted earnings of $2.90 per share, which surpassed the Zacks Consensus Estimate of $2.76 by 5.1%. The bottom-line figure came above the guided range of $2.71-$2.76.Lockheed Martin LMT reported fourth-quarter 2019 earnings of $5.29 per share, which surpassed the Zacks Consensus Estimate of $4.99 by 6%. The bottom line also improved 20.5% from $4.39 in the year-ago quarter.The Hottest Tech Mega-Trend of AllLast year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.See Zacks' 3 Best Stocks to Play This Trend >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lockheed Martin Corporation (LMT): Free Stock Analysis Report Teledyne Technologies Incorporated (TDY): Free Stock Analysis Report Huntington Ingalls Industries, Inc. (HII): Free Stock Analysis Report Kratos Defense & Security Solutions, Inc. (KTOS): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research