LOS ANGELES – Ducommun LaBarge Technologies (DLT) reported net revenue for the third quarter of $97.5 million, down 8.7% year-over-year. The unit will close two sites within the next few months.
Lower net revenue was primarily due to a 14.6% drop in military and space revenue and 2.2% decrease in non-A&D revenue, partially offset by an approximate 5.1% increase in commercial aerospace revenue, the firm says. Operating income for the quarter was $8.6 million, or 8.8% of revenue, compared to $8.3 million, or 7.8% of revenue, for the third quarter of 2014.
The company’s DAS segment net revenue for the quarter was $64.2 million, down 21.1% year-over-year. The lower net revenue was primarily due to an approximate 51.6% decrease in military and space revenue. The operating loss was $6 million, or 9.4% of revenue, compared to operating income of $6.9 million, or 8.5% of revenue, for the third quarter of 2014.
Ducommun’s total third quarter net revenue ended Oct. 3 was $161.7 million, down 14.1% year-over-year. The firm’s military and space end-markets revenue declined 27.1%, while non-aerospace and defense (non-A&D) end-user markets fell 2.2%.
The net loss was $9.5 million for the quarter, compared to net income of $2.9 million in the same period of 2014. Operating loss was $1.2 million, compared to operating income of $10.1 million last year. EBITDA was $5.5 million, down from compared to $18.4 million in 2014.
The company’s backlog as of Oct. 3 was approximately $553 million.
The company’s DLT segment net revenue for the nine months ended Oct. 3 was $297.1 million, down 5% year-over-year. Operating income for the segment was $22.6 million, or 7.6% of revenue, compared to $26.1 million, or 8.3% of revenue, for the nine months ended Sept. 27, 2014.
DAS segment net revenue for the nine-month period was $212.3 million, down 12.1% year-over-year. Operating income was $3 million, or 1.4% of revenue, compared to operating income of $28.1 million, or 11.6% of revenue, for same period last year.
Total net revenue for the nine months ended Oct. 3 was $509.4 million, down 8.1% compared to the nine months ended Sept. 27, 2014. Net loss was $9.7 million, compared to net income of $14.7 million last year. Operating income was $13.3 million, compared to $41.7 million last year. EBITDA was $34.9 million, down from $65.1 million for the same nine months in 2014.