Ducommun Reports Q1 Electronic Systems Revenue Nearly Flat
LOS ANGELES – Ducommun reported Electronic Systems segment first quarter net revenue of $78.7 million, up less than 1% year-over-year.
Electronic Systems adjusted EBITDA was $10.5 million for the quarter, or 13.4% of revenue, compared to $10.1 million, or 13% of revenue, for the comparable quarter in the prior year. Operating income was $7.1 million, or 9% of revenue, compared to $6.4 million, or 8.2% of revenue, for the same quarter in 2016.
The firm’s total first quarter revenue was $136.3 million, down 4% year-over-year.
Net income for the period ended Apr. 1 was $2.1 million, down 84.6% compared to the first quarter of 2016. Operating income was $4.1 million, or 3% of revenue, compared to $4.3 million, or 3% of revenue, in the comparable period last year.
“Ducommun’s first quarter results reflect the demand dynamics of our various end-use markets at the start of what we expect to be a solid year ahead,” said Stephen G. Oswald, president and CEO. “Net of divestitures, revenue was up slightly year-over-year, benefiting from an increase in defense shipments and solid sales across several large commercial platforms. We also paid down an additional $5 million of debt, more than doubled capital expenditures, after generating $13.2 million in cash from operations during the quarter.”
The firm’s backlog as of Apr. 1 was $581 million, compared to $600 million as of Dec. 31, reflecting a $7 million decrease in the company’s commercial aerospace backlog and a $13 million decrease in its military and space backlog, both due to timing of orders.
