SANTA ANA, CA -- Ducommun reported first quarter net revenue at its Electronic Systems segment was $84.2 million, up 2.7% from a year ago.

Demand rose for missile systems, partially offset by lower revenue for commercial aerospace products tied due to timing of shipments and industrial equipment.

Operating income was $9.2 million, or 10.9% of revenue, for the period ended Mar. 30, compared to $5.7 million, or 7% of revenue, in 2018. The increase was due to favorable product mix and improved manufacturing efficiencies.

Overall revenue increased 14.7% to $172.6 million, on increased shipments on various missile platform and large aircraft platforms, partially offset by industrial demand. Net income rose to $7.5 million from $2.6 million a year ago. Gross margin increased 290 basis points year-over-year to 20.7%. Operating margin increased 390 basis points year-over-year to 7.4%. Adjusted EBITDA jumped 49.7% to $21.7 million. Backlogs rose to a record $884 million, positioning the company for solid results going forward.

“As we begin 2019, the company has gotten off to a great start demonstrated by Ducommun’s strong operating performance across the board this quarter,” said Stephen G. Oswald, chairman, president and chief executive.

"Operating margins expanded significantly across both our structures and electronics segments, as we continue to win new content based on providing market leading technology, solid execution and strong customer relationships. I believe the company is in excellent shape to continue posting strong results and delivering higher value for our shareholders in 2019.”

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