SANTA ANA, CA – Ducommun reported first quarter Electronic Systems net revenue of $98.1 million, up 16.5% year-over-year.

The increase was primarily due to $12.9 million higher revenue within the company’s military and space end-use markets as a result of higher build rates on military fixed-wing aircraft platforms and various missile platforms, partially offset by lower build rates on other military and space platforms, as well as $1.4 million higher revenue within the company’s commercial aerospace end-use markets due to higher build rates on other commercial aerospace platforms.

Electronic Systems segment operating income was $15.1 million, or 15.4% of revenue, compared to $9.2 million, or 10.9% of revenue, for the comparable quarter in 2019. The year-over-year increase was due to favorable manufacturing volume and favorable product mix.

Ducommun’s total net revenue for the first quarter was $173.5 million, up 0.5% year-over-year. Net income was $7.9 million, an increase of 5.3%. Operating income was $13.6 million, or 7.8% of revenue, compared to $12.8 million, or 7.5% of revenue, in the comparable period last year.

“Though a very difficult time for our nation, the Ducommun team overcame some significant challenges in the quarter, with the safety and health of our employees being the number one priority,” said Stephen G. Oswald, chairman, president and CEO. “Strict safety protocols have been deployed throughout all of our operations, and we continue to follow health orders from the state and local authorities. Despite the challenges, the team posted excellent numbers for the quarter, reporting revenues of $173.5 million, which was the ninth consecutive quarter of year-over-year growth.

“The company ended the quarter with a backlog of $876 million, with continued strength across numerous key defense platforms. As mentioned last quarter, we have spent a good amount of time during the past few years improving the performance of our defense operations and business development team and are now seeing the results. Adjusted EBITDA was $23.2 million, an increase of 10.3% from last year.”

During the first quarter, net cash used by operations was $12 million, compared to $1.7 million during the first quarter of 2019.

Backlog as of Mar. 28 was $876.4 million, compared to $910.2 million as of Dec. 31.

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