SANTA ANA, CA – Ducommun reported first quarter revenue of $190.8 million, an increase of 5.3% over the first quarter of 2023.

The higher revenue came from $8.1 million higher revenue in the company’s commercial aerospace end-use markets due to higher rates on rotary-wing aircraft and both single-aisle and twin-aisle aircraft platforms, partially offset by lower rates on other commercial aerospace business, and $1.3 million higher revenue in the Ducommun's military and space end-use markets due to higher rates on naval and rotary-wing aircraft platforms, partially offset by lower rates on legacy fixed-wing aircraft platforms.

"Q1 was an outstanding quarter and a great start to the year for Ducommun, as we grew our topline year-over-year, led by continued strength in Commercial Aerospace at both Boeing and Airbus while also delivering our strongest quarterly gross margin ever,” said Stephen G. Oswald, chairman, president and CEO. “We achieved a new first quarter revenue record of $190.8 million up 5% over Q1 2023, with solid demand for both narrow-body and wide-body aircraft. The Company's gross margin was another real highlight, expanding 430 bps year-over-year from 20.3% to 24.6% as we saw improved operating performance, continued growth from our higher margin engineered products businesses along with some initial benefits from our on-going restructuring program.

"In December 2022, we laid out our Vision 2027 Plan to investors and as we begin year two in 2024, it continues to take shape in a very positive way. Coming off a very good 2023 with record revenue, we continued that again for Ducommun's first quarter with another record performance. As we execute against our 2027 Vision Plan, we are highly encouraged with the results, I also could not be more pleased with strong margin expansion across the board with net income, Adjusted EBITDA, gross margin and operating margin all increasing considerably in the quarter. We continue to see traction with Vision 2027 and I fully believe it will continue to deliver significant value to our shareholders now and in the future. In addition, our operating team has done a very good job navigating through the recent Commercial Aerospace challenges and continues to deliver strong results against a difficult backdrop. As the backdrop continues to improve, we expect our path to Vision 2027 targets to accelerate.

"As we move through our 175th year in business, we are excited about continuing to execute on our stated 2027 strategy, lots of runway ahead."

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