Ducommun Incorporated Reports Results for the Third Quarter Ended September 26, 2020

Rhea-AI Summary

Ducommun reported a strong Q3 2020, with revenue of $150.4 million despite a 17% decline year-over-year. The military and space segment saw a remarkable 40% growth, contributing to the overall performance. Net income was $6.5 million, or $0.54 per diluted share. Gross margin increased to 22.3%, aided by improved efficiency. However, commercial aerospace revenue fell significantly, impacting overall results. The company maintains a record military backlog of $796 million, positioning it for future growth.

Positive

• 40% growth in military and space revenue year-over-year.
• Gross margin increased by 110 basis points year-over-year to 22.3%.
• Electronic Systems segment revenue up 14% with operating income at 14.4%.
• Record military backlog of $796 million positions for future growth.

Negative

• Overall revenue decreased by 17% year-over-year due to commercial aerospace declines.
• Net income fell to $6.5 million from $8.3 million year-over-year.
• Operating income declined from $14.6 million to $10.3 million year-over-year.

40% Growth in Military and Space Revenue and Strong Electronics Operating Income Buffer Impact from Commercial Aerospace Challenges

SANTA ANA, Calif., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today reported results for its third quarter ended September 26, 2020.

Third Quarter 2020 Recap

• Revenue was $150.4 million
• Net income of $6.5 million, or $0.54 per diluted share
• Adjusted net income of $8.3 million, or $0.69 per diluted share
• Gross margin increased 110 basis points year-over-year to 22.3%
• Adjusted EBITDA increased 130 basis points year-over-year to 14.4% of revenue

“Ducommun’s results due to our defense business and operational performance really shined in the third quarter despite significant headwind from the pandemic in commercial aerospace along with the continued grounding of the 737 MAX,” said Stephen G. Oswald, chairman, president and chief executive officer. “The defense business grew 40% year-over-year, reflecting a diverse array of demand for nearly all aspects of the Company’s product portfolio. Our military and space backlog* remains at record levels as well, positioning the Company for continued strong performance in this part of our business now and in 2021.

“At the same time, our relentless focus on efficiency, asset utilization and cost reduction resulted in gross margins rising 110 basis points year-over-year to 22.3% along with adjusted operating margins of 8.2%, versus 8.1% in 2019. Our Electronic Systems segment posted particularly robust results, with revenue up 14% and adjusted operating income of 14.7%, a 400 basis point improvement. EPS was also $0.69 per diluted share on an adjusted basis which was a $0.21 per diluted share increase from Q2. I’m very pleased with this standout performance and want to extend a special thanks to our dedicated employees who are outperforming the current challenging conditions.

“While near term shipments within the commercial aerospace market will remain under pressure, our operations’ footprint and capacity are ready to support the eventual demand increases. We are also cautiously optimistic given the recent positive statements about the 737 MAX’s return to service. Overall, Ducommun is well positioned to weather the remaining headwinds and is prepared for strengthening economic fundamentals and a return to revenue growth for the Company in 2021.”

Third Quarter Results

Net revenue for the third quarter of 2020 was $150.4 million compared to $181.1 million for the third quarter of 2019. The year-over-year decrease of 17.0% was primarily due to the following:

• $62.9 million lower revenue in the Company’s commercial aerospace end-use markets due to lower build rates on large aircraft platforms; partially offset by
• $33.4 million higher revenue in the Company’s military and space end-use markets due to additional content and higher build rates on other military and space platforms, higher build rates on military fixed-wing aircraft platforms and various missile platforms.

Net income for the third quarter of 2020 was $6.5 million, or $0.54 per diluted share, compared to $8.3 million, or $0.70 per diluted share, for the third quarter of 2019. This reflects a $4.9 million decrease in gross profit due to lower revenue and higher restructuring charges of $1.1 million, partially offset by lower SG&A expenses of $1.6 million.

Gross profit for the third quarter of 2020 was $33.5 million, or 22.3% of revenue, compared to gross profit of $38.3 million, or 21.2% of revenue, for the third quarter of 2019. The increase in gross profit margin as a percentage of net revenue year-over-year was due to favorable product mix, partially offset by unfavorable manufacturing volume.

Operating income for the third quarter of 2020 was $10.3 million, or 6.8% of revenue, compared to $14.6 million, or 8.1% of revenue, in the comparable period last year. The year-over-year decrease of $4.3 million was due to lower revenue, partially offset by lower SG&A expenses. Adjusted operating income for the third quarter of 2020 was $12.4 million, or 8.2% of revenue, compared to $14.6 million, or 8.1% of revenue, in the comparable period last year.

Interest expense for the third quarter of 2020 was $3.1 million compared to $4.4 million in the comparable period of 2019. The year-over-year decrease was due to lower interest rates, partially offset by a higher outstanding balance on the Company’s credit facilities driven by the acquisition of Nobles Worldwide, Inc. (“Nobles”) in October 2019, and higher net draw downs on the Company’s revolving credit facility, including $50.0 million during the first quarter of 2020, which remained as cash on hand at the end of the third quarter of 2020.

Adjusted EBITDA for the third quarter of 2020 was $21.6 million, or 14.4% of revenue, compared to $23.6 million, or 13.1% of revenue, for the comparable period in 2019.

During the third quarter of 2020, the net cash provided by operations was $4.9 million compared to $12.0 million during the third quarter of 2019. The change year-over-year was due to higher contract assets and lower accounts payable, partially offset by higher contract liabilities and lower accounts receivable.

* The Company defines backlog as potential revenue and is based on customer placed purchase orders and long-term agreements (“LTAs”) with firm fixed price and expected delivery dates of 24 months or less. Backlog as of September 26, 2020 was $796.0 million compared to $910.2 million as of December 31, 2019. Under ASC 606, the Company defines remaining performance obligations as customer placed purchase orders with firm fixed price and firm delivery dates. The remaining performance obligations disclosed under ASC 606 as of September 26, 2020 were $746.1 million compared to $745.3 million as of December 31, 2019.

Business Segment Information

Electronic Systems

Electronic Systems segment net revenue for the quarter ended September 26, 2020 was $103.5 million, compared to $90.6 million for the third quarter of 2019. The year-over-year increase was primarily due to the following:

• $23.1 million higher revenue within the Company’s military and space end-use markets due to higher build rates on other military and space platforms and military fixed-wing aircraft platforms; partially offset by
• $9.0 million lower revenue within the Company’s commercial aerospace end-use markets due to lower build rates on other commercial aerospace platforms, large aircraft platforms, and commercial rotary-wing aircraft platforms.

Electronic Systems segment operating income for the quarter ended September 26, 2020 was $14.9 million, or 14.4% of revenue, compared to $9.7 million, or 10.7% of revenue, for the comparable quarter in 2019. The year-over-year increase of $5.2 million was due to favorable volume and favorable mix.

Structural Systems

Structural Systems segment net revenue for the quarter ended September 26, 2020 was $46.9 million, compared to $90.5 million for the third quarter of 2019. The year-over-year decrease was due to the following:

• $53.9 million lower revenue within the Company’s commercial aerospace end-use markets due to lower build rates on large aircraft platforms; partially offset by
• $10.3 million higher revenue within the Company’s military and space end-use markets due to higher build rates on military rotary-wing aircraft platforms, various missile platforms, and military fixed-wing aircraft platforms.

Structural Systems segment operating income for the quarter ended September 26, 2020 was $1.8 million, or 3.8% of revenue, compared to $12.9 million, or 14.2% of revenue, for the comparable quarter in 2019. The year-over-year decrease of $11.1 million was due to unfavorable manufacturing volume.

Structural Systems segment adjusted operating income for the quarter ended September 26, 2020 was $3.6 million, or 7.7% of revenue, compared to $12.9 million, or 14.2% of revenue, for the comparable quarter in 2019.

Corporate General and Administrative (“CG&A”) Expenses

CG&A expenses for the third quarter of 2020 were $6.4 million, or 4.2% of total Company revenue, compared to $7.9 million, or 4.4% of total Company revenue, for the comparable quarter in the prior year. The decrease in CG&A expenses was due to lower professional services fees of $1.1 million.

Conference Call

A teleconference hosted by Stephen G. Oswald, the Company’s chairman, president, and chief executive officer, and Christopher D. Wampler, the Company’s vice president, interim chief financial officer and treasurer, and controller and chief accounting officer will be held today, October 28, 2020 at 2:00 p.m. PT (5:00 p.m. ET) to review these financial results. To participate in the teleconference, please call 844-239-5278 (international 574-990-1017) approximately 10 minutes prior to the conference time. The participant passcode is 5817565. Mr. Oswald and Mr. Wampler will be speaking on behalf of the Company and anticipate the call (including Q&A) to last approximately 45 minutes.

This call is being webcast and can be accessed directly at the Ducommun website at Ducommun.com. Conference call replay will be available after that time at the same link or by dialing 855-859-2056, passcode 5817565.

About Ducommun Incorporated

Ducommun Incorporated delivers value-added innovative manufacturing solutions to customers in the aerospace, defense and industrial markets. Founded in 1849, the Company specializes in two core areas - Electronic Systems and Structural Systems - to produce complex products and components for commercial aircraft platforms, mission-critical military and space programs, and sophisticated industrial applications. For more information, visit Ducommun.com.

Forward Looking Statements

This press release and any attachments include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, earnings guidance and any statements about the Company’s plans, strategies and prospects. The Company generally uses the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “continue” and similar expressions in this press release and any attachments to identify forward-looking statements. The Company bases these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: whether the anticipated pre-tax restructuring charges will be sufficient to address all anticipated restructuring costs, including related to employee separation, facilities consolidation, inventory write-down and other asset impairments; whether the expected cost savings from the restructuring will ultimately be obtained in the amount and during the period anticipated; whether the restructuring in the affected areas will be sufficient to build a more cost efficient, focused, higher margin enterprise with higher returns for the Company's shareholders; the impact of the Company’s debt service obligations and restrictive debt covenants; the Company’s end-use markets are cyclical; the Company depends upon a selected base of industries and customers; a significant portion of the Company’s business depends upon U.S. Government defense spending; the Company is subject to extensive regulation and audit by the Defense Contract Audit Agency; contracts with some of the Company’s customers contain provisions which give the its customers a variety of rights that are unfavorable to the Company; further consolidation in the aerospace industry could adversely affect the Company’s business and financial results; the Company’s ability to successfully make acquisitions, including its ability to successfully integrate, operate or realize the projected benefits of such businesses; the Company relies on its suppliers to meet the quality and delivery expectations of its customers; the Company uses estimates when bidding on fixed-price contracts which estimates could change and result in adverse effects on its financial results; the impact of existing and future laws and regulations; the impact of existing and future accounting standards and tax rules and regulations; environmental liabilities could adversely affect the Company’s financial results; cyber security attacks, internal system or service failures may adversely impact the Company’s business and operations; the ultimate geographic spread, duration and severity of the coronavirus (COVID-19) outbreak, and the effectiveness of actions taken, or actions that may be taken, by governmental authorities to contain the outbreak or treat its impact, and other risks and uncertainties, including those detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause the Company’s results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release, October 28, 2020, or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company’s filings with the Securities and Exchange Commission (which are available from the SEC’s EDGAR database at www.sec.gov).

Note Regarding Non-GAAP Financial Information

This release contains non-GAAP financial measures, including Adjusted EBITDA (which excludes interest expense, income tax expense, depreciation, amortization, stock-based compensation expense, restructuring charges, and Guaymas fire related expenses).

The Company believes the presentation of these non-GAAP measures provide important supplemental information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company discloses different non-GAAP financial measures in order to provide greater transparency and to help the Company’s investors to more meaningfully evaluate and compare Ducommun’s results to its previously reported results. The non-GAAP financial measures that the Company uses may not be comparable to similarly titled financial measures used by other companies. We define backlog as potential revenue and is based on customer placed purchase orders and long-term agreements (“LTAs”) with firm fixed price and expected delivery dates of 24 months or less. The majority of the LTAs do not meet the definition of a contract under ASC 606 and thus, the backlog amount disclosed herein is greater than the remaining performance obligations disclosed under ASC 606. Backlog is subject to delivery delays or program cancellations, which are beyond our control. Backlog is affected by timing differences in the placement of customer orders and tends to be concentrated in several programs to a greater extent than our net revenues. Backlog in industrial markets tends to be of a shorter duration and is generally fulfilled within a three month period. As a result of these factors, trends in our overall level of backlog may not be indicative of trends in our future net revenues.

CONTACTS:
Christopher D. Wampler, Vice President, Interim Chief Financial Officer and Treasurer, and Controller and Chief Accounting Officer, 657.335.3665
Chris Witty, Investor Relations, 646.438.9385, cwitty@darrowir.com

[Financial Tables Follow]

DUCOMMUN INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands)
		September 26, 2020					December 31, 2019
Assets
Current Assets
Cash and cash equivalents		$	74,555				$	39,584
Accounts receivable, net		62,805					67,133
Contract assets		140,717					106,670
Inventories		127,038					112,482
Production cost of contracts		7,552					9,402
Other current assets		12,438					5,497
Total Current Assets		425,105					340,768
Property and equipment, Net		107,003					115,216
Operating lease right-of-use assets		17,098					19,105
Goodwill		170,830					170,917
Intangibles, net		128,019					138,362
Deferred income taxes		58					55
Other assets		5,248					6,006
Total Assets		$	853,361				$	790,429
Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable		$	65,692				$	82,597
Contract liabilities		26,833					14,517
Accrued and other liabilities		35,276					37,620
Operating lease liabilities		3,106					2,956
Current portion of long-term debt		7,000					7,000
Total Current Liabilities		137,907					144,690
Long-term debt, less current portion		340,324					300,887
Non-current operating lease liabilities		15,346					17,565
Deferred income taxes		18,405					16,766
Other long-term liabilities		21,944					17,721
Total Liabilities		533,926					497,629
Commitments and contingencies
Shareholders’ Equity
Common stock		117					116
Additional paid-in capital		94,783					88,399
Retained earnings		232,074					212,553
Accumulated other comprehensive loss		(7,539		)			(8,268		)
Total Shareholders’ Equity		319,435					292,800
Total Liabilities and Shareholders’ Equity		$	853,361				$	790,429

DUCOMMUN INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (Dollars in thousands, except per share amounts)
		Three Months Ended										Nine Months Ended
		September 26, 2020					September 28, 2019					September 26, 2020					September 28, 2019
Net Revenues		$	150,371				$	181,101				$	471,155				$	534,162
Cost of Sales		116,906					142,774					368,218					422,076
Gross Profit		33,465					38,327					102,937					112,086
Selling, General and Administrative Expenses		22,093					23,724					67,253					71,031
Restructuring Charges		1,107					—					1,768					—
Operating Income		10,265					14,603					33,916					41,055
Interest Expense		(3,101		)			(4,363		)			(11,068		)			(13,140		)
Other Income		99					—					99					—
Income Before Taxes		7,263					10,240					22,947					27,915
Income Tax Expense		762					1,937					3,426					4,325
Net Income		$	6,501				$	8,303				$	19,521				$	23,590
Earnings Per Share
Basic earnings per share		$	0.56				$	0.72				$	1.67				$	2.05
Diluted earnings per share		$	0.54				$	0.70				$	1.64				$	2.00
Weighted-Average Number of Common Shares Outstanding
Basic		11,703					11,551					11,660					11,501
Diluted		11,959					11,794					11,886					11,784
Gross Profit %		22.3			%		21.2			%		21.8			%		21.0			%
SG&A %		14.7			%		13.1			%		14.3			%		13.3			%
Operating Income %		6.8			%		8.1			%		7.2			%		7.7			%
Net Income %		4.3			%		4.6			%		4.1			%		4.4			%
Effective Tax Rate		10.5			%		18.9			%		14.9			%		15.5			%

DUCOMMUN INCORPORATED AND SUBSIDIARIES BUSINESS SEGMENT PERFORMANCE (Unaudited) (Dollars in thousands)
		Three Months Ended																						Nine Months Ended
		% Change				September 26, 2020					September 28, 2019					% of Net  Revenues 2020				% of Net  Revenues 2019				% Change				September 26, 2020					September 28, 2019					% of Net  Revenues 2020				% of Net  Revenues 2019
Net Revenues
Electronic Systems		14.2		%		$	103,470				$	90,588				68.8		%		50.0		%		11.2		%		$	293,540				$	264,045				62.3		%		49.4		%
Structural Systems		(48.2	)	%		46,901					90,513					31.2		%		50.0		%		(34.2	)	%		177,615					270,117					37.7		%		50.6		%
Total Net Revenues		(17.0	)	%		$	150,371				$	181,101				100.0		%		100.0		%		(11.8	)	%		$	471,155				$	534,162				100.0		%		100.0		%
Segment Operating Income
Electronic Systems						$	14,867				$	9,657				14.4		%		10.7		%						$	40,427				$	28,750				13.8		%		10.9		%
Structural Systems						1,769					12,877					3.8		%		14.2		%						13,373					35,199					7.5		%		13.0		%
						16,636					22,534																	53,800					63,949
Corporate General and Administrative Expenses(1)						(6,371		)			(7,931		)			(4.2	)	%		(4.4	)	%						(19,884		)			(22,894		)			(4.2	)	%		(4.3	)	%
Total Operating Income						$	10,265				$	14,603				6.8		%		8.1		%						$	33,916				$	41,055				7.2		%		7.7		%
Adjusted EBITDA
Electronic Systems
Operating Income						$	14,867				$	9,657																$	40,427				$	28,750
Depreciation and Amortization						3,492					3,569																	10,591					10,602
Restructuring Charges						304					—																	332					—
						18,663					13,226					18.0		%		14.6		%						51,350					39,352					17.5		%		14.9		%
Structural Systems
Operating Income						1,769					12,877																	13,373					35,199
Depreciation and Amortization						3,528					3,350																	10,956					9,750
Restructuring Charges						803					—																	1,436					—
Guaymas fire related expenses						1,022					—																	1,022					—
						7,122					16,227					15.2		%		17.9		%						26,787					44,949					15.1		%		16.6		%
Corporate General and Administrative Expenses(1)
Operating loss						(6,371		)			(7,931		)															(19,884		)			(22,894		)
Other Income						99					—																	99					—
Depreciation and Amortization						58					73																	194					399
Stock-Based Compensation Expense						2,076					2,051																	6,605					5,322
						(4,138		)			(5,807		)															(12,986		)			(17,173		)
Adjusted EBITDA						$	21,647				$	23,646				14.4		%		13.1		%						$	65,151				$	67,128				13.8		%		12.6		%
Capital Expenditures
Electronic Systems						$	586				$	1,768																$	3,518				$	4,820
Structural Systems						1,796					2,747																	4,400					10,108
Corporate Administration						—					—																	—					—
Total Capital Expenditures						$	2,382				$	4,515																$	7,918				$	14,928

(1) Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.

DUCOMMUN INCORPORATED AND SUBSIDIARIES GAAP TO NON-GAAP OPERATING INCOME RECONCILIATION (Unaudited) (Dollars in thousands)
		Three Months Ended																		Nine Months Ended
GAAP To Non-GAAP Operating Income		September 26, 2020					September 28, 2019					% of Net  Revenues 2020				% of Net  Revenues 2019				September 26, 2020					September 28, 2019					% of Net  Revenues 2020				% of Net  Revenues 2019
GAAP Operating income		$	10,265				$	14,603												$	33,916				$	41,055
GAAP Operating income - Electronic Systems		$	14,867				$	9,657												$	40,427				$	28,750
Adjustments:
Restructuring charges		304					—													332					—
Adjusted operating income - Electronic Systems		15,171					9,657					14.7		%		10.7		%		40,759					28,750					13.9		%		10.9		%
GAAP Operating income - Structural Systems		1,769					12,877													13,373					35,199
Adjustments:
Restructuring charges		803					—													1,436					—
Guaymas fire related expenses		1,022					—													1,022					—
Adjusted operating income - Structural Systems		3,594					12,877					7.7		%		14.2		%		15,831					35,199					8.9		%		13.0		%
GAAP Operating loss - Corporate		(6,371		)			(7,931		)											(19,884		)			(22,894		)
Adjustment:
Restructuring charges		—					—													—					—
Adjusted operating loss - Corporate		(6,371		)			(7,931		)											(19,884		)			(22,894		)
Total adjustments		2,129					—													2,790					—
Adjusted operating income		$	12,394				$	14,603				8.2		%		8.1		%		$	36,706				$	41,055				7.8		%		7.7		%

DUCOMMUN INCORPORATED AND SUBSIDIARIES GAAP TO NON-GAAP EARNINGS AND EARNINGS PER SHARE RECONCILIATION (Unaudited) (Dollars in thousands, except per share amounts)
		Three Months Ended								Nine Months Ended
GAAP To Non-GAAP Earnings		September 26, 2020				September 28, 2019				September 26, 2020				September 28, 2019
GAAP Net income		$	6,501			$	8,303			$	19,521			$	23,590
Adjustments:
Restructuring charges (1)		930				—				1,485				—
Guaymas fire related expenses (1)		858				—				858				—
Total adjustments		1,788				—				2,343				—
Adjusted net income		$	8,289			$	8,303			$	21,864			$	23,590

		Three Months Ended								Nine Months Ended
GAAP Earnings Per Share To Non-GAAP Earnings Per Share		September 26, 2020				September 28, 2019				September 26, 2020				September 28, 2019
GAAP Diluted earnings per share (“EPS”)		$	0.54			$	0.70			$	1.64			$	2.00
Adjustments:
Restructuring charges (1)		0.08				—				0.12				—
Guaymas fire related expenses (1)		0.07				—				0.07				—
Total adjustments		0.15				—				0.19				—
Adjusted diluted EPS		$	0.69			$	0.70			$	1.83			$	2.00
Shares used for adjusted diluted EPS		11,959				11,794				11,886				11,784

(1) Includes effective tax rate of 16.0% for 2020 adjustments.

DUCOMMUN INCORPORATED AND SUBSIDIARIES NON-GAAP BACKLOG* BY REPORTING SEGMENT (Unaudited) (Dollars in thousands)
		(In thousands)
		September 26, 2020				December 31, 2019
Consolidated Ducommun
Military and space		$	505,690			$	451,293
Commercial aerospace		268,894				430,642
Industrial		21,411				28,286
Total		$	795,995			$	910,221
Electronic Systems
Military and space		$	368,841			$	311,027
Commercial aerospace		62,212				75,719
Industrial		21,411				28,286
Total		$	452,464			$	415,032
Structural Systems
Military and space		$	136,849			$	140,266
Commercial aerospace		206,682				354,923
Total		$	343,531			$	495,189

* The Company defines backlog as potential revenue and is based on customer placed purchase orders and long-term agreements (“LTAs”) with firm fixed price and expected delivery dates of 24 months or less. Backlog as of September 26, 2020 was $796.0 million compared to $910.2 million as of December 31, 2019. Under ASC 606, the Company defines remaining performance obligations as customer placed purchase orders with firm fixed price and firm delivery dates. The remaining performance obligations disclosed under ASC 606 were $746.1 million.

FAQ

What was Ducommun's revenue for Q3 2020?

Ducommun reported revenue of $150.4 million for Q3 2020.

How much did Ducommun's military and space revenue grow?

The military and space revenue grew by 40% year-over-year.

What was Ducommun's net income for Q3 2020?

The net income for Q3 2020 was $6.5 million, or $0.54 per diluted share.

What challenges did Ducommun face in Q3 2020?

Ducommun faced significant challenges in the commercial aerospace sector, resulting in a 17% decline in overall revenue.

What is Ducommun's military backlog as of Q3 2020?

As of Q3 2020, Ducommun's military backlog was at a record level of $796 million.