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Ducommun Incorporated Reports Second Quarter 2023 Results

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Strong Commercial Aerospace Demand; Record Backlog* of $1B; Completed Stock Offering

SANTA ANA, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE: DCO) (“Ducommun” or the “Company”) today reported results for its second quarter ended July 1, 2023.

Second Quarter 2023 Recap

  • Net revenue was $187.3 million
  • Net income of $2.4 million, or $0.17 per diluted share
  • Adjusted net income of $7.3 million, or $0.54 per diluted share
  • Adjusted EBITDA of $26.1 million, or 13.9% of revenue
  • Record backlog of $1.0 billion
  • Completed stock offering with net proceeds of $85.1 million
  • Completed the acquisition of BLR Aerospace

“Q2 was an excellent quarter for Ducommun as we grew our topline both year-over-year and sequentially, led by strong Commercial Aerospace demand and steady performance from our defense business while also delivering good improvements in gross and Adjusted EBITDA margins,” said Stephen G. Oswald, chairman, president and chief executive officer. “Quarterly revenue exceeded $180 million for a third consecutive quarter, increasing to $187.3 million, up 8% over Q2 2022 with narrow-body aircraft once again the catalyst in driving Commercial Aerospace revenues up 37% year-over-year. The Company's gross margins as well expanded 150 bps year-over-year from 19.9% to 21.4% for the quarter as we continued improving our operating performance which includes the meaningful on-going restructuring activities that are expected to be completed by the end of this year. Finally, the Company's backlog reached an all-time high and exceeded $1 billion for the first time, driven by the significant growth in orders in our defense business.

“As we previously announced in May, we completed a stock offering with net proceeds of over $85 million and used it to pay down on the debt from the BLR acquisition that was completed in April as we continue to strategically manage our balance sheet and our working capital needs. BLR is another important acquisition as we continue to implement Ducommun's strategy of increasing Engineered Products and Aftermarket revenue in our portfolio.

“Ducommun also participated at the Paris Air Show in June which further validated the Commercial Aerospace recovery has exceeded expectations with plenty of runway ahead. Airbus’ announcement during the Air Show that it had received the single largest aircraft order ever, by number of aircraft, along with Boeing’s announcement of their single largest order in South Asia, were welcomed news, as we look towards the second half of 2023 and strong years ahead.”

Second Quarter Results

Net revenue for the second quarter of 2023 was $187.3 million compared to $174.2 million for the second quarter of 2022. The year-over-year increase of 7.5% was primarily due to the following:

  • $21.2 million higher revenue in the Company’s commercial aerospace end-use markets due to higher build rates on large aircraft platforms and other commercial aerospace platforms; partially offset by
  • $10.8 million lower revenue in the Company’s military and space end-use markets due to lower build rates on military fixed-wing aircraft platforms and various missile platforms.

Net income for the second quarter of 2023 was $2.4 million, or $0.17 per diluted share, compared to $4.1 million, or $0.34 per diluted share, for the second quarter of 2022. This reflects higher selling, general and administrative (“SG&A”) expenses of $6.2 million, higher interest expense of $3.1 million, and higher restructuring charges of $2.1 million, partially offset by higher gross profit of $5.5 million and higher other income of $4.1 million.

Gross profit for the second quarter of 2023 was $40.1 million, or 21.4% of revenue, compared to gross profit of $34.6 million, or 19.9% of revenue, for the second quarter of 2022. The increase in gross profit as a percentage of net revenue year-over-year was primarily due to favorable product mix and favorable manufacturing volume.

Operating income for the second quarter of 2023 was $5.0 million, or 2.7% of revenue, compared to $7.8 million, or 4.5% of revenue, in the comparable period last year. The year-over-year decrease of $2.7 million was primarily due to higher SG&A expenses and higher restructuring charges, partially offset by higher gross profit. Adjusted operating income for the second quarter of 2023 was $15.2 million, or 8.1% of revenue, compared to $14.2 million, or 8.2% of revenue, in the comparable period last year.

Interest expense for the second quarter of 2023 was $5.7 million compared to $2.7 million in the comparable period of 2022. The year-over-year increase was primarily due to higher interest rates and a higher outstanding debt balance.

Adjusted EBITDA for the second quarter of 2023 was $26.1 million, or 13.9% of revenue, compared to $24.1 million, or 13.8% of revenue, for the comparable period in 2022.

During the second quarter of 2023, the net cash provided by operations was $9.2 million compared to $25.0 million during the second quarter of 2022. The lower net cash provided by operations during the second quarter of 2023 was primarily due to lower accounts payable and lower contract liabilities, partially offset by lower contract assets 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 July 1, 2023 was $1,010.2 million compared to $960.8 million as of December 31, 2022. Under ASC 606, the Company defines 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 July 1, 2023 were $916.7 million compared to $853.0 million as of December 31, 2022.

Business Segment Information

Electronic Systems

Electronic Systems segment net revenue for the quarter ended July 1, 2023 was $107.1 million, compared to $109.7 million for the second quarter of 2022. The year-over-year decrease was primarily due to the following:

  • $8.4 million lower revenue within the Company’s military and space end-use markets due to lower build rates on military fixed-wing aircraft platforms and various missile platforms; partially offset by
  • $3.1 million higher revenue in the Company’s commercial aerospace end-use markets due to higher build rates on other commercial aerospace platforms

Electronic Systems segment operating income for the quarter ended July 1, 2023 was $9.5 million, or 8.9% of revenue, compared to $13.6 million, or 12.4% of revenue, for the comparable quarter in 2022. The year-over-year decrease of $4.1 million was primarily due to unfavorable product mix and unfavorable manufacturing volume.

Structural Systems

Structural Systems segment net revenue for the quarter ended July 1, 2023 was $80.2 million, compared to $64.5 million for the second quarter of 2022. The year-over-year increase was primarily due to the following:

  • $18.1 million higher revenue within the Company’s commercial aerospace end-use markets due to higher build rates on large aircraft platforms and other commercial aerospace platforms; partially offset by
  • $2.4 million lower revenue within the Company’s military and space end-use markets due to lower build rates on various missile platforms and military fixed-wing aircraft platforms, partially offset by higher build rates on military rotary-wing platforms.

Structural Systems segment operating income for the quarter ended July 1, 2023 was $5.4 million, or 6.7% of revenue, compared to $1.3 million, or 2.0% of revenue, for the comparable quarter in 2022. The year-over-year increase of $4.1 million was primarily due to favorable product mix and favorable manufacturing volume, partially offset by unfavorable other manufacturing costs.

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

CG&A expenses for the second quarter of 2023 were $9.9 million, or 5.3% of total Company revenue, compared to $7.1 million, or 4.1% of total Company revenue, for the comparable quarter in the prior year. The year-over-year increase in CG&A expenses was primarily due to higher compensation and benefits costs of $2.7 million, a portion of which was related to the acquisition of BLR.

Conference Call

A teleconference hosted by Stephen G. Oswald, the Company’s chairman, president and chief executive officer, and Suman B. Mookerji, the Company’s senior vice president, chief financial officer, controller and treasurer will be held today, August 3, 2023 at 10:00 a.m. PT (1:00 p.m. ET) to review these financial results. To access the conference call, please pre-register using the following registration link:

https://register.vevent.com/register/BI6e5ee2adb0774592be5661a881ed5247

Registrants will receive a confirmation with dial-in details. Mr. Oswald and Mr. Mookerji will be speaking on behalf of the Company and anticipate the call (including Q&A) to last approximately 45 minutes. A live webcast of the event can be accessed using the link above. A replay of the webcast will be available on the Ducommun website at Ducommun.com.

Additional information regarding Ducommun's results can be found in the Q2 2023 Earnings Presentation available at Ducommun.com.

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, any statements about the Company's expectations relating to the results and timing of the completion of its restructuring initiative, and the continued commercial aerospace recovery in the second half of 2023 and years ahead. 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 strength of the real estate market, the duration of any lease entered into as part of any sale-leaseback transaction, the amount of commissions owed to brokers, and applicable tax rates; 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, August 3, 2023, 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, Guaymas fire related expenses, other fire related expenses, insurance recoveries related to loss on operating assets, insurance recoveries related to business interruption, and inventory purchase accounting adjustments), non-GAAP operating income and as a percentage of net revenues, non-GAAP earnings, non-GAAP earnings per share, and backlog. In addition, certain other prior period amounts have been reclassified to conform to current year’s presentation.

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. As a result of these factors, trends in our overall level of backlog may not be indicative of trends in our future net revenues.

CONTACT:

Suman Mookerji, Senior Vice President, Chief Financial Officer, Controller and Treasurer, 657.335.3665

[Financial Tables Follow]


DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)
 
 July 1,
2023
  December 31,
2022
Assets    
Current Assets    
Cash and cash equivalents$22,806  $46,246 
Accounts receivable, net 95,382   103,958 
Contract assets 189,836   191,290 
Inventories 204,465   171,211 
Production cost of contracts 5,536   5,693 
Other current assets 11,098   8,938 
Total Current Assets 529,123   527,336 
Property and Equipment, Net 111,357   106,225 
Operating Lease Right-of-Use Assets 36,759   34,632 
Goodwill 244,575   203,407 
Intangibles, Net 174,987   127,201 
Other Assets 21,953   22,705 
Total Assets$1,118,754  $1,021,506 
Liabilities and Shareholders’ Equity    
Current Liabilities    
Accounts payable$82,992  $90,143 
Contract liabilities 31,719   47,068 
Accrued and other liabilities 38,111   48,820 
Operating lease liabilities 8,165   7,155 
Current portion of long-term debt 6,250   6,250 
Total Current Liabilities 167,237   199,436 
Long-Term Debt, Less Current Portion 271,460   240,595 
Non-Current Operating Lease Liabilities 30,260   28,841 
Deferred Income Taxes 12,231   13,953 
Other Long-Term Liabilities 15,423   12,721 
Total Liabilities 496,611   495,546 
Commitments and Contingencies    
Shareholders’ Equity    
Common Stock 146   121 
Additional Paid-In Capital 199,526   112,042 
Retained Earnings 413,657   406,052 
Accumulated Other Comprehensive Income 8,814   7,745 
Total Shareholders’ Equity 622,143   525,960 
Total Liabilities and Shareholders’ Equity$1,118,754  $1,021,506 


 
DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except per share amounts)
 
 Three Months Ended Six Months Ended
 July 1,
2023
 July 2,
2022
 July 1,
2023
 July 2,
2022
Net Revenues$187,320  $174,198  $368,511  $337,679 
Cost of Sales 147,198   139,556   291,622   270,562 
Gross Profit 40,122   34,642   76,889   67,117 
Selling, General and Administrative Expenses 30,348   24,185   56,573   47,537 
Restructuring Charges 4,769   2,703   8,939   2,703 
Operating Income 5,005   7,754   11,377   16,877 
Interest Expense (5,735)  (2,656)  (9,954)  (5,058)
Other Income 4,059      7,945   3,000 
Income Before Taxes 3,329   5,098   9,368   14,819 
Income Tax Expense 955   951   1,763   2,573 
Net Income$2,374  $4,147  $7,605  $12,246 
Earnings Per Share       
Basic earnings per share$0.18  $0.34  $0.59  $1.02 
Diluted earnings per share$0.17  $0.34  $0.58  $0.99 
Weighted-Average Number of Common Shares
Outstanding
       
Basic 13,403   12,070   12,799   12,029 
Diluted 13,599   12,333   13,075   12,337 
        
Gross Profit % 21.4%  19.9%  20.9%  19.9%
SG&A % 16.2%  13.9%  15.4%  14.1%
Operating Income % 2.7%  4.5%  3.1%  5.0%
Net Income % 1.3%  2.4%  2.1%  3.6%
Effective Tax Rate 28.7%  18.7%  18.8%  17.4%


 
DUCOMMUN INCORPORATED AND SUBSIDIARIES
BUSINESS SEGMENT PERFORMANCE
(Unaudited)
(Dollars in thousands)
 
 Three Months Ended Six Months Ended
 %
Change
 July 1,
2023
 July 2,
2022
 %
of Net Revenues
2023
 %
of Net Revenues
2022
 %
Change
 July 1,
2023
 July 2,
2022
 %
of Net Revenues
2023
 %
of Net Revenues
2022
Net Revenues                   
Electronic Systems(2.4)% $107,124  $109,732  57.2% 63.0% 2.7% $212,750  $207,198  57.7% 61.4%
Structural Systems24.4%  80,196   64,466  42.8% 37.0% 19.4%  155,761   130,481  42.3% 38.6%
Total Net Revenues7.5% $187,320  $174,198  100.0% 100.0% 9.1% $368,511  $337,679  100.0% 100.0%
Segment Operating Income                   
Electronic Systems  $9,528  $13,610  8.9% 12.4%   $19,539  $23,021  9.2% 11.1%
Structural Systems   5,385   1,265  6.7% 2.0%    10,130   6,152  6.5% 4.7%
    14,913   14,875         29,669   29,173     
Corporate General and Administrative Expenses(1)   (9,908)  (7,121) (5.3)% (4.1)%    (18,292)  (12,296) (5.0)% (3.6)%
Total Operating Income  $5,005  $7,754  2.7% 4.5%   $11,377  $16,877  3.1% 5.0%
Adjusted EBITDA                   
Electronic Systems                   
Operating Income  $9,528  $13,610        $19,539  $23,021     
Other Income   222            222        
Depreciation and Amortization   3,561   3,484         7,059   6,990     
Restructuring Charges   2,071   1,284         3,945   1,284     
    15,382   18,378  14.4% 16.7%    30,765   31,295  14.5% 15.1%
Structural Systems                   
Operating Income   5,385   1,265         10,130   6,152     
Depreciation and Amortization   4,335   4,356         8,767   8,559     
Restructuring Charges   2,612   1,947         4,908   1,947     
Guaymas fire related expenses   1,880   998         3,348   1,955     
Other fire related expenses   477            477        
Inventory Purchase Accounting Adjustments   766   637         766   1,274     
    15,455   9,203  19.3% 14.3%    28,396   19,887  18.2% 15.2%
Corporate General and Administrative Expenses(1)                   
Operating loss   (9,908)  (7,121)        (18,292)  (12,296)    
Depreciation and Amortization   58   58         117   117     
Stock-Based Compensation Expense(2)   5,036   3,600         8,117   5,190     
Restructuring Charges   86            86        
    (4,728)  (3,463)        (9,972)  (6,989)    
Adjusted EBITDA  $26,109  $24,118  13.9% 13.8%   $49,189  $44,193  13.3% 13.1%
Capital Expenditures                   
Electronic Systems  $1,923  $2,943        $3,774  $4,639     
Structural Systems   4,111   2,486         7,241   5,858     
Corporate Administration                       
Total Capital Expenditures  $6,034  $5,429        $11,015  $10,497     
 
(1) Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.
(2) The three and six months ended July 1, 2023 included $0.8 million and $1.2 million, respectively, and both the three and six months ended July 2, 2022 included $0.5 million of stock-based compensation expense for awards with both performance and market conditions that will be settled in cash.


 
DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP OPERATING INCOME RECONCILIATION
(Unaudited)
(Dollars in thousands)
 
 Three Months Ended Six Months Ended
GAAP To Non-GAAP Operating IncomeJuly 1, 2023 July 2, 2022 %
of Net Revenues
2023
 %
of Net Revenues
2022
 July 1, 2023 July 2, 2022 %
of Net Revenues
2023
 %
of Net Revenues
2022
GAAP Operating income$5,005  $7,754        $11,377  $16,877       
                    
GAAP Operating income - Electronic Systems$9,528  $13,610        $19,539  $23,021       
Adjustment:                   
Other income 222            222          
Restructuring charges 2,071   1,284         3,945   1,284       
Amortization of acquisition-related intangible assets 374   373         747   746       
Adjusted operating income - Electronic Systems 12,195   15,267  11.4% 13.9%  24,453   25,051  11.5% 12.1%
                    
GAAP Operating income - Structural Systems 5,385   1,265         10,130   6,152       
Adjustment:                   
Restructuring charges 2,612   1,947         4,908   1,947       
Guaymas fire related expenses 1,880   998         3,348   1,955       
Other fire related expenses 477            477          
Inventory purchase accounting adjustments 766   637         766   1,274       
Amortization of acquisition-related intangible assets 1,701   1,237         2,938   2,483       
Adjusted operating income - Structural Systems 12,821   6,084  16.0% 9.4%  22,567   13,811  14.5% 10.6%
                    
GAAP Operating loss - Corporate (9,908)  (7,121)        (18,292)  (12,296)      
Adjustment:                   
Restructuring charges 86            86          
Adjusted operating loss - Corporate (9,822)  (7,121)        (18,206)  (12,296)      
Total adjustments 10,189   6,476         17,437   9,689       
Adjusted operating income$15,194  $14,230  8.1% 8.2% $28,814  $26,566  7.8% 7.9%


 
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  Six Months Ended
GAAP To Non-GAAP EarningsJuly 1,
2023
 July 2,
2022
  July 1,
2023
 July 2,
2022
GAAP Net income$2,374  $4,147  $7,605  $12,246 
Adjustments:        
Restructuring charges (1) 3,815   2,585   7,151   2,585 
Guaymas fire related expenses (1) 1,504   798   2,678   1,564 
Other fire related expenses (1) 382      382    
Insurance recoveries related to loss on operating assets (1) (1,341)     (4,450)   
Insurance recoveries related to business interruption (1) (1,728)     (1,728)  (2,400)
Inventory purchase accounting adjustments (1) 613   510   613   1,019 
Amortization of acquisition-related intangible assets (1) 1,660   1,288   2,948   2,583 
Total adjustments 4,905   5,181   7,594   5,351 
Adjusted net income$7,279  $9,328  $15,199  $17,597 


 
 Three Months Ended Six Months Ended
GAAP Earnings Per Share To Non-GAAP Earnings Per ShareJuly 1,
2023
 July 2,
2022
 July 1,
2023
 July 2,
2022
GAAP Diluted earnings per share (“EPS”)$0.17  $0.34  $0.58  $0.99 
Adjustments:       
Restructuring charges (1) 0.28   0.21   0.55   0.21 
Guaymas fire related expenses (1) 0.11   0.07   0.20   0.13 
Other fire related expenses (1) 0.03      0.03    
Insurance recoveries related to loss on operating assets (1) (0.10)     (0.34)   
Insurance recoveries related to business interruption (1) (0.13)     (0.13)  (0.19)
Inventory purchase accounting adjustments (1) 0.05   0.04   0.05   0.08 
Amortization of acquisition-related intangible assets (1) 0.13   0.10   0.22   0.21 
Total adjustments 0.37   0.42   0.58   0.44 
Adjusted diluted EPS$0.54  $0.76  $1.16  $1.43 
        
Shares used for adjusted diluted EPS 13,599   12,333   13,075   12,337 
 
(1) Includes effective tax rate of 20.0% for both 2023 and 2022 adjustments.


 
DUCOMMUN INCORPORATED AND SUBSIDIARIES
NON-GAAP BACKLOG* BY REPORTING SEGMENT
(Unaudited)
(Dollars in thousands)
 
 July 1,
2023
 December 31,
2022
Consolidated Ducommun   
Military and space$494,367  $457,354 
Commercial aerospace 464,710   450,092 
Industrial 51,095   53,374 
Total$1,010,172  $960,820 
Electronic Systems   
Military and space$369,500  $361,582 
Commercial aerospace 100,397   125,590 
Industrial 51,095   53,374 
Total$520,992  $540,546 
Structural Systems   
Military and space$124,867  $95,772 
Commercial aerospace 364,313   324,502 
Total$489,180  $420,274 
 

* 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 July 1, 2023 was $1,010.2 million compared to $960.8 million as of December 31, 2022. Under ASC 606, the Company defines 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 July 1, 2023 were $916.7 million compared to $853.0 million as of December 31, 2022.


Ducommun Incorporated

NYSE:DCO

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989.62M
12.83M
13.22%
80.05%
1.16%
Aerospace & Defense
Aircraft Parts & Auxiliary Equipment, Nec
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United States of America
COSTA MESA