Ducommun Incorporated (NYSE:DCO) today reported results for its first quarter ended March 31, 2012.
- Net sales increased 85% to $184.3 million for the first quarter of 2012 versus the first quarter of 2011, including sales of $84.4 million from the acquisition of LaBarge, Inc. (“LaBarge”)
- The Company reported net income of $2.4 million, or $0.23 per diluted share, for the first quarter of 2012
- Adjusted EBITDA grew to $19.0 million in the first quarter of 2012 from $9.1 million in the first quarter of 2011
- Cash flow from operations improved $20.5 million in the first quarter versus the prior-year period
- Ducommun ended the quarter with a record backlog of approximately $647 million.
“Our first quarter showed strong commercial aerospace growth and improvement in many of our financial metrics,” said Anthony J. Reardon, president and chief executive officer. “Ducommun’s adjusted EBITDA climbed to 10.3% of revenue from 9.1% in the first quarter of 2011, and we reduced our seasonal cash usage by $20.5 million versus first quarter 2011. With our backlog at record levels, the Company continues to benefit from increasing demand across its aerospace platforms, offsetting some near-term weakness in the industrial and natural resources end markets. We feel confident that margins will expand going forward, accompanied by solid cash flow generation, as we achieve operating synergies and pursue new business development initiatives.”
First Quarter ResultsSales for the first quarter of 2012 increased 85% to $184.3 million, compared with $99.6 million for the first quarter of 2011, reflecting $84.4 million in revenue from the acquisition of LaBarge. The Company reported net income of $2.4 million, or $0.23 per fully diluted share, compared with net income of $2.9 million, or $0.27 per fully diluted share, for the comparable period last year.