Ducommun Incorporated (NYSE:DCO) today reported results for its second quarter and the six months ended June 30, 2012.
- Net sales increased 71% to $184.7 million for the second quarter of 2012 versus the second quarter of 2011, including sales of $80.3 million from the acquisition of LaBarge, Inc. (“LaBarge”)
- The Company reported net income of $5.5 million, or $0.52 per fully diluted share, for the second quarter of 2012, including a state tax benefit of $0.15 per fully diluted share
- Adjusted EBITDA grew to $21.3 million in the second quarter of 2012 from $11.1 million in the second quarter of 2011
- Cash flow from operations was $10.5 million in the second quarter 2012
- Backlog as of June 30, 2012 was approximately $640 million
“Ducommun saw additional momentum this quarter driven by stronger operational performance, margin gains at Ducommun LaBarge Technologies and commercial aircraft demand,” said Anthony J. Reardon, chairman, president and chief executive officer. “Our earnings – excluding any tax adjustments – rose sequentially to $0.37 per share from $0.23 in the first quarter, and we generated $10.5 million in cash flow from operations. In addition, our backlog remains near record levels – testimony to the Company’s new business development activities and our diverse aerospace product portfolio, offsetting some near-term weakness in the industrial and natural resources end markets.
“Having largely integrated LaBarge and its operations to realize synergies and reduce costs, we are now focused on ensuring that sequential margin expansion continues – and bottom line results improve – within the current economic environment. More than ever, Ducommun’s customers are recognizing and appreciating the breadth of our offerings, thus providing opportunities for us to grow via increased technology content and more complex subassemblies. In the near term, commercial aerospace build rates remain robust, our military platforms are solid, and the Company’s backlog represents an attractive mix of programs across various end markets. We believe the second half of 2012 will bring a convergence of positive factors across our businesses, positioning Ducommun for stronger results and higher returns for our shareholders.”