Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today reported results for its second quarter and the six months ended June 29, 2013.
Second Quarter 2013 Highlights
- Sales were $191.5 million, up 3.7% versus the second quarter of 2012
- The Company reported net income of $5.5 million, or $0.51 per diluted share
- Adjusted EBITDA for the quarter was $22.2 million – 11.6% of revenue
- Cash flow from operations was $13.1 million; Ducommun also made another voluntary principal prepayment of $7.5 million on its term loan during the quarter
- The Company’s firm backlog as of June 29, 2013 was $632 million
“Ducommun posted strong results this quarter reflecting both top line growth and solid margins,” said Anthony J. Reardon, chairman, president and chief executive officer. “Revenue benefited from robust commercial aerospace demand and increased shipments within our defense technologies operations, underscoring the breadth of our integrated solutions and unique applications. We also paid down an additional $7.5 million of debt, as the Company made further strides de-leveraging by improving working capital and driving cash flow.
“In our non-A&D end markets, however, sales fell once again, and we experienced soft bookings. In this regard, we have developed a comprehensive strategy utilizing the full engineering and manufacturing capabilities of the Company to expand our non-A&D product portfolio, with an eye to restoring growth heading into 2014. Despite these challenges, we made great strides this quarter as we continued to improve asset utilization, operating cash flow, and build a stronger Ducommun.”
Second Quarter Results
Net sales for the second quarter of 2013 increased 3.7% to $191.5 million, versus $184.7 million for the second quarter of 2012. The higher revenue reflected increases in the Company’s aerospace and defense end markets, partially offset by lower sales within the Company’s non-aerospace and defense (“non-A&D”) markets.