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Apr 01, 2023
Ducommun Q1 2023 Earnings Report
Reported double-digit revenue growth driven by strong commercial aerospace demand and steady defense business performance. The BLR Aerospace acquisition was completed after the quarter ended.
Key Takeaways
Ducommun Incorporated reported a strong start to 2023 with double-digit revenue growth, led by commercial aerospace demand and defense business. Revenue reached $181.2 million, up 11% organically. Net income was $5.2 million, or $0.42 per diluted share, while adjusted net income was $7.9 million, or $0.63 per diluted share. The company completed the acquisition of BLR Aerospace after the quarter ended.
Net revenue increased by 11% to $181.2 million, all organic.
Net income was $5.2 million, or $0.42 per diluted share.
Adjusted net income reached $7.9 million, or $0.63 per diluted share.
Adjusted EBITDA was $23.1 million, representing 12.7% of revenue.
Revenue by Segment
Forward Guidance
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 commercial aerospace recovery in 2023 and 2024, and the BLR Aerospace acquisition strengthening the Company's engineered products portfolio and adding to its aftermarket revenues.
Positive Outlook
- Company expects commercial aerospace recovery in 2023 and 2024
- BLR Aerospace acquisition strengthening the Company's engineered products portfolio
- BLR Aerospace acquisition adding to its aftermarket revenues
Challenges Ahead
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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