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Mar 30, 2024
Ducommun Q1 2024 Earnings Report
Reported record start to the year with both Q1 revenue and gross margins.
Key Takeaways
Ducommun Incorporated reported a strong first quarter in 2024, marked by a 5.3% increase in net revenue to $190.8 million compared to Q1 2023. The company's gross margin expanded by 430 bps year-over-year to 24.6%, with net income rising to $6.8 million, or $0.46 per diluted share. Adjusted EBITDA reached $27.4 million, representing 14.4% of revenue.
Net revenue increased by 5.3% year-over-year, reaching $190.8 million.
Gross margin expanded by 430 bps to 24.6%, driven by improved operating performance and growth in higher margin engineered products.
Net income was $6.8 million, or $0.46 per diluted share, up 70 bps year-over-year.
Adjusted EBITDA was $27.4 million, or 14.4% of revenue, an increase of 170 bps year-over-year.
Revenue by Segment
Forward Guidance
Ducommun is executing against its 2027 Vision Plan and expects its path to Vision 2027 targets to accelerate as the commercial aerospace backdrop improves.
Positive Outlook
- Continued strength in Commercial Aerospace at both Boeing and Airbus.
- Strongest quarterly gross margin ever achieved.
- Improved operating performance.
- Continued growth from higher margin engineered products businesses.
- Initial benefits from the on-going restructuring program.
Challenges Ahead
- Recent Commercial Aerospace challenges.
- Higher selling, general and administrative (SG&A) expenses.
- Higher costs associated with the wind down of Monrovia performance center.
- Lower rates on other commercial aerospace business.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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