Ducommun Incorporated reported a decrease in revenue for Q4 2020, primarily due to lower commercial aerospace revenue, but saw an increase in military and space revenue. Net income increased due to lower expenses, and gross margin improved. The company is optimistic about future quarters due to a high defense backlog and anticipated stability in the commercial business.
Revenue was $157.8 million.
GAAP net income was $9.7 million, or $0.80 per diluted share.
Adjusted net income was $10.8 million, or $0.89 per diluted share.
Military and space revenue rose more than 25%.
Ducommun anticipates higher growth in the second half of 2021, with an even better outlook for 2022, driven by improving fundamentals in aircraft production and pent-up demand for air travel.
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