From GlobeNewswire: 2024-05-08 06:30:00

Ducommun Incorporated reported strong first quarter results for 2024 with net revenue reaching $190.8 million, a 5.3% increase from Q1 2023. Net income was $6.8 million, a 70 bps year-over-year increase. Gross margin grew to 24.6%, up 430 bps. Adjusted EBITDA was $27.4 million, up 170 bps, positioning the company well for its Vision 2027 Plan.

The increase in revenue was driven by higher demand in commercial aerospace markets, particularly from Boeing and Airbus, for narrow-body and wide-body aircraft. This led to a new first quarter revenue record. Similarly, military and space end-use markets also saw higher rates of naval and rotary-wing aircraft platforms.

Ducommun’s gross profit for Q1 2024 was $46.9 million, representing 24.6% of revenue, up from $36.8 million in Q1 2023. Operating income reached $12.6 million, with a 6.6% margin. Non-GAAP adjusted operating income was $17.1 million, a 9.0% margin. Adjusted EBITDA rose to $27.4 million, a 14.4% margin.

The Electronic Systems segment saw net revenue of $107.5 million with operating income of $19.0 million. The Structural Systems segment had net revenue of $83.3 million and operating income of $2.9 million. Both segments experienced growth driven by higher demand in commercial aerospace and military and space end-use markets.

Overall, the company remains optimistic as it continues to execute its Vision 2027 Plan, delivering strong financial performance and positioning itself for sustainable growth in the future.



Read more at GlobeNewswire:: Ducommun Incorporated Reports First Quarter 2024 Results