Ducommun Reports Q1 Net Sales Down 4.6% PDF Print E-mail
Written by Chelsey Drysdale   
Monday, 06 May 2013 18:06

LOS ANGELESDucommun today reported first-quarter net sales ended Mar. 30 of $175.9 million, down 4.6% year-over-year.

The decline in revenue reflects lower sales in the company’s non-aerospace and defense end markets, partially offset by increases elsewhere, the firm says. The company anticipates the non-A&D side of its business will improve later in 2013.

Net income was $3.7 million, up 54.2% compared to the first quarter of 2012. The firm recorded an income tax benefit of $1.2 million (a rate of 49.5%) for the quarter.

Operating income for the period was $10.3 million, or 5.9% of revenue, compared to $11.9 million, or 6.4% of revenue, in the comparable period last year.

Ducommun made a voluntary principal prepayment of $7.5 million on its term loan on Mar. 28. The company’s backlog as of Mar. 30 was $638 million.

Aerospace and defense sales increased 4% year-over-year.

The firm’s DAS segment reported net sales for the first quarter of $72.7 million, down 2.2% year-over-year. The decrease in revenue was primarily due to lower sales of military and commercial helicopter products, partially offset by higher sales of large commercial aircraft products.

DAS segment operating income was $6.6 million, or 9.1% of revenue, compared to $6.6 million, or 8.9% of revenue, in the same period of 2012. EBITDA was $9 million for the quarter, or 12.3% of revenue, compared to $8.6 million, or 11.6% of revenue, for the comparable quarter in the prior year.

The DLT segment reported net sales of $103.2 million for the first quarter, down 6% from the same period of 2012. The lower revenue was the result of a 32% decline in sales within the non-A&D end markets, partially offset by a 15% increase in sales of defense technologies products.

DLT operating income was $7.9 million, or 7.7% of revenue, compared to operating income of $8.3 million, or 7.5% of revenue, in the first quarter of 2012. EBITDA was $12.6 million, or 12.2% of revenue, compared to $13 million, or 11.8% of revenue, in the year-ago quarter.

 

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