Ducommun

Manufacturing & Industrial aerospace defense electronic components engineering components project management

Ducommun is a provider of manufacturing and engineering services, developing electronic, engineered and structural solutions for complex applications in aerospace, defense, and industrial markets. The Company manufactures structural and electronic components and subassemblies for a variety of commercial, military, and space aircraft, notably for the Boeing 737 NG and 777 airliners, the C-17 heavy lift cargo jet, the Apache, Chinook, and Blackhawk helicopters, and the Space Shuttle. It also provides engineering and program management services to the United States military, Homeland Security, NASA, and other government agencies.

Revenue(FY, 2017)

$558.2 M

Market capitalization(2018-04-18)

$362.5 M

Backlog(FY, 2017)

$726.5 M

Type

Public

Santa Ana, US

Founded

1849

Size (employees)

2,700 (est)

Website

ducommun.com

Ducommun was founded in 1849 and is headquartered in Santa Ana, US

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Key People/Management at Ducommun

Stephen Oswald

President and Chief Executive Officer

Doug Groves

VP & CFO

Jerry Redondo

Sr. Vice President of Operations

Rose Rogers

VP and CHRO

Christopher Wampler

VP, Controller and CAO

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Ducommun Office Locations

Ducommun has offices in Parsons, Orange, Monrovia, Gardena and in 12 other locations

Santa Ana, US (HQ)

700 200 Sandpointe Ave

Adelanto, US

4001 El Mirage Rd

Appleton, US

2222 E Pensar Dr

Berryville, US

810 Champlin Ave

Carson, US

23301 S Wilmington Ave

Coxsackie, US

171 Stacy Rd

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Ducommun Financials and Metrics

Ducommun Financials

Ducommun's revenue was reported to be $558.18 m in FY, 2017 which is a 1.4% increase from the previous period.

Summary

USD
Revenue (FY, 2017)	558.2 m
Revenue growth (FY, 2016 - FY, 2017), %	1.4%
Gross profit (FY, 2017)	102.8 m
Gross profit margin (FY, 2017), %	18.4%
Net income (FY, 2017)	20.1 m
EBIT (FY, 2017)	15 m
Market capitalization (18-Apr-2018)	362.5 m
Cash (31-Dec-2017)	2.2 m
EV	576.4 m

Ducommun's current market capitalization is $362.5 m.

Source: SEC Filings

Income Statement

Annual

USD	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Revenue	742 m	666 m	550.6 m	558.2 m
Revenue growth, %	1%	(10%)	(17%)	1%
Cost of goods sold	601.7 m	565.2 m	444.4 m	455.4 m
Gross profit	140.3 m	100.8 m	106.2 m	102.8 m

Quarterly

USD	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018	Q3, 2017
Revenue	172.9 m	174.8 m	161.7 m	142.1 m	133.4 m	132.6 m	136.3 m	140.9 m	138.7 m
Cost of goods sold	146.2 m	143.6 m	141.6 m	115.2 m	107.2 m	107.3 m	111.4 m	114.7 m	112.7 m
Gross profit	26.8 m	31.2 m	20 m	27 m	26.2 m	25.2 m	24.9 m	26.2 m	26 m
Gross profit Margin, %	15%	18%	12%	19%	20%	19%	18%	19%	19%

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Source: SEC Filings

Balance Sheet

Annual

USD	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Cash	45.6 m	5.5 m	7.4 m	2.2 m
Accounts Receivable	91.1 m	77.1 m	76.2 m	74.1 m
Inventories	142.8 m	115.4 m	119.9 m	122.2 m
Current Assets	328.7 m	263.3 m	225.9 m	221 m

Quarterly

USD	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018	Q3, 2017
Cash	32.7 m	26.8 m	12.2 m	6.4 m	9.2 m	9.5 m	7.1 m	7.4 m	3.7 m
Accounts Receivable	90.9 m	91.2 m	86.2 m	77.7 m	76.9 m	73.8 m	71.6 m	82 m	78.5 m
Inventories	141.4 m	138 m	137.3 m	127.1 m	127.6 m	129.8 m	127.2 m	129.4 m	137.2 m
Current Assets	309.4 m	295 m	282.5 m	229.3 m	231.2 m	232.8 m	227.6 m	241.8 m	241.8 m

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Cash Flow

Annual

USD	FY, 2014	FY, 2015	FY, 2016	FY, 2017
Net Income	19.9 m	(74.9 m)	25.3 m	20.1 m
Depreciation and Amortization	29 m	26.8 m	22.9 m	22.8 m
Inventories	(2.3 m)	21 m	(5.2 m)	(533 k)
Accounts Payable	410 k	(14 m)	15.1 m	(4 m)

Quarterly

USD	Q1, 2016	Q2, 2016	Q3, 2016	Q1, 2017	Q2, 2017	Q3, 2017	Q1, 2018	Q2, 2018	Q3, 2017
Net Income	(2 m)	(191 k)	(9.7 m)	13.6 m	17.4 m	22.4 m	2.1 m	5.9 m	10.6 m
Depreciation and Amortization	6.9 m	13.4 m	20.1 m	5.9 m	11.3 m	17.4 m	5.8 m	11.5 m	17.1 m
Inventories	1.4 m	4.8 m	5.5 m	(12.4 m)	(12.9 m)	(15.1 m)	(7.3 m)	(9.5 m)	(15.5 m)
Accounts Payable	342 k	(4.1 m)	(7.6 m)	7.3 m	9.9 m	19.6 m	6.5 m	15 m	13.8 m

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Ratios

USD	Y, 2017
EV/EBIT	38.4 x
EV/CFO	16.3 x
Revenue/Employee	206.7 k
Debt/Equity	0.9 x
Debt/Assets	0.4 x
Financial Leverage	2.4 x

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Ducommun Operating Metrics

Ducommun's Backlog was reported to be $726.5m in FY, 2017.

	FY, 2014	Q1, 2015	Q3, 2015	FY, 2015	Q1, 2016	Q2, 2016	Q3, 2016	FY, 2016	Q1, 2017	Q2, 2017	Q3, 2017	FY, 2017
Backlog	$559.30 m	$538.28 m	$552.60 m	$574.40 m	$563.50 m	$537.18 m	$566.30 m	$600.30 m	$580.85 m	$610.60 m	$655.30 m	$726.50 m
Facilities	33			32				25				29

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Ducommun Acquisitions / Subsidiaries

Acquired Company	Date	Deal Size
LaBarge Acquisition Company, Inc.
CMP Display Systems, Inc.
Ducommun AeroStructures, Inc.
Ducommun AeroStructures New York, Inc.
LaBarge/STC, Inc.
Ducommun LaBarge Technologies, Inc. (Delaware)
Ducommun LaBarge Technologies, Inc. (Arizona)
Composite Structures, LLC
Ducommun AeroStructures Mexico, LLC
Ducommun (England) Ltd.