Ducommun Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>Ducommun Inc. filed its quarterly report (10-Q) for the period ending March 30, 2024, detailing its financial performance and operational status.</b>

AI Summary

DUCOMMUN INC /DE/ (DCO) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Ducommun Inc. filed a 10-Q report for the period ending March 30, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 31st. Ducommun Inc. is incorporated in Delaware. The company's primary SIC code is 3728 for Aircraft Part & Auxiliary Equipment, NEC.

Why It Matters

For investors and stakeholders tracking DUCOMMUN INC /DE/, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational insights for Ducommun Inc. for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, performance trends, and future outlook in the aerospace and defense sector.

Risk Assessment

Risk Level: low — DUCOMMUN INC /DE/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand revenue trends and profitability drivers for Ducommun Inc.

Key Numbers

• 20240330 — Period of Report (Conformed period of report)
• 20240508 — Filing Date (Filed as of date)
• 3728 — SIC Code (Standard Industrial Classification)
• DE — State of Incorporation (State of incorporation)

Key Players & Entities

• DUCOMMUN INC /DE/ (company) — Filer name
• 20240330 (date) — Period of report
• 20240508 (date) — Filing date
• 3728 (other) — Standard Industrial Classification
• DE (other) — State of incorporation
• 1934 Act (other) — SEC Act
• SANTA ANA (location) — Business address city
• 657-335-3665 (phone) — Business phone

FAQ

Industry Context

Ducommun Inc. operates in the Aircraft Part & Auxiliary Equipment sector, supplying components and systems to the aerospace and defense industries.

Regulatory Implications

The filing is a standard 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Examine segment performance data for insights into market demand.
3. Review any disclosed risk factors or management discussion for potential concerns.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 30, 2024. Previous filings would include the 10-K annual report and prior 10-Q filings.

Filing Documents

• dco-20240330.htm (10-Q) — 1109KB
• dco-q1202410xqex31_1.htm (EX-31.1) — 10KB
• dco-q1202410xqxex31_2.htm (EX-31.2) — 10KB
• dco-q1202410xqxex32.htm (EX-32) — 9KB
• 0001628280-24-021349.txt (&nbsp;) — 5915KB
• dco-20240330.xsd (EX-101.SCH) — 43KB
• dco-20240330_cal.xml (EX-101.CAL) — 68KB
• dco-20240330_def.xml (EX-101.DEF) — 208KB
• dco-20240330_lab.xml (EX-101.LAB) — 484KB
• dco-20240330_pre.xml (EX-101.PRE) — 353KB
• dco-20240330_htm.xml (XML) — 765KB

. FINANCIAL INFORMATION

PART I . FINANCIAL INFORMATION

Forward Looking Statements

Forward Looking Statements 3

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 5 Condensed Consolidated Balance Sheets as of March 30, 202 4 and December 31, 20 23 5 Condensed Consolidated Statements of Income for the Three Months Ended March 30, 202 4 and April 1, 20 23 6 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 30, 202 4 and April 1, 20 23 7 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 30, 202 4 and April 1, 20 23 8 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 30, 202 4 and April 1, 20 23 9 Notes to Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 37

Controls and Procedures

Item 4. Controls and Procedures 38

. OTHER INFORMATION

PART II . OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 38

Risk Factors

Item 1A. Risk Factors 38

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 40

Signatures

Signatures 41 2 Table of Contents

FORWARD-LOOKING STATEMENTS AND RISK FACTORS

FORWARD-LOOKING STATEMENTS AND RISK FACTORS This Quarterly Report on Form 10-Q ("Form 10-Q") contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, followed by or include words such as "could," "may," "believe," "expect," "anticipate," "plan," "estimate," "expect," "would," or similar expressions. These statements are based on the beliefs and assumptions of our management at the time such statements are made. Generally, forward-looking statements include information concerning our possible or assumed future actions, events or results of operations. Forward-looking statements specifically include, without limitation, the information in this Form 10-Q regarding: future sales, earnings, cash flow, revenue recognition, uses of cash and other measures of financial performance, projections or expectations for future operations, including costs to complete contracts, goodwill impairment evaluations, useful life of intangible assets, unrecognized tax benefits and effective tax rate, environmental remediation costs, insurance recoveries, industry trends and expectations, including ramp up times for build rates, our plans with respect to restructuring activities, capital expenditures, completed acquisitions, future acquisitions and dispositions and expected business opportunities that may be available to us. Although we believe that the expectations reflected in the forward-looking statements are based on reasonable assumptions, these forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. We cannot guarantee future results, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. All written and oral forward-looking statements made in connection w

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Ducommun Incorporated and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands, except share and per share data) March 30, 2024 December 31, 2023 Assets Current Assets Cash and cash equivalents $ 32,066 $ 42,863 Accounts receivable, net of allowance for credit losses of $ 2,071 and $ 2,006 at March 30, 2024 and December 31, 2023, respectively 104,499 104,692 Contract assets 197,056 177,686 Inventories 208,959 199,201 Production cost of contracts 7,977 7,778 Other current assets 13,388 17,349 Total Current Assets 563,945 549,569 Property and Equipment, Net of Accumulated Depreciation of $ 184,926 and $ 181,412 at March 30, 2024 and December 31, 2023, respectively 112,108 111,379 Operating Lease Right-of-Use Assets 27,489 29,513 Goodwill 244,600 244,600 Intangibles, Net 162,080 166,343 Deferred Income Taxes 641 641 Other Assets 21,190 18,874 Total Assets $ 1,132,053 $ 1,120,919 Liabilities and Shareholders' Equity Current Liabilities Accounts payable $ 84,293 $ 72,265 Contract liabilities 57,790 53,492 Accrued and other liabilities 29,311 42,260 Operating lease liabilities 7,745 7,873 Current portion of long-term debt 9,375 7,813 Total Current Liabilities 188,514 183,703 Long-Term Debt, Less Current Portion 253,929 256,961 Non-Current Operating Lease Liabilities 21,016 22,947 Deferred Income Taxes 4,439 4,766 Other Long-Term Liabilities 18,608 16,448 Total Liabilities 486,506 484,825 Commitments and Contingencies (Notes 10, 12) Shareholders' Equity Common Stock - $ 0.01 par value; 35,000,000 shares authorized; 14,706,626 and 14,600,766 shares issued and outstanding at March 30, 2024 and December 31, 2023, respectively 147 146 Additional Paid-In Capital 206,557 206,197 Retained Earnings 428,829 421,980 Accumulated Other Comprehensive Income 10,014 7,771 Total Shareholders' Equity 645,547 636,094 Total Liabilities and Shareholders' Equity $ 1,132,053 $ 1,120,91

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View this 10-Q filing on SEC EDGAR