Ducommun Inc. Files Q3 2024 10-Q Report
Ticker: DCO · Form: 10-Q · Filed: Nov 7, 2024 · CIK: 30305
Sentiment: neutral
Topics: 10-Q, financials, aerospace, defense
TL;DR
Ducommun's Q3 2024 10-Q is in. Check financials for latest performance.
AI Summary
Ducommun Inc. filed its 10-Q for the period ending September 28, 2024, reporting on its financial performance. The filing details the company's financial position and results of operations for the third quarter and the year-to-date period of 2024, comparing it to the same periods in 2023. Key financial data and disclosures are provided as required by SEC regulations.
Why It Matters
This filing provides investors and analysts with the latest financial performance data for Ducommun Inc., crucial for understanding the company's current health and future prospects in the aerospace and defense sector.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing (10-Q) and does not inherently present new risks.
Key Numbers
- 26,000 — Shares (Indicates the scale of shares related to the company's filings.)
Key Players & Entities
- DUCOMMUN INC /DE/ (company) — Filer of the 10-Q report
- 20240928 (date) — End of the reporting period for the 10-Q
- 20241107 (date) — Filing date of the 10-Q
- COSTA MESA, CA (location) — Company's business and mailing address
FAQ
What is the reporting period for this 10-Q filing?
The 10-Q filing is for the period ending September 28, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 7, 2024.
What is the company's primary industry classification?
Ducommun Inc. is classified under 'AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC' with SIC code 3728.
Where is Ducommun Inc. headquartered?
Ducommun Inc.'s business and mailing address is located at 600 Anton Boulevard, Suite 1100, Costa Mesa, CA 92626.
What fiscal year end does Ducommun Inc. observe?
Ducommun Inc.'s fiscal year ends on December 31.
Filing Stats: 4,541 words · 18 min read · ~15 pages · Grade level 19.2 · Accepted 2024-11-07 06:24:23
Filing Documents
- dco-20240928.htm (10-Q) — 1417KB
- exhibit10_1xdcoretirementp.htm (EX-10.1) — 22KB
- dco-q3202410xqex31_1.htm (EX-31.1) — 10KB
- dco-q3202410xqxex31_2.htm (EX-31.2) — 10KB
- dco-q3202410xqxex32.htm (EX-32) — 9KB
- 0001628280-24-045949.txt ( ) — 6703KB
- dco-20240928.xsd (EX-101.SCH) — 44KB
- dco-20240928_cal.xml (EX-101.CAL) — 69KB
- dco-20240928_def.xml (EX-101.DEF) — 209KB
- dco-20240928_lab.xml (EX-101.LAB) — 488KB
- dco-20240928_pre.xml (EX-101.PRE) — 357KB
- dco-20240928_htm.xml (XML) — 940KB
. 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 September 28, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 28, 2024 and September 30, 2023 6 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 28, 2024 and September 30, 2023 7 Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three and Nine Months Ended September 28, 2024 and September 30, 2023 8 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 28, 2024 and September 30, 2023 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 27
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 39
Controls and Procedures
Item 4. Controls and Procedures 40
. OTHER INFORMATION
PART II . OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 41
Risk Factors
Item 1A. Risk Factors 41
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 41
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 41
Other Information
Item 5. Other Information 41
Exhibits
Item 6. Exhibits 42
Signatures
Signatures 43 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) September 28, 2024 December 31, 2023 Assets Current Assets Cash and cash equivalents $ 37,266 $ 42,863 Accounts receivable, net of allowance for credit losses of $ 2,681 and $ 2,006 at September 28, 2024 and December 31, 2023, respectively 107,730 104,692 Contract assets 221,434 177,686 Inventories 185,773 199,201 Production cost of contracts 5,650 7,778 Other current assets 12,507 17,349 Total Current Assets 570,360 549,569 Property and Equipment, Net of Accumulated Depreciation of $ 191,685 and $ 181,412 at September 28, 2024 and December 31, 2023, respectively 109,652 111,379 Operating Lease Right-of-Use Assets 30,613 29,513 Goodwill 244,600 244,600 Intangibles, Net 153,779 166,343 Deferred Income Taxes 5,107 641 Other Assets 15,806 18,874 Total Assets $ 1,129,917 $ 1,120,919 Liabilities and Shareholders' Equity Current Liabilities Accounts payable $ 75,430 $ 72,265 Contract liabilities 36,875 53,492 Accrued and other liabilities 46,126 42,260 Operating lease liabilities 8,328 7,873 Current portion of long-term debt 10,938 7,813 Total Current Liabilities 177,697 183,703 Long-Term Debt, Less Current Portion 245,988 256,961 Non-Current Operating Lease Liabilities 23,361 22,947 Deferred Income Taxes 496 4,766 Other Long-Term Liabilities 16,803 16,448 Total Liabilities 464,345 484,825 Commitments and Contingencies (Notes 10, 12) Shareholders' Equity Common Stock - $ 0.01 par value; 35,000,000 shares authorized; 14,776,627 and 14,600,766 shares issued and outstanding at September 28, 2024 and December 31, 2023, respectively 148 146 Additional Paid-In Capital 213,471 206,197 Retained Earnings 446,701 421,980 Accumulated Other Comprehensive Income 5,252 7,771 Total Shareholders' Equity 665,572 636,094 Total Liabilities and Shareholders' Equity $ 1,12