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EX - 99.1 2 ex99_1q32021 earningsrelease.htm EX - 99.1 200 Sandpointe Avenue | Suite 700 Santa Ana , CA 92707-5759 657.335.3665 www.ducommun.com NEWS RELEASE EXHIBIT 99.1 Ducommun Ducommun Incorporated Reports Results for the Third Quarter Ended October 2 , 2021 Commercial Aerospace Business Returns to Growth ; Backlog * Increases to Highest Level Since Start of Pandemic SANTA ANA , CALIFORNIA ( November 2 , 2021 ) – Ducommun Incorporated ( NYSE : DCO ) ( “ Ducommun ” or the " Company " ) today reported results for its third quarter ended October 2 , 2021 . Third Quarter 2021 Recap • Revenue was $ 163.2 million • Net income of $ 9.6 million , or $ 0.78 per diluted share • Adjusted net income of $ 10.1 million , or $ 0.83 per diluted share • Adjusted EBITDA of $ 23.9 million , or 14.6 % of revenue . Backlog of $ 836 million “ Our performance this quarter came in essentially as expected , with another solid performance in Ducommun's defense business along with steadily increasing commercial aerospace demand driving top line growth both sequentially and year- over - year , " said Stephen G. Oswald , chairman , president and chief executive officer . " Revenue rose to $ 163.2 million , up 9 % over 2020 , as large commercial aircraft platform sales climbed more than 50 % due to increased build rates from Boeing and Airbus . At the same time , the Company's backlog increased to $ 836 million , the highest level since the COVID - 19 pandemic began in Q1 2020 , reflecting improving commercial order trends and solid demand across the board . " I was also pleased by the strong bottom line results , including adjusted EBITDA of $ 23.9 million and $ 0.83 per diluted share for the quarter . We remain vigilant in driving earnings and assessing the business for additional ways to increase asset utilization and streamline operations . One area of particular interest is Ducommun's review of our legacy Southern California industrial real estate properties , specifically with regards to utilizing sale - leaseback transactions in this extremely strong real estate market . In addition , the operating team continues to provide a high level of service to our customers and has effectively managed the Company's supply chain and human resources as we move forward to finish the year on a very positive note . " Third Quarter Results Net revenue for the third quarter of 2021 was $ 163.2 million compared to $ 150.4 million for the third quarter of 2020. The year - over - year increase of 8.5 % was primarily due to the following : • • $ 10.4 million higher revenue in the Company's commercial aerospace end - use markets due to higher build rates on large aircraft platforms and regional and business aircraft platforms ; and $ 2.6 million higher revenue in the Company's military and space end - use markets due to higher build rates on military fixed - wing aircraft platforms , partially offset by lower build rates on other military and space platforms . Net income for the third quarter of 2021 was $ 9.6 million , or $ 0.78 per diluted share , compared to $ 6.5 million , or $ 0.54 per diluted share , for the third quarter of 2020. This reflects a $ 1.9 million increase in gross profit due to higher revenue and lower restructuring charges of $ 1.1 million . 1