Ducommun Rises on Strong EarningsTuesday, August 6, 2013
Shares of Ducommun Inc. were up more than 13 percent to nearly $26 Tuesday, after the company reported better-than-expected second-quarter earnings after market closed Monday.
Revenue for the Carson aerospace and defense manufacturing company rose nearly 4 percent to $191 million. Net income was $5.5 million (51 cents a share), roughly the same from the same period a year earlier.
“Ducommun and the entire industry is benefiting from ongoing robust commercial aerospace demand,” Anthony J. Reardon, its chairman, president and chief executive, said in an earnings call on Monday.
Sales of parts for large commercial aircraft accounted for nearly 20 percent of Ducommun’s revenue in the second quarter, up 25 percent year-over-year. The company also posted solid results in the military and space markets, where uncertainty over federal budgets has cast a pall, according to Reardon.
Michael Crawford, an analyst with B Riley & Co LLC, writing in a note that both reported commercial and military aerospace sales were stronger than expected, increased his revenue projection for fiscal 2013 to $738 million from $725 million.