Ducommun Q1 revenue up 4% to $163.5M; record backlog $943M; restructuring plan announced

DUCOMMUN INC /DE/

2022-Q1 EPS reported $0.66 revenue$163,481,000

Net income $8.1M ($0.66 diluted EPS); adjusted EPS $0.67; revenue $163.5M, +4% YoY.
Record backlog of $943M; commercial aerospace revenue +$18.7M, military/space -$14.8M.
Restructuring: $10-14M pre-tax charges over 12 months; expects $3-4M annualized savings from 2023.
Paid down $30M on term loans during Q1 using sale-leaseback proceeds.
Gross margin 19.9% vs 21.1% YoY; adjusted EBITDA $20.1M (12.3% of revenue).

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