DCO Ducommun Inc

Ducommun Incorporated (“Ducommun,” “the Company,” “we,” “us” or “our”) is a leading global provider of engineering and manufacturing services for high-performance products and high-cost-of failure applications used primarily in the aerospace and defense (“A&D”), industrial, medical and other industries (collectively, “Industrial”). Ducommun differentiates itself as a full-service solution-based provider, offering a wide range of value-added advanced products and services in our primary businesses of electronics, structures, and integrated solutions. We operate through two primary business segments: Electronic Systems and Structural Systems. We are the successor to a business that was founded in California in 1849 and reincorporated in Delaware in 1970.

Company profile

Ticker

DCO

Exchange

NYSE

Website

www.ducommun.com

CEO

Stephen G. Oswald

Incorporated in

Delaware

Location

California

Fiscal year end

Dec 31

Sector

Electronic Technology > Aerospace & Defense

Industry (SEC)

Aircraft Parts & Auxiliary Equipment, NEC

Spirit Aerosystems • Elbit Systems • Transdigm • Park Aerospace • Astronics • CPI Aerostructures • Air Industries • As-ip Tech • Breeze-eastern • U.S. Aerospace ...

SEC CIK

0000030305

Corporate docs

Articles of Incorporation & Bylaws

IRS number

950693330

DCO stock data

S&P 500

1M 1Y 2Y 5Y

Calendar

30 Apr 20

14 Jul 20

31 Dec 20

News

Company financial data Financial data

Chart DCO financial data

Quarter (USD)	Mar 20	Dec 19	Sep 19	Jun 19
Revenue	173.48M	186.93M	181.1M	180.5M
Net income	7.93M	8.87M	8.3M	7.82M
Diluted EPS	0.67	0.75	0.7	0.66
Net profit margin	4.57%	4.75%	4.58%	4.33%
Operating income	13.63M	15.18M	14.6M	13.6M
Net change in cash	26.02M	33.2M	3.09M	-440K
Cash on hand	65.6M	39.58M	6.38M	3.29M
Cost of revenue	136.67M	146.82M	142.77M	142.43M

Annual (USD)	Dec 19	Dec 18	Dec 17	Dec 16
Revenue	721.09M	629.31M	558.18M	550.64M
Net income	32.46M	9.04M	20.08M	25.26M
Diluted EPS	2.75	0.77	1.74	2.24
Net profit margin	4.50%	1.44%	3.60%	4.59%
Operating income	56.23M	23.92M	15.63M	29.22M
Net change in cash	29.32M	8.11M	-5.28M	1.98M
Cash on hand	39.58M	10.26M	2.15M	7.43M
Cost of revenue	568.89M	506.71M	455.05M	444.1M

Financial data from Ducommun earnings reports

Recent insider trades

DCO insider ownership history Insider history

Date	Owner	Security	Transaction	Code	10b5-1	$Price	#Shares	$Value	#Remaining
17 Jun 20	Rogers Rose F	Common Stock	Payment of exercise	Dispose F	No	35.59	546	19.43K	33,627
17 Jun 20	Wampler Christopher D.	Common Stock	Payment of exercise	Dispose F	No	35.59	479	17.05K	19,658
17 Jun 20	Redondo Jerry L	Common Stock	Payment of exercise	Dispose F	No	35.59	595	21.18K	35,645
17 Jun 20	Tata Rajiv A.	Common Stock	Payment of exercise	Dispose F	No	35.59	68	2.42K	5,995
17 Jun 20	Stephen G Oswald	Common Stock	Payment of exercise	Dispose F	No	35.59	2,601	92.57K	213,597

Data from 3, 4 and 5 filings. Stock values as filed, not updated for current price.

Institutional ownership Q1 2020

DCO institutional ownership history Ownership history

13F holders	Current	Prev Q	Change
Total holders	1412	1459	-3.2%
Opened positions	103	182	-43.4%
Closed positions	150	100	+50.0%
Increased positions	557	608	-8.4%
Reduced positions	568	459	+23.7%

13F shares	Current	Prev Q	Change
Total value	37.89B	42.45B	-10.8%
Total shares	468.56M	465.46M	+0.7%
Total puts	2.41M	2.95M	-18.5%
Total calls	3.93M	3.54M	+11.0%
Total put/call ratio	0.6	0.8	-26.6%

Largest owners	Shares	Value	Change
Vanguard	63.77M	$5.16B	+3.0%
BLK BlackRock	52.64M	$4.26B	-0.2%
STT State Street	40.58M	$3.28B	+1.8%
Massachusetts Financial Services	24.68M	$2B	+1.7%
Wellington Management	15.41M	$1.25B	+14.8%
IVZ Invesco	12.17M	$984.07M	+1.1%
BEN Franklin Resources	11.22M	$907.79M	-10.0%
Geode Capital Management	10.85M	$877.56M	+0.7%
NTRS Northern Trust	9.42M	$761.99M	-2.9%
LGEN Legal & General	7.24M	$586.04M	+1.8%

Largest transactions	Shares	Bought/sold	Change
Wellington Management	15.41M	+1.99M	+14.8%
Vanguard	63.77M	+1.83M	+3.0%
Citadel Advisors	3.72M	+1.57M	+73.1%
Capital Research Global Investors	6.82M	+1.49M	+27.9%
Maple-Brown Abbott	1.45M	+1.45M	NEW
FMR	6.91M	-1.4M	-16.9%
BEN Franklin Resources	11.22M	-1.25M	-10.0%
FHI Federated Hermes	4.99M	-1.16M	-18.9%
D. E. Shaw & Co.	2.63M	+1.12M	+73.9%
JPM JPMorgan Chase & Co.	3.08M	+1.01M	+48.6%

Data from 13F filings. Stock values as filed, not updated for current price. Long positions only.

Financial report summary

Competition

IEC Electronics • CPI Aerostructures • API Technologies

Risks

The outbreak of the COVID-19 coronavirus could have a material adverse effect on our business, results of operations and financial condition.

Management Discussion

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ducommun Incorporated (“Ducommun,” “the Company,” “we,” “us” or “our”) is a leading global provider of engineering and manufacturing services for high-performance products and high-cost-of failure applications used primarily in the aerospace and defense (“A&D”), industrial, medical and other industries (collectively, “Industrial”). We differentiate ourselves as a full-service solution-based provider, offering a wide range of value-added products and services in our primary businesses of electronics, structures and integrated solutions. We operate through two primary business segments: Electronic Systems and Structural Systems, each of which is a reportable segment.
The outbreak of the COVID-19 coronavirus has been declared a pandemic by the World Health Organization during our first quarter of 2020 but did not have a significant impact to our overall business during the three months ended March 28, 2020. However, during the latter part of our first quarter and subsequent to our quarter end, the COVID-19 pandemic has grown, causing non-essential businesses to shut down and many people to observe the shelter-in-place directive from our government. The COVID-19 pandemic is beginning to contribute to a general slowdown in the global economy and if it continues for an extended period of time, it could adversely impact the businesses of our customers and suppliers, as well as our results of operations and financial condition for some portion, if not the remainder, of 2020. See Risk Factors included in Part II, Item 1A of this Form 10-Q.

Content analysis ?

Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability	H.S. sophomore Avg

New words: Aid, approximately, assembled, attributable, built, Bulletin, burden, certainty, cessation, chose, clarity, consideration, consume, declared, delayed, disrupt, distribution, downturn, driven, ease, economy, essentially, Facilitation, factor, failed, flat, forma, fully, gain, grown, health, hold, instituted, largest, macroeconomic, MAX, methodology, outbreak, pandemic, passing, people, precautionary, preliminary, Pro, prolonged, proportionally, Public, recent, recession, refinancing, refinement, reform, relief, remotely, renamed, rest, resumed, royalty, seller, set, shut, simultaneously, slowdown, spread, statute, succession, teleconferencing, temporarily, travel, workforce, world

Removed: achieve, allocate, analyzed, application, applying, approved, Certified, charge, choose, Clarita, classification, classified, commodity, comparing, concurrent, concurrently, core, creditor, CTP, discussed, earliest, eliminate, entity, event, exceed, exit, expired, extruded, face, Finally, forecast, forecasted, implemented, improved, initially, input, interrelated, involvement, July, LLC, long, measuring, met, modified, multiple, negative, opening, precision, previously, productivity, profile, project, receiving, relationship, restructuring, retained, retrospective, sale, Santa, satisfying, scale, simplify, standalone, subsequently, Targeted, thermoplastic, transition, transparency, typical, write

From filing 10-Q 2020 Q1