Ducommun (DCO) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $2.84 million, or $ 0.25 a share in the quarter, against a net loss of $65.17 million, or $5.88 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $5.07 million, or $0.45 a share compared with a net loss of $65.17 million, or $5.88 a share in the last year period.
Revenue during the quarter dropped 9 percent to $142.49 million from $156.58 million in the previous year period. Gross margin for the quarter expanded 494 basis points over the previous year period to 19.50 percent. Operating margin for the quarter period stood at positive 6.29 percent as compared to a negative 56.58 percent for the previous year period.
Operating income for the quarter was $8.96 million, compared with an operating loss of $88.60 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $8.96 million compared to negative $88.60 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 6.29 percent for the quarter compared to negative 56.58 percent in the last year period.
"Ducommun again posted improved operating results and excellent cash flow during the quarter, paying down an additional $10 million in debt before year end," said Stephen G. Oswald, president and chief executive officer. "For 2016 as a whole, we eliminated $75 million of indebtedness, and our backlog rose to $600 million due to recent commercial aerospace awards - leaving us very well positioned for 2017 and beyond.
Debt comes down significantlyDucommun has recorded a decline in total debt over the last one year. It stood at $166.90 million as on Dec. 31, 2016, down 30.66 percent or $73.79 million from $240.69 million on Dec. 31, 2015. Total debt was 32.38 percent of total assets as on Dec. 31, 2016, compared with 42.87 percent on Dec. 31, 2015. Debt to equity ratio was at 0.79 as on Dec. 31, 2016, down from 1.28 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
