News and Information
Ducommun Incorporated

PRESS RELEASE: 05/10/2018

Ducommun Reports Results for the First Quarter Ended March 31, 2018

Record Backlog; Restructuring on Track; Acquisition of Certified Thermoplastics Complete
SANTA ANA, California (May 10, 2018) – Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today reported results for its first quarter ended March 31, 2018.
First Quarter 2018 Highlights*

  1. Revenue of $150.5 million
  2. Net income of $2.6 million, or $0.22 per diluted share
  3. Adjusted net income of $2.9 million, or $0.25 per diluted share
  4. Adjusted EBITDA of $14.5 million
  5. Backlog of $820 million
  6. Completed the acquisition of Certified Thermoplastics Co., LLC after quarter end

“I’m pleased to report that we had another good quarter of progress at Ducommun as we position the Company for greater growth and higher margins through the rest of this year,” said Stephen G. Oswald, chairman, president and chief executive officer. “We are seeing meaningful change in many areas of our operations and booked $2.2 million of restructuring charges during the period, primarily impacting our structures operations. Overall, we remain on track to reduce about 17% of our total footprint going forward. We also continued to reduce costs through a leaner organization and are confident of achieving approximately $14 million of annualized savings by the start of 2019. A visible highlight of our efforts is already being realized as the structures’ segment margins increased 100 basis points sequentially from the fourth quarter, on an adjusted basis, and I am expecting further gains as we drive excellence in that area along with the rest of the Company this year.
“Even while implementing major changes and significant cost-saving initiatives, our high level of dedication, service and teamwork has prevented any major customer or organizational disruptions. In fact, we again hit a record backlog this quarter -- now nearly $820 million -- reflecting growth across nearly all aspects of the Company’s markets and customer segments. We also generated over $10 million of operating cash flow and, in April, completed the acquisition of Certified Thermoplastics, a cutting-edge supplier of engineered resins, compounds and alloys. Due to the ongoing strong demand trends within the commercial aerospace industry and greater visibility in Washington with regard to defense spending, we are very confident that Ducommun is on the right path to higher financial performance.”
*All financial statements in this report (and henceforth) recognize the implementation of the FASB Accounting Standards Codification Topic 606 (“ASC 606”), covering policies on revenue recognition. In some instances herein a reference is made to the prior ASC, Topic 605 (“ASC 605”), for comparative purposes. Please see the non-GAAP measures starting on page 8 herein and the Company’s Annual Report on Form 10-K and Form 10-Q filings with the Securities and Exchange Commission for further description of this change.
First Quarter Results
Net revenue for the first quarter of 2018 was $150.5 million compared to $136.3 million for the first quarter of 2017. The year-over-year increase was primarily due to the following:

  1. $14.1 million higher revenue in the Company’s commercial aerospace end-use markets: $5.8 million of the increase was related to the adoption of ASC 606 with the remaining mainly due to increased build rates which favorably impacted the Company’s large aircraft platforms; and
  2. $2.9 million higher revenue in the Company’s military and space end-use markets: $6.5 million of the increase was related to the adoption of ASC 606 with the remaining decrease mainly due to shipment timing; partially offset by
  3. $2.8 million lower revenue in the Company’s industrial end-use markets: $0.4 million of the decrease was related to the adoption of ASC 606.

Net income for the first quarter of 2018 was $2.6 million, or $0.22 per diluted share, compared to $2.1 million, or $0.18 per diluted share, for the first quarter of 2017. The year-over-year increase was primarily due to the following:

  1. $1.8 million of higher gross profit mainly due to higher revenue;
  2. $1.5 million of lower selling, general and administrative expenses; and
  3. $0.6 million of lower income tax expense; partially offset by
  4. $2.2 million of higher restructuring charges; and
  5. $1.2 million of higher interest expense.

Gross profit for the first quarter of 2018 was $26.8 million, or 17.8% of revenue compared to gross profit of $25.0 million, or 18.3% of revenue, for the first quarter of 2017 (0.2% of the decrease was due to the adoption of ASC 606). The remaining decrease in gross margin percentage year-over-year was primarily due to higher other manufacturing costs, partially offset by higher manufacturing volume.
Operating income for the first quarter of 2018 was $5.3 million, or 3.5% of revenue, compared to $4.3 million, or 3.1% of revenue, in the comparable period last year. The 23.6% year-over-year increase was primarily due to higher revenue, partially offset by restructuring charges.
Interest expense for the first quarter of 2018 was $2.9 million compared to $1.7 million in the comparable period of 2017. The year-over-year increase was primarily due to a higher outstanding balance on the revolving credit facility, mainly due to the acquisition of Lightning Diversion Systems, LLC during the third quarter of 2017 and higher interest rates.
Adjusted EBITDA for the first quarter of 2018 was $14.5 million, or 9.6% of revenue, compared to $11.9 million, or 8.7% of revenue, for the comparable period in 2017, an increase of 22.3%.
During the first quarter of 2018, the Company generated $10.3 million of cash flow from operations compared to $13.2 million during the first quarter of 2017.
The Company’s backlog as of March 31, 2018 was $820 million compared to $726 million as of December 31, 2017, an increase of 12.8%.
Electronic Systems
Electronic Systems segment net revenue for the current-year first quarter was $82.4 million, compared to $78.7 million for the first quarter of 2017. The year-over-year increase was primarily due to the following:

  1. $5.6 million higher revenue within the Company’s military and space end-use markets: $6.1 million of the increase was related to the adoption of ASC 606 with the remaining decrease mainly due to shipment timing; and
  2. $0.9 million higher revenue within the Company’s commercial aerospace end-use markets: $0.8 million of the increase was related to the adoption of ASC 606; partially offset by
  3. $2.8 million lower revenue within the Company's Industrial end-use markets: $0.4 million of the decrease was related to the adoption of ASC 606.

Electronic Systems’ segment operating income was $5.7 million, or 7.0% of revenue, for the first quarter of 2018 compared to $7.1 million, or 9.0% of revenue, for the comparable quarter in 2017. The year-over-year decrease was primarily due to unfavorable product mix, restructuring charges, higher other manufacturing costs, partially offset by favorable manufacturing volume.
Structural Systems
Structural Systems segment net revenue for the current-year first quarter was $68.0 million, compared to $57.6 million for the first quarter of 2017. The year-over-year increase was primarily due to the following:

  1. $13.2 million higher revenue within the Company’s commercial aerospace end-use markets: $5.1 million of the increase was related to the adoption of ASC 606 with the remaining mainly due to increased build rates which favorably impacted the Company’s large aircraft platforms; partially offset by
  2. $2.7 million lower revenue within the Company’s military and space end-use markets: $0.5 million increase was related to the adoption of ASC 606 with the remaining mainly due to shipment timing.

Structural Systems segment operating income for the current-year first quarter was $4.4 million, or 6.5% of revenue, compared to $2.8 million, or 4.8% of revenue, for the first quarter of 2017. The year-over-year increase of $1.6 million was primarily due to higher manufacturing volume, favorable product mix, and cost reductions, partially offset by restructuring charges.
Corporate General and Administrative (“CG&A”) Expenses
CG&A expenses for the first quarter of 2018 were $4.9 million, or 3.2% of total Company revenue, compared to $5.6 million, or 4.1% of total Company revenue, for the comparable quarter in the prior year, a 12.5% decrease. The year-over-year decrease was primarily due to lower compensation and benefit costs as a result of the restructuring activities of $1.4 million, partially offset by higher professional services fees of $0.5 million.
Conference Call
A teleconference hosted by Stephen G. Oswald, the Company’s chairman, president, and chief executive officer, and Douglas L. Groves, the Company’s vice president, chief financial officer and treasurer, will be held today, May 10, 2018 at 2:00 p.m. PT (5:00 p.m. ET) to review these financial results. To participate in the teleconference, please call 844-239-5278 (international 574-990-1017) approximately ten minutes prior to the conference time. The participant passcode is 1979663. Mr. Oswald and Mr. Groves will be speaking on behalf of the Company and anticipate the call (including Q&A) to last approximately 45 minutes.
This call is being webcast and can be accessed directly at the Ducommun website at www.ducommun.com. Conference call replay will be available after that time at the same link or by dialing 855-859-2056, passcode 1979663.
About Ducommun Incorporated
Ducommun Incorporated delivers value-added innovative manufacturing solutions to customers in the aerospace, defense and industrial markets. Founded in 1849, the Company specializes in two core areas - Electronic Systems and Structural Systems - to produce complex products and components for commercial aircraft platforms, mission-critical military and space programs, and sophisticated industrial applications. For more information, visit www.ducommun.com.
Forward Looking Statements
This press release and any attachments include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, earnings guidance, the Company’s restructuring plan and any statements about the Company’s plans, strategies and prospects. The Company generally uses the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend” and similar expressions in this press release and any attachments to identify forward-looking statements. The Company bases these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: whether the anticipated pre-tax restructuring charges will be sufficient to address all anticipated restructuring costs, including related to employee separation, facilities consolidation, inventory write-down and other asset impairments; whether the expected cost savings from the restructuring will ultimately be obtained in the amount and during the period anticipated; whether the restructuring in the affected areas will be sufficient to build a more cost efficient, focused, higher margin enterprise with higher returns for the Company's shareholders; the impact of the Company’s debt service obligations and restrictive debt covenants; the Company’s end-use markets are cyclical; the Company depends upon a selected base of industries and customers; a significant portion of the Company’s business depends upon U.S. Government defense spending; the Company is subject to extensive regulation and audit by the Defense Contract Audit Agency; contracts with some of the Company’s customers contain provisions which give the its customers a variety of rights that are unfavorable to the Company; further consolidation in the aerospace industry could adversely affect the Company’s business and financial results; the Company’s ability to successfully make acquisitions, including its ability to successfully integrate, operate or realize the projected benefits of such businesses; the Company relies on its suppliers to meet the quality and delivery expectations of its customers; the Company uses estimates when bidding on fixed-price contracts which estimates could change and result in adverse effects on its financial results; the impact of existing and future laws and regulations; the impact of existing and future accounting standards and tax rules and regulations; environmental liabilities could adversely affect the Company’s financial results; cyber security attacks, internal system or service failures may adversely impact the Company’s business and operations; and other risks and uncertainties, including those detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause the Company’s results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company’s filings with the Securities and Exchange Commission (which are available from the SEC’s EDGAR database at www.sec.gov, at various SEC reference facilities in the United States and through the Company’s website).
Note Regarding Non-GAAP Financial Information
This release contains non-GAAP financial measures, including Adjusted EBITDA (which excludes interest expense, income tax [benefit] expense, depreciation, amortization, stock-based compensation expense, and restructuring charges).
The Company believes the presentation of these non-GAAP measures provide important supplemental information to management and investors regarding financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. The Company discloses different non-GAAP financial measures in order to provide greater transparency and to help the Company’s investors to more meaningfully evaluate and compare Ducommun’s results to its previously reported results. The non-GAAP financial measures that the Company uses may not be comparable to similarly titled financial measures used by other companies. We define backlog as potential revenue and is based on customer placed purchase orders and long-term agreements (“LTAs”) with firm fixed price and firm delivery dates of 24 months or less. The majority of the LTAs do not meet the definition of a contract under ASC 606 and thus, the backlog amount disclosed herein is greater than the backlog amount disclosed under ASC 606. Backlog is subject to delivery delays or program cancellations, which are beyond our control. Backlog is affected by timing differences in the placement of customer orders and tends to be concentrated in several programs to a greater extent than our net revenues. Backlog in industrial markets tends to be of a shorter duration and is generally fulfilled within a three month period. As a result of these factors, trends in our overall level of backlog may not be indicative of trends in our future net revenues.
CONTACTS:


Douglas L. Groves, Vice President, Chief Financial Officer and Treasurer, 657.335.3665

Chris Witty, Investor Relations, 646.438.9385, cwitty@darrowir.com

DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

 

 

March 31,
2018

 

December 31,
2017

Assets

 

 

 

 

Current Assets

 

 

 

 

Cash and cash equivalents

 

$

1,797

 

 

$

2,150

 

Accounts receivable, net

 

64,915

 

 

74,064

 

Contract assets

 

78,163

 

 

 

Inventories

 

85,932

 

 

122,161

 

Production cost of contracts

 

11,181

 

 

11,204

 

Other current assets

 

12,503

 

 

11,435

 

Total Current Assets

 

254,491

 

 

221,014

 

Property and equipment, Net

 

110,031

 

 

110,252

 

Goodwill

 

117,435

 

 

117,435

 

Intangibles, net

 

112,154

 

 

114,693

 

Non-current deferred income taxes

 

147

 

 

261

 

Other assets

 

3,311

 

 

3,098

 

Total Assets

 

$

597,569

 

 

$

566,753

 

Liabilities and Shareholders’ Equity

 

 

 

 

Current Liabilities

 

 

 

 

Accounts payable

 

$

65,042

 

 

$

51,907

 

Contract liabilities

 

15,723

 

 

 

Accrued liabilities

 

22,469

 

 

28,329

 

Total Current Liabilities

 

103,234

 

 

80,236

 

Long-term debt, less current portion

 

209,710

 

 

216,055

 

Non-current deferred income taxes

 

15,775

 

 

15,981

 

Other long-term liabilities

 

21,543

 

 

18,898

 

Total Liabilities

 

350,262

 

 

331,170

 

Commitments and contingencies

 

 

 

 

Shareholders’ Equity

 

 

 

 

Common stock

 

114

 

 

113

 

Additional paid-in capital

 

80,523

 

 

80,223

 

Retained earnings

 

173,652

 

 

161,364

 

Accumulated other comprehensive loss

 

(6,982

)

 

(6,117

)

Total Shareholders’ Equity

 

247,307

 

 

235,583

 

Total Liabilities and Shareholders’ Equity

 

$

597,569

 

 

$

566,753

 

DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)

 

 

Three Months Ended

 

 

March 31,
2018

 

April 1,
2017

Net Revenues

 

$

150,455

 

 

$

136,297

 

Cost of Sales

 

123,700

 

 

111,292

 

Gross Profit

 

26,755

 

 

25,005

 

Selling, General and Administrative Expenses

 

19,326

 

 

20,753

 

Restructuring Charges

 

2,173

 

 

 

Operating Income

 

5,256

 

 

4,252

 

Interest Expense

 

(2,899

)

 

(1,745

)

Income Before Taxes

 

2,357

 

 

2,507

 

Income Tax (Benefit) Expense

 

(243

)

 

392

 

Net Income

 

$

2,600

 

 

$

2,115

 

Earnings Per Share

 

 

 

 

Basic earnings per share

 

$

0.23

 

 

$

0.19

 

Diluted earnings per share

 

$

0.22

 

 

$

0.18

 

Weighted-Average Number of Common Shares Outstanding

 

 

 

 

Basic

 

11,346

 

 

11,208

 

Diluted

 

11,613

 

 

11,495

 

 

 

 

 

 

Gross Profit %

 

17.8

%

 

18.3

%

SG&A %

 

12.8

%

 

15.2

%

Operating Income %

 

3.5

%

 

3.1

%

Net Income %

 

1.7

%

 

1.6

%

Effective Tax (Benefit) Rate

 

(10.3

)%

 

15.6

%


DUCOMMUN INCORPORATED AND SUBSIDIARIES
BUSINESS SEGMENT PERFORMANCE
(Unaudited)
(In thousands)

 

 

Three Months Ended

 

 

%
Change

 

March 31,
2018

 

April 1,
2017

 

%
of Net  Revenues
2018

 

%
of Net  Revenues
2017

Net Revenues

 

 

 

 

 

 

 

 

 

 

Structural Systems

 

18.2

%

 

$

68,046

 

 

$

57,575

 

 

45.2

%

 

42.2

%

Electronic Systems

 

4.7

%

 

82,409

 

 

78,722

 

 

54.8

%

 

57.8

%

Total Net Revenues

 

10.4

%

 

$

150,455

 

 

$

136,297

 

 

100.0

%

 

100.0

%

Segment Operating Income

 

 

 

 

 

 

 

 

 

 

Structural Systems

 

 

 

$

4,391

 

 

$

2,784

 

 

6.5

%

 

4.8

%

Electronic Systems

 

 

 

5,744

 

 

7,104

 

 

7.0

%

 

9.0

%

 

 

 

 

10,135

 

 

9,888

 

 

 

 

 

Corporate General and Administrative Expenses (1)

 

 

 

(4,879

)

 

(5,636

)

 

(3.2

)%

 

(4.1

)%

Total Operating Income

 

 

 

$

5,256

 

 

$

4,252

 

 

3.5

%

 

3.1

%

Adjusted EBITDA

 

 

 

 

 

 

 

 

 

 

Structural Systems

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

$

4,391

 

 

$

2,784

 

 

 

 

 

Depreciation and Amortization

 

 

 

2,316

 

 

2,352

 

 

 

 

 

Restructuring Charges

 

 

 

1,526

 

 

 

 

 

 

 

 

 

 

 

8,233

 

 

5,136

 

 

12.1

%

 

8.9

%

Electronic Systems

 

 

 

 

 

 

 

 

 

 

Operating Income

 

 

 

5,744

 

 

7,104

 

 

 

 

 

Depreciation and Amortization

 

 

 

3,632

 

 

3,423

 

 

 

 

 

Restructuring Charges

 

 

 

520

 

 

 

 

 

 

 

 

 

 

 

9,896

 

 

10,527

 

 

12.0

%

 

13.4

%

Corporate General and Administrative Expenses (1)

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

 

(4,879

)

 

(5,636

)

 

 

 

 

Depreciation and Amortization

 

 

 

33

 

 

7

 

 

 

 

 

Stock-Based Compensation Expense

 

 

 

1,090

 

 

1,822

 

 

 

 

 

Restructuring Charges

 

 

 

127

 

 

 

 

 

 

 

 

 

 

 

(3,629

)

 

(3,807

)

 

 

 

 

Adjusted EBITDA

 

 

 

$

14,500

 

 

$

11,856

 

 

9.6

%

 

8.7

%

Capital Expenditures

 

 

 

 

 

 

 

 

 

 

Structural Systems

 

 

 

$

1,529

 

 

$

5,188

 

 

 

 

 

Electronic Systems

 

 

 

2,734

 

 

1,433

 

 

 

 

 

Corporate Administration

 

 

 

 

 

 

 

 

 

 

Total Capital Expenditures

 

 

 

$

4,263

 

 

$

6,621

 

 

 

 

 

  1. Includes costs not allocated to either the Structural Systems or Electronic Systems operating segments.


DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP REVENUE AND OPERATING INCOME RECONCILIATION
(Unaudited)
(In thousands)

 

 

Three Months Ended

GAAP To Non-GAAP Net Revenues

 

March 31,
2018

 

April 1,
2017

Total Ducommun Net Revenues

 

$

150,455

 

 

$

136,297

 

Effect of Adoption of ASC 606

 

(11,997

)

 

 

Adjusted Total Ducommun Net Revenues

 

$

138,458

 

 

$

136,297

 

 

 

 

 

 

Structural Systems Net Revenues

 

$

68,046

 

 

$

57,575

 

Effect of Adoption of ASC 606

 

(5,560

)

 

 

Adjusted Structural Systems Net Revenues

 

$

62,486

 

 

$

57,575

 

 

 

 

 

 

Electronic Systems Net Revenues

 

$

82,409

 

 

$

78,722

 

Effect of Adoption of ASC 606

 

(6,437

)

 

 

Adjusted Electronic Systems Net Revenues

 

$

75,972

 

 

$

78,722

 

 

 

Three Months Ended

GAAP To Non-GAAP Operating Income

 

March 31,
2018

 

April 1,
2017

 

%
of Net  Revenues
2018

 

%
of Net  Revenues
2017

GAAP Operating income

 

$

5,256

 

 

$

4,252

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP Operating income - Structural Systems

 

$

4,391

 

 

$

2,784

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

Effect of Adoption of ASC 606

 

(2,298

)

 

 

 

 

 

 

Restructuring charges

 

1,526

 

 

 

 

 

 

 

Adjusted operating income - Structural Systems

 

3,619

 

 

2,784

 

 

5.8

%

 

4.8

%

 

 

 

 

 

 

 

 

 

GAAP Operating income - Electronic Systems

 

5,744

 

 

7,104

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

Effect of Adoption of ASC 606

 

504

 

 

 

 

 

 

 

Restructuring charges

 

520

 

 

 

 

 

 

 

Adjusted operating income - Electronic Systems

 

6,768

 

 

7,104

 

 

8.9

%

 

9.0

%

 

 

 

 

 

 

 

 

 

GAAP Operating loss - Corporate

 

(4,879

)

 

(5,636

)

 

 

 

 

Adjustment:

 

 

 

 

 

 

 

 

Restructuring charges

 

127

 

 

 

 

 

 

 

Adjusted operating loss - Corporate

 

(4,752

)

 

(5,636

)

 

 

 

 

Total adjustments

 

$

379

 

 

$

 

 

 

 

 

Adjusted operating income

 

$

5,635

 

 

$

4,252

 

 

4.1

%

 

3.1

%


DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP EARNINGS AND EARNINGS PER SHARE RECONCILIATION
(Unaudited)
(In thousands, except per share amounts)

 

 

Three Months Ended

GAAP To Non-GAAP Earnings

 

March 31,
2018

 

April 1,
2017

GAAP Net income

 

$

2,600

 

 

$

2,115

 

Adjustments:

 

 

 

 

Effect of Adoption of ASC 606 (1)(2)

 

(1,489

)

 

 

Restructuring charges (2)

 

1,804

 

 

 

Total adjustments

 

315

 

 

 

Adjusted net income

 

$

2,915

 

 

$

2,115

 

 

 

Three Months Ended

GAAP Earnings Per Share To Non-GAAP Earnings Per Share

 

March 31,
2018

 

April 1,
2017

GAAP Diluted Earnings Per Share (“EPS”)

 

$

0.22

 

 

$

0.18

 

Adjustments:

 

 

 

 

Effect of Adoption of ASC 606 (1)(2)

 

(0.13

)

 

 

Restructuring charges (2)

 

0.16

 

 

 

Total adjustments

 

0.03

 

 

 

Adjusted Diluted EPS

 

$

0.25

 

 

$

0.18

 

 

 

 

 

 

Shares used for adjusted diluted EPS

 

11,613

 

 

11,495

 

  1. Net impact of Adoption of ASC 606.
  2. Includes effective tax rate of 17.0% for 2018 adjustments.


DUCOMMUN INCORPORATED AND SUBSIDIARIES
NON-GAAP BACKLOG BY REPORTING SEGMENT
(Unaudited)
(In thousands)

 

 

(In thousands)

 

 

March 31,
2018

 

December 31,
2017

Consolidated Ducommun

 

 

 

 

Military and space

 

 

 

 

Defense electronics

 

$

245,773

 

 

$

216,508

 

Defense structures

 

73,183

 

 

60,921

 

Commercial aerospace

 

469,630

 

 

417,981

 

Industrial

 

31,177

 

 

31,068

 

Total

 

$

819,763

 

 

$

726,478

 

Structural Systems

 

 

 

 

Military and space (defense structures)

 

$

73,183

 

 

$

60,921

 

Commercial aerospace

 

408,526

 

 

361,586

 

Total

 

$

481,709

 

 

$

422,507

 

Electronic Systems

 

 

 

 

Military and space (defense electronics)

 

$

245,773

 

 

$

216,508

 

Commercial aerospace

 

61,104

 

 

56,395

 

Industrial

 

31,177

 

 

31,068

 

Total

 

$

338,054

 

 

$

303,971

 

 

 



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