Live News • Jun 08
Schall Law Firm Investigates Ducommun After Stock-Based Compensation Restatements and Share Price Drop The Schall Law Firm has opened an investigation into Ducommun Incorporated on behalf of investors over potential securities law violations.
The probe focuses on whether Ducommun made false or misleading statements or failed to disclose information about how it recognized stock-based compensation expenses.
Ducommun previously disclosed a restatement of its 2024 and 2025 financial statements tied to these accounting issues, which was followed by a decline in the share price.
The key issue for you is confidence in Ducommun’s financial reporting, since restatements around stock-based compensation can raise questions about internal controls and past earnings quality.
You may want to follow how the company responds to the investigation, including any further disclosures or governance changes, because these developments can influence both legal risk and market perception of the stock. Recent Insider Transactions • May 27
Insider recently sold US$234k worth of stock On the 20th of May, Rajiv Tata sold around 2k shares on-market at roughly US$145 per share. This transaction amounted to 4.6% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.8m. Insiders have been net sellers, collectively disposing of US$5.6m more than they bought in the last 12 months. Price Target Changed • May 19
Price target increased by 10.0% to US$161 Up from US$147, the current price target is an average from 5 analysts. New target price is 14% above last closing price of US$142. Stock is up 105% over the past year. The company is forecast to post earnings per share of US$3.88 next year compared to a net loss per share of US$2.50 last year. Recent Insider Transactions • May 17
Insider recently sold US$877k worth of stock On the 14th of May, Jerry Redondo sold around 6k shares on-market at roughly US$154 per share. This transaction amounted to 8.4% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$1.4m. Insiders have been net sellers, collectively disposing of US$3.6m more than they bought in the last 12 months. Price Target Changed • May 13
Price target increased by 7.5% to US$154 Up from US$143, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$151. Stock is up 128% over the past year. The company is forecast to post earnings per share of US$3.88 next year compared to a net loss per share of US$2.50 last year. Reported Earnings • May 11
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: US$2.50 loss per share (down from US$1.47 profit in FY 2024). Revenue: US$824.8m (up 4.9% from FY 2024). Net loss: US$37.4m (down 272% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 7.3% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has increased by 42% per year, which means it is well ahead of earnings. Announcement • May 06
Ducommun Incorporated Appoints Mark A. Caylor as Independent Director, Effective May 4, 2026 Ducommun Incorporated announced that in support of the Company's VISION 2027 Strategy and as part of its ongoing board refreshment process, Mark A. Caylor has been appointed as an independent member of the Company’s Board of Directors (the "Board"), effective May 4, 2026. Mr. Caylor is a seasoned aerospace and defense executive with over 35 years of experience in driving, planning and executing corporate strategy, and identifying and capitalizing on global market opportunities that drive revenue and profitable growth. Mr. Caylor has served as a director on the board of LightPath Technologies Inc., since October 2025 and retired as Corporate Vice President and President of Northrop Grumman’s Mission Systems Sector, a supplier of advanced sensing, processing and communications technologies for defense customers across the United States and Europe in 2024. Prior to that, Mr. Caylor served as President, Enterprise Services and Chief Strategy Officer, leading Northrop Grumman’s corporate strategy, mergers and acquisitions and shared services functions, joining Northrop Grumman in 2002. Mr. Caylor earned his bachelor’s degree in aeronautical and astronautical engineering from the Massachusetts Institute of Technology, and a master’s degree in aeronautics and astronautics from the California Institute of Technology. He later earned a master’s degree in business administration from UCLA’s Anderson School of Management before starting his career in 1988 at Hughes Aircraft Company, which was subsequently acquired by the Boeing Company. This appointment is part of Ducommun’s Board refreshment program designed to help ensure that the Company’s Board has the best mix of skills and experience necessary to support Ducommun’s leadership team in driving VISION 2027 and shareholder value. The Corporate Governance and Nominating Committee conducted a thorough search with the assistance of a leading independent search firm, who evaluated over fifty prospects for this role. This process spanned several months and culminated in Mr. Caylor being identified from among several highly qualified candidates. Announcement • Apr 28
Ducommun Incorporated to Report Q1, 2026 Results on May 12, 2026 Ducommun Incorporated announced that they will report Q1, 2026 results at 9:30 AM, US Eastern Standard Time on May 12, 2026 Announcement • Mar 16
Ducommun Incorporated, Annual General Meeting, Apr 29, 2026 Ducommun Incorporated, Annual General Meeting, Apr 29, 2026. Recent Insider Transactions • Mar 12
Senior VP recently sold US$1.0m worth of stock On the 10th of March, Suman Mookerji sold around 8k shares on-market at roughly US$132 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Suman's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Mar 08
Independent Director notifies of intention to sell stock Richard Baldridge intends to sell 26k shares in the next 90 days after lodging an Intent To Sell Form on the 5th of March. If the sale is conducted around the recent share price of US$133, it would amount to US$3.4m. Since June 2025, Richard has owned 25.84k shares directly. Company insiders have collectively sold US$335k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Feb 27
Price target increased by 16% to US$142 Up from US$122, the current price target is an average from 5 analysts. New target price is 15% above last closing price of US$123. Stock is up 110% over the past year. The company is forecast to post earnings per share of US$3.87 next year compared to a net loss per share of US$2.27 last year. Reported Earnings • Feb 27
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: US$2.27 loss per share (down from US$2.13 profit in FY 2024). Revenue: US$824.7m (up 4.9% from FY 2024). Net loss: US$33.9m (down 208% from profit in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 16%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 27
Now 22% undervalued Over the last 90 days, the stock has risen 33% to US$122. The fair value is estimated to be US$157, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Meanwhile, the company became loss making. Announcement • Feb 12
Ducommun Incorporated to Report Q4, 2025 Results on Feb 26, 2026 Ducommun Incorporated announced that they will report Q4, 2025 results Pre-Market on Feb 26, 2026 Price Target Changed • Jan 20
Price target increased by 8.7% to US$118 Up from US$108, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$114. Stock is up 63% over the past year. The company is forecast to post a net loss per share of US$1.96 compared to earnings per share of US$2.13 last year. Recent Insider Transactions • Dec 12
Insider recently sold US$186k worth of stock On the 10th of December, Jerry Redondo sold around 2k shares on-market at roughly US$92.86 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$335k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Nov 13
Chairman notifies of intention to sell stock Stephen Oswald intends to sell 2k shares in the next 90 days after lodging an Intent To Sell Form on the 11th of November. If the sale is conducted around the recent share price of US$96.30, it would amount to US$240k. For the year to December 2018, Stephen's total compensation was 10% salary and 90% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Stephen's direct individual holding has decreased from 393.71k shares to 380.26k. There has only been one transaction (US$70k sale) from insiders over the last 12 months. New Risk • Nov 07
New major risk - Revenue and earnings growth Earnings have declined by 23% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS misses analyst expectations Third quarter 2025 results: US$4.30 loss per share (down from US$0.69 profit in 3Q 2024). Revenue: US$212.6m (up 5.5% from 3Q 2024). Net loss: US$64.4m (down US$74.6m from profit in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 8.5% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Announcement • Oct 23
Ducommun Incorporated to Report Q3, 2025 Results on Nov 06, 2025 Ducommun Incorporated announced that they will report Q3, 2025 results Pre-Market on Nov 06, 2025 Announcement • Oct 10
Ducommun Incorporated Reaches Settlement Agreement to Resolve Litigation Related to Guaymas Fire Incident On October 3, 2025, Ducommun Incorporated and certain of its wholly-owned subsidiaries entered into a binding settlement term sheet (the “Term Sheet”) to resolve the previously disclosed action captioned Williams International Co., LLC v. Ducommun Incorporated, et al. (No. 2:23-CV-9403-MEMF-AJR) filed in the U.S. District Court for the Central District of California (the “Litigation”) following a mediation held on that date. For additional information about the Litigation, see “Guaymas Performance Center Fire” in Note 10, Commitments and Contingencies, to the unaudited Condensed Consolidated Financial Statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 28, 2025, filed with the Securities and Exchange Commission (“SEC”) on August 7, 2025 (the “Q2 2025 Form 10-Q”). The Term Sheet provides for, among other things, the final dismissal of the Litigation with prejudice and a release of claims against the Company in exchange for the Company issuing a payment of $150 million, $56 million of which is expected to be funded by the Company’s insurance carriers. The Term Sheet also includes a mutual release of all of the plaintiff’s past, present and future claims arising from the June 2020 fire (the “Fire”) at the Company’s Guaymas, Mexico performance center and an indemnification in favor of the Company from any future subrogation claims that may be brought by the plaintiff’s insurers. The incident, claim and payment are all one-time events. Excluded from the scope of the Term Sheet are (1) releases from certain of the plaintiff’s insurers for amounts previously paid to the plaintiff for damages incurred from the Fire, in relation to which the company believe claims against the Company are likely time barred, and another insurer who intervened in the Litigation asserting a subrogation claim which it expect to settle in the amount of $1.35 million, and (2) a subrogation claim asserted by the insurer of the entity that provides the labor and facilities for its Guaymas performance center through an arbitration proceeding currently pending in Arizona for amounts it had previously paid to the plaintiff for damages from the Fire and for which it believe to have favorable arguments to successfully defend against the claim. The foregoing claims were previously disclosed in the Second Quarter 2025 Form 10-Q. Final dismissal of the Litigation is subject to the finalization of a definitive settlement agreement not inconsistent with the Term Sheet and the plaintiff dismissing all claims alleged in the Litigation with prejudice, with each of the parties bearing their own fees and expenses. In settling the case, the Company is not admitting any liability, and entry into the Term Sheet does not constitute an admission of liability or fault or an admission regarding the accuracy of any allegation made by the plaintiffs or plaintiffs’ counsel. The Company expects to record the one-time net settlement amount of $94 million (net of insurance recovery) as an expense for the quarter ending September 27, 2025 and to pay such settlement from its existing revolving credit facility within forty-five (45) days of the finalization of the definitive settlement agreement. In addition, the Company expects to record legal expenses of approximately $4 million and $3 million related to this matter in Third Quarter 2025 and Fourth Quarter 2025, respectively. Separately, the Company expects to incur additional expenses of approximately $3 million in future periods related to the subrogation claim asserted by the insurer of the entity that provides labor and facilities for its Guaymas performance center. Recent Insider Transactions Derivative • Aug 13
Chairman notifies of intention to sell stock Stephen Oswald intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of August. If the sale is conducted around the recent share price of US$90.65, it would amount to US$317k. For the year to December 2018, Stephen's total compensation was 10% salary and 90% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Stephen's direct individual holding has increased from 341.15k shares to 380.26k. Company insiders have collectively sold US$258k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Aug 10
Price target increased by 7.1% to US$106 Up from US$99.25, the current price target is an average from 4 analysts. New target price is 19% above last closing price of US$89.36. Stock is up 45% over the past year. The company is forecast to post earnings per share of US$3.19 for next year compared to US$2.13 last year. Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$0.84 (up from US$0.52 in 2Q 2024). Revenue: US$202.3m (up 2.7% from 2Q 2024). Net income: US$12.6m (up 63% from 2Q 2024). Profit margin: 6.2% (up from 3.9% in 2Q 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 13%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Jul 24
Ducommun Incorporated to Report Q2, 2025 Results on Aug 07, 2025 Ducommun Incorporated announced that they will report Q2, 2025 results Pre-Market on Aug 07, 2025 Price Target Changed • Jul 18
Price target increased by 10% to US$99.60 Up from US$90.20, the current price target is an average from 5 analysts. New target price is 10% above last closing price of US$90.54. Stock is up 50% over the past year. The company is forecast to post earnings per share of US$3.28 for next year compared to US$2.13 last year. Price Target Changed • Jul 11
Price target increased by 7.2% to US$91.80 Up from US$85.60, the current price target is an average from 5 analysts. New target price is 7.1% above last closing price of US$85.71. Stock is up 44% over the past year. The company is forecast to post earnings per share of US$3.28 for next year compared to US$2.13 last year. New Risk • Jul 05
New major risk - Revenue and earnings growth Earnings have declined by 9.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jun 30
Ducommun Incorporated(NYSE:DCO) dropped from Russell 2000 Dynamic Index Ducommun Incorporated(NYSE:DCO) dropped from Russell 2000 Dynamic Index Price Target Changed • Jun 20
Price target increased by 8.1% to US$85.60 Up from US$79.20, the current price target is an average from 5 analysts. New target price is 6.2% above last closing price of US$80.57. Stock is up 39% over the past year. The company is forecast to post earnings per share of US$3.27 for next year compared to US$2.13 last year. Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: Net income: (down US$6.85m from profit in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Announcement • Apr 22
Ducommun Incorporated to Report Q1, 2025 Results on May 06, 2025 Ducommun Incorporated announced that they will report Q1, 2025 results Pre-Market on May 06, 2025 Board Change • Mar 17
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Director David Carter was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 17
Ducommun Incorporated, Annual General Meeting, Apr 30, 2025 Ducommun Incorporated, Annual General Meeting, Apr 30, 2025. Major Estimate Revision • Mar 06
Consensus EPS estimates fall by 14% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from US$3.36 to US$2.89 per share. Revenue forecast steady at US$824.5m. Net income forecast to grow 43% next year vs 21% growth forecast for Aerospace & Defense industry in the US. Consensus price target broadly unchanged at US$81.80. Share price fell 6.0% to US$57.65 over the past week. Reported Earnings • Feb 27
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$2.13 (up from US$1.16 in FY 2023). Revenue: US$786.6m (up 3.9% from FY 2023). Net income: US$31.5m (up 98% from FY 2023). Profit margin: 4.0% (up from 2.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.2%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 6.8% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Feb 13
Ducommun Incorporated to Report Q4, 2024 Results on Feb 27, 2025 Ducommun Incorporated announced that they will report Q4, 2024 results Pre-Market on Feb 27, 2025 Recent Insider Transactions Derivative • Nov 13
Chairman notifies of intention to sell stock Stephen Oswald intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of November. If the sale is conducted around the recent share price of US$67.93, it would amount to US$211k. For the year to December 2017, Stephen's total compensation was 12% salary and 88% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2024, Stephen's direct individual holding has decreased from 369.49k shares to 341.15k. Company insiders have collectively sold US$593k more than they bought, via options and on-market transactions in the last 12 months. Price Target Changed • Nov 08
Price target increased by 9.6% to US$83.00 Up from US$75.75, the current price target is an average from 4 analysts. New target price is 22% above last closing price of US$68.08. The company posted earnings per share of US$1.16 last year. Reported Earnings • Nov 08
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.69 (up from US$0.22 in 3Q 2023). Revenue: US$201.4m (up 2.6% from 3Q 2023). Net income: US$10.1m (up 216% from 3Q 2023). Profit margin: 5.0% (up from 1.6% in 3Q 2023). Revenue exceeded analyst estimates by 3.8%. Earnings per share (EPS) also surpassed analyst estimates by 49%. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to US$67.72, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 26x in the Aerospace & Defense industry in the US. Total returns to shareholders of 31% over the past three years. Announcement • Nov 07
Ducommun Incorporated Announces Board Changes Ducommun Incorporated announced that in support of the Company's VISION 2027 Strategy and as part of its ongoing board refreshment process, Daniel G. Korte and Daniel L. Boehle have been appointed as independent members of the Company’s Board of Directors (the "Board"), effective November 5, 2024. Mr. Korte is a seasoned aerospace and defense executive with demonstrated expertise in identifying and capitalizing on global market opportunities that drive revenue and profitable growth. Most recently, Mr. Korte served as Global Vice President of Aerospace at PPG Industries Inc. (“PPG”). Under his leadership, the division saw double-digit revenue growth and increased profitability by driving sales and operational efficiencies. Prior to joining PPG, he served as Chief Executive Officer of LMI Aerospace, where he oversaw the Company’s eventual sale to the Sonaca Group and was the President of the Rolls-Royce Defense Group. From 1985 through 2009, Mr. Korte held various senior level roles at The Boeing Company in supply chain, program management and general management. He currently serves on the Board of Directors of Woodward Inc., where he chairs the Human Capital & Compensation committee. Mr. Boehle is a talented finance executive with 25+ years of experience working with defense manufacturing companies, including serving as the Chief Financial Officer at two leading public companies in the industry. Mr. Boehle currently serves as the Executive Vice President and Chief Financial Officer of TTM Technologies Inc., a position that he has held since September 2023. Previously, Mr. Boehle served as Vice President and Chief Financial Officer for Aerojet Rocketdyne Inc., where he drove profitable growth and was actively involved in financial aspects of the strategic analysis that resulted in Aerojet Rocketdyne’s $4.7bn sale to L3Harris. Before joining Aerojet Rocketdyne, Mr. Boehle served in various financial leadership roles across corporate accounting, financial reporting and financial planning and analysis at Northrop Grumman Corporation. Ducommun also announced that Robert C. Ducommun and Dean M. Flatt will not, per Ducommun’s mandatory director retirement age policy, stand for reelection at Ducommun’s 2025 Annual Meeting. Mr. Ducommun and Mr. Flatt both successfully oversaw the Company’s transition to a more focused Aerospace and Defense platform that involved the streamlining of the organization and the successful acquisition of five companies. The Board will include ten members until Ducommun’s 2025 Annual Meeting, following which it will be comprised again of eight directors. Announcement • Oct 24
Ducommun Incorporated to Report Q3, 2024 Results on Nov 07, 2024 Ducommun Incorporated announced that they will report Q3, 2024 results Pre-Market on Nov 07, 2024 Announcement • Jul 26
Ignium LP. managed by Albion River Management LLC cancelled the acquisition of 90.98% stake in Ducommun Incorporated (NYSE:DCO). Ignium LP. managed by Albion River Management LLC made an unsolicited non-binding indication of interest to acquire remaining 90.98% stake in Ducommun Incorporated (NYSE:DCO) for approximately $830 million on April 1, 2024. Ignium LP. managed by Albion River Management LLC made an unsolicited non-binding indication of interest to acquire remaining 90.98% stake in Ducommun Incorporated (NYSE:DCO) for approximately $900 million on July 15, 2024. As reported, Albion River will pay $60.00 per share in cash. As of July 15, 2024, Albion River LLC submitted a revised bid to acquire all outstanding shares of Ducommun for $65 per share in cash. This non-binding indication of interest remains contingent upon, among other things (i) satisfactory completion of due diligence review of Ducommun, (ii) the receipt of financing for the transaction, and (iii) the negotiation and execution of a mutually acceptable definitive merger agreement containing customary terms and conditions. Execution of mutually acceptable definitive transaction and related agreements will be conditioned upon final board approval of both companies. On April 16, 2024, the Board of Directors of Ducommun has unanimously determined it is not in the best interests of Ducommun and its shareholders to pursue further discussions regarding the initial proposal of $60 per share and rejected the bid. As of July 15, 2024, Ducommun's Board of Directors received an unsolicited revised non-binding indication of interest from Albion River LLC to acquire all outstanding shares of Ducommun for $65 per share in cash. RBC Capital Markets, LLC is acting as a financial advisor to Ducommun, and Simpson Thacher & Bartlett LLP is acting as legal counsel.
Ignium LP. managed by Albion River Management LLC cancelled the acquisition of 90.98% stake in Ducommun Incorporated (NYSE:DCO) on July 25, 2024. The Board of Directors has unanimously determined it is not in the best interests of the Company and Ducommun shareholders to pursue further discussions regarding the proposal. Ducommun's Board of Directors believes that Albion River’s revised proposal significantly undervalues Ducommun’s long-term value for shareholders. Announcement • Jul 24
Ducommun Incorporated to Report Q2, 2024 Results on Aug 08, 2024 Ducommun Incorporated announced that they will report Q2, 2024 results Pre-Market on Aug 08, 2024 Announcement • Apr 19
Ducommun Incorporated to Report Q1, 2024 Results on May 08, 2024 Ducommun Incorporated announced that they will report Q1, 2024 results Pre-Market on May 08, 2024 Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to US$56.81, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 24x in the Aerospace & Defense industry in the US. Total loss to shareholders of 9.5% over the past three years. Announcement • Apr 08
Ignium LP, fund managed by Albion River Management LLC made an unsolicited non-binding indication of interest to acquire the remaining 90.97601% stake in Ducommun Incorporated (NYSE:DCO) for approximately $830 million. Ignium LP, fund managed by Albion River Management LLC made an unsolicited non-binding indication of interest to acquire the remaining 90.976012% stake in Ducommun Incorporated (NYSE:DCO) for approximately $830 million on April 1, 2024. Albion River will pay $60.00 per share in cash. This non-binding indication of interest remains contingent upon, among other things (i) satisfactory completion of due diligence review of the Company, (ii) the receipt of financing for the transaction, and (iii) the negotiation and execution of a mutually acceptable definitive merger agreement containing customary terms and conditions. Execution of mutually acceptable definitive transaction and related agreements will be conditioned upon final board approval of both companies. RBC Capital Markets, LLC is acting as a financial advisor to Ducommun, and Simpson Thacher & Bartlett LLP is acting as legal counsel. Announcement • Mar 14
Ducommun Incorporated, Annual General Meeting, Apr 24, 2024 Ducommun Incorporated, Annual General Meeting, Apr 24, 2024, at 09:00 Pacific Standard Time. Agenda: To consider Election of 12 nominated directors; to consider Ratification of the selection of PricewaterhouseCoopers LLP as PNC’s independent registered public accounting firm for 2024; to consider Advisory vote to approve named executive officer compensation; and to consider Approval of The PNC Financial Services Group, Inc. 2025 Employee Stock Purchase Plan; to consider Approve Ducommun’s executive compensation on an advisory basis; to consider Approve the Company’s 2024 Stock Incentive Plan; to Ratify the selection of PricewaterhouseCoopers LLP as Ducommun’s independent registered public accounting firm for the year ending December 31, 2024; and to consider other matters. Recent Insider Transactions Derivative • Feb 28
Chairman notifies of intention to sell stock Stephen Oswald intends to sell 8k shares in the next 90 days after lodging an Intent To Sell Form on the 26th of February. If the sale is conducted around the recent share price of US$49.09, it would amount to US$388k. For the year to December 2017, Stephen's total compensation was 14% salary and 86% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2023, Stephen has owned 310.12k shares directly. Company insiders have collectively sold US$35k more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • Feb 22
Consensus EPS estimates fall by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$812.6m to US$799.6m. EPS estimate also fell from US$2.36 per share to US$1.92 per share. Net income forecast to grow 100% next year vs 24% growth forecast for Aerospace & Defense industry in the US. Consensus price target down from US$65.60 to US$64.00. Share price fell 2.8% to US$49.37 over the past week. Reported Earnings • Feb 16
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$1.16 (down from US$2.38 in FY 2022). Revenue: US$757.0m (up 6.2% from FY 2022). Net income: US$15.9m (down 45% from FY 2022). Profit margin: 2.1% (down from 4.0% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 9.6%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 6.5% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Feb 05
Ducommun Incorporated Appoints David B. Carter as Independent Director and Member of the Innovation Committee Ducommun Incorporated announced that its Board of Directors elected David B. Carter as an independent director of the company, effective February 1, 2024. Mr. Carter’s appointment expands the number of directors on Ducommun’s board to nine, eight of whom are independent. Mr. Carter will be a member of the company’s Innovation Committee. Mr. Carter is the retired Senior Vice President of Engineering, Pratt & Whitney Company Inc., currently a subsidiary of RTX Corporation, a position he occupied for four years until his retirement in 2019. Previously, Mr. Carter was the Senior Vice President, Engineering, Operations and Quality at UTC Aerospace Systems from 2015 to 2016 and served as its Vice President, Engineering and Technology from 2012 to 2015. Mr. Carter’s extensive knowledge of Tier 1 and 2 engineered product lines in the sector includes engines, electrical systems, aerostructures, actuation, brakes, sensors and controls, and he was involved in every aspect of product design, development and certification. He expertly managed supplier relationships and outsourcing partners, was responsible for expanding engineering team capabilities internationally and has extensive customer experience dealing with Boeing, Airbus and other original equipment manufacturers. Mr. Carter holds a Master of Science degree in Mechanical Engineering from the University of Virginia, Charlottesville. Announcement • Jan 31
Ducommun Incorporated to Report Q4, 2023 Results on Feb 15, 2024 Ducommun Incorporated announced that they will report Q4, 2023 results Pre-Market on Feb 15, 2024 Recent Insider Transactions Derivative • Dec 17
Chairman notifies of intention to sell stock Stephen Oswald intends to sell 3k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of December. If the sale is conducted around the recent share price of US$53.10, it would amount to US$159k. For the year to December 2017, Stephen's total compensation was 14% salary and 86% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2023, Stephen's direct individual holding has decreased from 319.75k shares to 310.12k. Company insiders have collectively sold US$29k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Nov 16
Key Executive exercised options to buy US$246k worth of stock. On the 10th of November, Jerry Redondo exercised 9.00k options at around US$32.90, then sold 4.00k of them at US$47.77 each and kept the remainder. Since March 2023, Jerry's direct individual holding has increased from 57.82k shares to 60.60k. Company insiders have collectively sold US$161k more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS misses analyst expectations Third quarter 2023 results: EPS: US$0.22 (down from US$0.70 in 3Q 2022). Revenue: US$196.3m (up 5.2% from 3Q 2022). Net income: US$3.21m (down 62% from 3Q 2022). Profit margin: 1.6% (down from 4.5% in 3Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 6% per year. Announcement • Oct 31
Ducommun Incorporated to Report Q3, 2023 Results on Nov 08, 2023 Ducommun Incorporated announced that they will report Q3, 2023 results Pre-Market on Nov 08, 2023 Major Estimate Revision • Aug 10
Consensus EPS estimates fall by 40% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from US$1.97 to US$1.19 per share. Revenue forecast steady at US$766.0m. Net income forecast to grow 43% next year vs 27% growth forecast for Aerospace & Defense industry in the US. Consensus price target broadly unchanged at US$64.25. Share price was steady at US$44.60 over the past week. New Risk • Aug 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.2% net profit margin). Shareholders have been diluted in the past year (21% increase in shares outstanding). Reported Earnings • Aug 03
Second quarter 2023 earnings: EPS misses analyst expectations Second quarter 2023 results: EPS: US$0.18 (down from US$0.34 in 2Q 2022). Revenue: US$187.3m (up 7.5% from 2Q 2022). Net income: US$2.37m (down 43% from 2Q 2022). Profit margin: 1.3% (down from 2.4% in 2Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 49%. Revenue is forecast to grow 7.5% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jul 26
Ducommun Incorporated to Report Q2, 2023 Results on Aug 03, 2023 Ducommun Incorporated announced that they will report Q2, 2023 results Pre-Market on Aug 03, 2023 Announcement • May 17
Ducommun Incorporated has completed a Follow-on Equity Offering in the amount of $80 million. Ducommun Incorporated has completed a Follow-on Equity Offering in the amount of $80 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 2,000,000
Price\Range: $40 Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$41.17, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 23x in the Aerospace & Defense industry in the US. Total returns to shareholders of 47% over the past three years. Announcement • May 05
Ducommun Incorporated Announces Chief Financial Officer Changes Ducommun Incorporated announced the appointment of Suman Mookerji, the Company’s current vice president, corporate development & investor relations to chief financial officer. Suman will also continue to lead the corporate development function at the Company. Mr. Christopher D. Wampler, Ducommun’s former chief financial officer will continue his employment with the Company in a non-executive capacity to facilitate a smooth transition of responsibilities. Mr. Mookerji joined Ducommun in April 2017 as the vice president, strategy, acquisitions & integration. For the last year and a half, Mr. Mookerji served as vice president, corporate development & investor relations. Prior to joining Ducommun, Mr. Mookerji’s professional background included corporate strategy, M&A and post-acquisition integration leadership experience at United Technologies Corporation (now Raytheon Technologies Corporation), both at the corporate and business unit levels, and at Capital Safety. Suman started his career in public accounting in 1999 working for Arthur Andersen and then Ernst & Young. Mr. Mookerji holds an MBA from Babson College and a bachelor’s degree from the University of Mumbai. Reported Earnings • May 05
First quarter 2023 earnings released: EPS: US$0.43 (vs US$0.68 in 1Q 2022) First quarter 2023 results: EPS: US$0.43 (down from US$0.68 in 1Q 2022). Revenue: US$181.2m (up 11% from 1Q 2022). Net income: US$5.23m (down 35% from 1Q 2022). Profit margin: 2.9% (down from 5.0% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Announcement • May 04
Ducommun Incorporated Announces Executive Changes Ducommun Incorporated announced the appointment of Suman Mookerji, the Company’s current vice president, corporate development & investor relations to senior vice president, controller & treasurer. Suman will also continue to lead the corporate development function at the Company. Mr. Christopher D. Wampler, Ducommun’s former vice president, controller & treasurer will continue his employment with the Company in a non-executive capacity to facilitate a smooth transition of responsibilities. Mr. Mookerji joined Ducommun in April 2017 as the vice president, strategy, acquisitions & integration. For the last year and a half, Mr. Mookerji served as vice president, corporate development & investor relations. Prior to joining Ducommun, Mr. Mookerji’s professional background included corporate strategy, M&A and post-acquisition integration leadership experience at United Technologies Corporation (now Raytheon Technologies Corporation), both at the corporate and business unit levels, and at Capital Safety. Suman started his career in public accounting in 1999 working for Arthur Andersen and then Ernst & Young. Mr. Mookerji holds an MBA from Babson College and a bachelor’s degree from the University of Mumbai. Reported Earnings • Feb 17
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: US$2.38 (down from US$11.41 in FY 2021). Revenue: US$712.5m (up 10% from FY 2021). Net income: US$28.8m (down 79% from FY 2021). Profit margin: 4.0% (down from 21% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 3.1%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Aerospace & Defense industry in the US. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • Feb 01
Ducommun Incorporated to Report Q4, 2022 Results on Feb 16, 2023 Ducommun Incorporated announced that they will report Q4, 2022 results Pre-Market on Feb 16, 2023 Recent Insider Transactions Derivative • Dec 26
Chairman notifies of intention to sell stock Stephen Oswald intends to sell 2k shares in the next 90 days after lodging an Intent To Sell Form on the 20th of December. If the sale is conducted around the recent share price of US$47.00, it would amount to US$71k. For the year to December 2017, Stephen's total compensation was 14% salary and 86% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2022, Stephen's direct individual holding has decreased from 277.14k shares to 265.01k. Company insiders have collectively sold US$1.7m more than they bought, via options and on-market transactions in the last 12 months. 
