Ducommun Inc. reported a smaller fourth-quarter loss, with inventory costs and higher interest expense offset by new revenues from an East Coast acquisition.
The Carson maker of aluminum and other parts for the aerospace industry late Monday reported a net loss of $3.2 million (-30 cents per share), compared with a loss of $4.2 million (-40 cents) a year earlier.
Sales rose 4 percent to nearly $106 million, nearly all due to its December 2008 acquisition of DynaBil Industries Inc. of Coxsackie, N.Y., now known as Ducommun AeroStructures. That partly offset a drop in sales from the company’s Apache helicopter and business/regional aircraft businesses, the company said.
Net income was affected by a non-cash, after-tax charges totaling $7.8 million (-74 cents). In addition, interest expense was up 75 percent to $517,000. Net income before charges was 44 cents per share, still lower than the adjusted 53 cents expected by analysts surveyed by Thomson Reuters.
“We continued to take the necessary steps this quarter to position the company for an eventual rebound in our end markets,” said Chief Executive Anthony Reardon in a press release. “Excluding the goodwill impairment charge, our operating performance reflected Ducommun’s strong breadth of programs and lean manufacturing initiatives.”
East Coast operations will continue to drive new revenues with the company last month receiving a contract from Bell Helicopter to supply its titanium components for the V-22 Osprey, the U.S. Air Force’s hybrid aircraft.
Shares were down 48 cents, or nearly 3 percent, to $16.75 in midday trading on the New York Stock Exchange
For reprint and licensing requests for this article, CLICK HERE.