Shares of aircrafts parts maker Ducommun Inc. fell slightly after reporting better-than-expected third quarter earnings, but the company warned that the ongoing Boeing Co. strike could hurt sales.
Net income rose to $6.3 million (59 cents a share), up 7 percent (55 cents) over the same period a year ago. Revenue grew 7 percent to nearly $101 million on higher commercial sales, but fell short of Wall Street expectations. Analysts surveyed by First Call on average expected profits of 55 cents per share on revenue of almost $103 million.
In addition to the Boeing strike’s impact on its commercial segment, Los Angeles-based Ducommun said military sales likely would fall as U.S. Department of Defense operations slow in the Middle East. Military sales comprised 56 percent of its business last quarter.
“Ducommun cannot stand immune from the events taking place in the global economy,” said Chief Executive Joseph Berenato in a statement.
Shares of the company closed down 43 cents, or 3 percent, to $13.58 in Monday trading on the New York Stock Exchange.