Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”)
today reported results for its first quarter ended March 30,
2019.
First Quarter 2019
Highlights
- Revenue increased 14.7% to $172.6 million
- Net income of $7.5 million, or $0.64 per diluted share
- Gross margin increased 290 basis points year-over-year to
20.7%
- Operating margin increased 390 basis points year-over-year to
7.4%
- Adjusted EBITDA increased 49.7% to $21.7 million
“As we begin 2019, the Company has gotten off to
a great start demonstrated by Ducommun’s strong operating
performance across the board this quarter,” said Stephen G. Oswald,
chairman, president and chief executive officer. “Revenue grew
14.7% year-over-year, to $172.6 million, while we posted an
impressive gross margin of 20.7% due to ongoing operating
initiatives, rationalization of the product portfolio and the many
cost reduction actions undertaken last year. At the same time, our
backlog* rose to a record $884 million, positioning the Company for
solid results going forward.
“Operating margins expanded significantly across
both our structures and electronics segments, as we continue to win
new content based on providing market leading technology, solid
execution and strong customer relationships. We also continue to
make strategic investments, including our VersaCore
Composite™ technology, which is gaining strong momentum within
the industry. Based on our new Company culture and focus on
delivering results, I believe the Company is in excellent shape to
continue posting strong results and delivering higher value for our
shareholders in 2019.”
First Quarter Results
Net revenue for the first quarter of 2019 was
$172.6 million compared to $150.5 million for the first quarter of
2018. The year-over-year increase of 14.7% was due to the
following:
- $13.1 million higher revenue in the Company’s military and
space end-use markets due to increased shipments on various missile
platforms; and
- $11.9 million higher revenue in the Company’s commercial
aerospace end-use markets due to additional content and increased
build rates on large aircraft platforms; partially offset by
- $2.9 million lower revenue in the Company’s industrial end-use
markets.
Net income for the first quarter of 2019 was
$7.5 million, or $0.64 per diluted share, compared to $2.6 million,
or $0.22 per diluted share, for the first quarter of 2018. This
reflects a $8.9 million increase in gross profit due to higher
revenue and improved operating performance. Restructuring charges
were lower year-over-year by $2.2 million, offset by $3.5 million
of higher selling, general and administrative expenses, $1.5
million of higher interest expense, and higher income taxes of $1.3
million.
Gross profit for the first quarter of 2019 was
$35.7 million, or 20.7% of revenue compared to gross profit of
$26.8 million, or 17.8% of revenue, for the first quarter of 2018.
The increase in gross margin percentage year-over-year was due to
higher manufacturing volume, favorable product mix, and
manufacturing efficiencies, partially offset by higher other
manufacturing costs.
Operating income for the first quarter of 2019
was $12.8 million, or 7.4% of revenue, compared to $5.3 million, or
3.5% of revenue, in the comparable period last year. The
year-over-year increase of $7.6 million was due to higher revenue,
improved operating performance, and lack of restructuring
charges.
Interest expense for the first quarter of 2019
was $4.4 million compared to $2.9 million in the comparable period
of 2018. The year-over-year increase was due to a higher
outstanding balance on the revolving credit facility reflecting the
acquisition of Certified Thermoplastics Co., LLC in April 2018 and
higher interest rates.
Adjusted EBITDA for the first quarter of 2019
was $21.7 million, or 12.6% of revenue, compared to $14.5 million,
or 9.6% of revenue, for the comparable period in 2018, an increase
of 49.7%.
During the first quarter of 2019, the net cash
used in operations was $1.7 million compared to net cash provided
by operations of $10.3 million during the first quarter of 2018.
The change year-over-year was due to the decrease in accrued and
other liabilities, partially offset by higher net income.
* The Company defines backlog as potential
revenue and is based on customer placed purchase orders and
long-term agreements (“LTAs”) with firm fixed price and expected
delivery dates of 24 months or less. Backlog as of as of
March 30, 2019 was $883.8 million compared to $864.4 million
as of December 31, 2018. Under ASC 606, the Company defines
remaining performance obligations as customer placed purchase
orders with firm fixed price and firm delivery dates. The remaining
performance obligations disclosed under ASC 606 were $697.5
million.
Business Segment
Information
Electronic Systems
Electronic Systems segment net revenue for the
quarter ended March 30, 2019 was $84.2 million, compared to
$82.4 million for the first quarter of 2018. The year-over-year
increase was due to the following:
- $8.5 million higher revenue within the Company’s military and
space end-use markets due to increased shipments on various missile
platforms; partially offset by
- $3.8 million lower revenue within the Company’s commercial
aerospace end-use markets due to timing of shipments which
unfavorably impacted large aircraft platforms; and
- $2.9 million lower revenue within the Company's industrial
end-use markets.
Electronic Systems segment operating income was
$9.2 million, or 10.9% of revenue, for the first quarter of 2019
compared to $5.7 million, or 7.0% of revenue, for the comparable
quarter in 2018. The year-over-year increase of $3.4 million was
due to favorable product mix and improved manufacturing
efficiencies.
Structural Systems
Structural Systems segment net revenue for the
quarter ended March 30, 2019 was $88.4 million, compared to
$68.0 million for the first quarter of 2018. The year-over-year
increase was due to the following:
- $15.7 million higher revenue within the Company’s commercial
aerospace end-use markets due to additional content and higher
build rates on large aircraft platforms; and
- $4.6 million higher revenue within the Company’s military and
space end-use markets due to increased shipments on military
rotary-wing aircraft platforms.
Structural Systems segment operating income for
the quarter ended March 30, 2019 was $10.5 million, or 11.9%
of revenue, compared to $4.4 million, or 6.5% of revenue, for the
first quarter of 2018. The year-over-year increase of $6.2 million
was due to favorable manufacturing volume, favorable product mix,
improved manufacturing efficiencies, and lack of restructuring
charges in the current year.
Corporate General and Administrative
(“CG&A”) Expenses
CG&A expenses for the first quarter of 2019
were $6.9 million, or 4.0% of total Company revenue, compared to
$4.9 million, or 3.2% of total Company revenue, for the comparable
quarter in the prior year. The year-over-year increase was due to
higher compensation and benefit costs of $1.6 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 6, 2019 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 3498485. 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 3498485.
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, May 6, 2019, 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 expense [benefit], 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
expected 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
remaining performance obligations 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 |
[Financial Tables Follow]
DUCOMMUN INCORPORATED AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands)
|
|
March 30, 2019 |
|
December 31, 2018 |
Assets |
|
|
|
|
Current Assets |
|
|
|
|
Cash and cash
equivalents |
|
$ |
3,727 |
|
|
$ |
10,263 |
|
Accounts receivable, net |
|
63,134 |
|
|
67,819 |
|
Contract assets |
|
93,306 |
|
|
86,665 |
|
Inventories |
|
103,994 |
|
|
101,125 |
|
Production cost of contracts |
|
11,008 |
|
|
11,679 |
|
Other current assets |
|
7,003 |
|
|
6,531 |
|
Total
Current Assets |
|
282,172 |
|
|
284,082 |
|
Property and equipment,
Net |
|
108,839 |
|
|
107,045 |
|
Operating lease
right-of-use assets |
|
18,398 |
|
|
— |
|
Goodwill |
|
136,057 |
|
|
136,057 |
|
Intangibles, net |
|
109,387 |
|
|
112,092 |
|
Non-current deferred
income taxes |
|
313 |
|
|
308 |
|
Other assets |
|
5,543 |
|
|
5,155 |
|
Total
Assets |
|
$ |
660,709 |
|
|
$ |
644,739 |
|
Liabilities and
Shareholders’ Equity |
|
|
|
|
Current Liabilities |
|
|
|
|
Accounts payable |
|
$ |
68,785 |
|
|
$ |
69,274 |
|
Contract liabilities |
|
15,030 |
|
|
17,145 |
|
Accrued and other liabilities |
|
28,986 |
|
|
37,786 |
|
Operating lease liabilities |
|
2,536 |
|
|
— |
|
Current portion of long-term
debt |
|
2,330 |
|
|
2,330 |
|
Total
Current Liabilities |
|
117,667 |
|
|
126,535 |
|
Long-term debt |
|
229,125 |
|
|
228,868 |
|
Non-current operating
lease liabilities |
|
17,499 |
|
|
— |
|
Non-current deferred
income taxes |
|
18,211 |
|
|
18,070 |
|
Other long-term
liabilities |
|
14,429 |
|
|
14,441 |
|
Total
Liabilities |
|
396,931 |
|
|
387,914 |
|
Commitments and
contingencies |
|
|
|
|
Shareholders’ Equity |
|
|
|
|
Common stock |
|
115 |
|
|
114 |
|
Additional paid-in capital |
|
83,370 |
|
|
83,712 |
|
Retained earnings |
|
187,564 |
|
|
180,356 |
|
Accumulated other comprehensive
loss |
|
(7,271 |
) |
|
(7,357 |
) |
Total
Shareholders’ Equity |
|
263,778 |
|
|
256,825 |
|
Total Liabilities
and Shareholders’ Equity |
|
$ |
660,709 |
|
|
$ |
644,739 |
|
DUCOMMUN INCORPORATED AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF INCOME(Unaudited)(In thousands, except
per share amounts)
|
|
Three Months Ended |
|
|
March 30, 2019 |
|
March 31, 2018 |
Net Revenues |
|
$ |
172,566 |
|
|
$ |
150,455 |
|
Cost of Sales |
|
136,872 |
|
|
123,700 |
|
Gross Profit |
|
35,694 |
|
|
26,755 |
|
Selling, General and
Administrative Expenses |
|
22,846 |
|
|
19,326 |
|
Restructuring Charges |
|
— |
|
|
2,173 |
|
Operating Income |
|
12,848 |
|
|
5,256 |
|
Interest Expense |
|
(4,351 |
) |
|
(2,899 |
) |
Income Before Taxes |
|
8,497 |
|
|
2,357 |
|
Income Tax Expense
(Benefit) |
|
1,025 |
|
|
(243 |
) |
Net Income |
|
$ |
7,472 |
|
|
$ |
2,600 |
|
Earnings Per Share |
|
|
|
|
Basic
earnings per share |
|
$ |
0.65 |
|
|
$ |
0.23 |
|
Diluted
earnings per share |
|
$ |
0.64 |
|
|
$ |
0.22 |
|
Weighted-Average Number of
Common Shares Outstanding |
|
|
|
|
Basic |
|
11,434 |
|
|
11,346 |
|
Diluted |
|
11,755 |
|
|
11,613 |
|
|
|
|
|
|
Gross Profit % |
|
20.7 |
% |
|
17.8 |
% |
SG&A % |
|
13.3 |
% |
|
12.8 |
% |
Operating Income % |
|
7.4 |
% |
|
3.5 |
% |
Net Income % |
|
4.3 |
% |
|
1.7 |
% |
Effective Tax (Benefit)
Rate |
|
12.1 |
% |
|
(10.3 |
)% |
DUCOMMUN INCORPORATED AND SUBSIDIARIESBUSINESS
SEGMENT PERFORMANCE(Unaudited)(In thousands)
|
|
Three Months Ended |
|
|
%Change |
|
March 30, 2019 |
|
March 31, 2018 |
|
%of Net Revenues2019 |
|
%of Net Revenues2018 |
Net
Revenues |
|
|
|
|
|
|
|
|
|
|
Electronic Systems |
|
2.2 |
% |
|
$ |
84,197 |
|
|
$ |
82,409 |
|
|
48.8 |
% |
|
54.8 |
% |
Structural Systems |
|
29.9 |
% |
|
88,369 |
|
|
68,046 |
|
|
51.2 |
% |
|
45.2 |
% |
Total Net
Revenues |
|
14.7 |
% |
|
$ |
172,566 |
|
|
$ |
150,455 |
|
|
100.0 |
% |
|
100.0 |
% |
Segment Operating
Income |
|
|
|
|
|
|
|
|
|
|
Electronic Systems |
|
|
|
$ |
9,181 |
|
|
$ |
5,744 |
|
|
10.9 |
% |
|
7.0 |
% |
Structural Systems |
|
|
|
10,549 |
|
|
4,391 |
|
|
11.9 |
% |
|
6.5 |
% |
|
|
|
|
19,730 |
|
|
10,135 |
|
|
|
|
|
Corporate General and
Administrative Expenses (1) |
|
|
|
(6,882 |
) |
|
(4,879 |
) |
|
(4.0 |
)% |
|
(3.2 |
)% |
Total
Operating Income |
|
|
|
$ |
12,848 |
|
|
$ |
5,256 |
|
|
7.4 |
% |
|
3.5 |
% |
Adjusted
EBITDA |
|
|
|
|
|
|
|
|
|
|
Electronic Systems |
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
|
|
$ |
9,181 |
|
|
$ |
5,744 |
|
|
|
|
|
Depreciation
and Amortization |
|
|
|
3,844 |
|
|
3,632 |
|
|
|
|
|
Restructuring Charges |
|
|
|
— |
|
|
520 |
|
|
|
|
|
|
|
|
|
13,025 |
|
|
9,896 |
|
|
15.5 |
% |
|
12.0 |
% |
Structural Systems |
|
|
|
|
|
|
|
|
|
|
Operating
Income |
|
|
|
10,549 |
|
|
4,391 |
|
|
|
|
|
Depreciation
and Amortization |
|
|
|
3,250 |
|
|
2,316 |
|
|
|
|
|
Restructuring Charges |
|
|
|
— |
|
|
1,526 |
|
|
|
|
|
|
|
|
|
13,799 |
|
|
8,233 |
|
|
15.6 |
% |
|
12.1 |
% |
Corporate General and
Administrative Expenses (1) |
|
|
|
|
|
|
|
|
|
|
Operating
loss |
|
|
|
(6,882 |
) |
|
(4,879 |
) |
|
|
|
|
Depreciation
and Amortization |
|
|
|
294 |
|
|
33 |
|
|
|
|
|
Stock-Based
Compensation Expense |
|
|
|
1,464 |
|
|
1,090 |
|
|
|
|
|
Restructuring Charges |
|
|
|
— |
|
|
127 |
|
|
|
|
|
|
|
|
|
(5,124 |
) |
|
(3,629 |
) |
|
|
|
|
Adjusted
EBITDA |
|
|
|
$ |
21,700 |
|
|
$ |
14,500 |
|
|
12.6 |
% |
|
9.6 |
% |
Capital
Expenditures |
|
|
|
|
|
|
|
|
|
|
Electronic Systems |
|
|
|
$ |
836 |
|
|
$ |
2,734 |
|
|
|
|
|
Structural Systems |
|
|
|
3,689 |
|
|
1,529 |
|
|
|
|
|
Total
Capital Expenditures |
|
|
|
$ |
4,525 |
|
|
$ |
4,263 |
|
|
|
|
|
(1) Includes costs not allocated to either the Electronic
Systems or Structural Systems operating segments.
DUCOMMUN INCORPORATED AND SUBSIDIARIESGAAP TO
NON-GAAP OPERATING INCOME RECONCILIATION(Unaudited)(In
thousands)
|
|
Three Months Ended |
GAAP To
Non-GAAP Operating Income |
|
March 30, 2019 |
|
March 31, 2018 |
|
%of Net Revenues2019 |
|
%of Net Revenues2018 |
GAAP Operating income |
|
$ |
12,848 |
|
|
$ |
5,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating income -
Electronic Systems |
|
$ |
9,181 |
|
|
$ |
5,744 |
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Restructuring charges |
|
— |
|
|
520 |
|
|
|
|
|
Adjusted
operating income - Electronic Systems |
|
9,181 |
|
|
6,264 |
|
|
10.9 |
% |
|
7.6 |
% |
|
|
|
|
|
|
|
|
|
GAAP Operating income -
Structural Systems |
|
10,549 |
|
|
4,391 |
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
Restructuring charges |
|
— |
|
|
1,526 |
|
|
|
|
|
Adjusted
operating income - Structural Systems |
|
10,549 |
|
|
5,917 |
|
|
11.9 |
% |
|
8.7 |
% |
|
|
|
|
|
|
|
|
|
GAAP Operating loss -
Corporate |
|
(6,882 |
) |
|
(4,879 |
) |
|
|
|
|
Adjustment: |
|
|
|
|
|
|
|
|
Restructuring charges |
|
— |
|
|
127 |
|
|
|
|
|
Adjusted
operating loss - Corporate |
|
(6,882 |
) |
|
(4,752 |
) |
|
|
|
|
Total
adjustments |
|
— |
|
|
2,173 |
|
|
|
|
|
Adjusted operating
income |
|
$ |
12,848 |
|
|
$ |
7,429 |
|
|
7.4 |
% |
|
4.9 |
% |
DUCOMMUN INCORPORATED AND SUBSIDIARIESGAAP 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 30, 2019 |
|
March 31, 2018 |
GAAP Net income |
|
$ |
7,472 |
|
|
$ |
2,600 |
|
Adjustments: |
|
|
|
|
Restructuring charges (1) |
|
— |
|
|
1,804 |
|
Adjusted net income |
|
$ |
7,472 |
|
|
$ |
4,404 |
|
|
|
Three Months Ended |
GAAP Earnings
Per Share To Non-GAAP Earnings Per Share |
|
March 30, 2019 |
|
March 31, 2018 |
GAAP Diluted earnings
per share (“EPS”) |
|
$ |
0.64 |
|
|
$ |
0.22 |
|
Adjustments: |
|
|
|
|
Restructuring charges (1) |
|
— |
|
|
0.16 |
|
Adjusted diluted EPS |
|
$ |
0.64 |
|
|
$ |
0.38 |
|
|
|
|
|
|
Shares used for adjusted
diluted EPS |
|
11,755 |
|
|
11,613 |
|
(1) Includes effective tax rate of 17.0% for 2018
adjustments.
DUCOMMUN INCORPORATED AND SUBSIDIARIESNON-GAAP
BACKLOG BY REPORTING SEGMENT(Unaudited)(In thousands)
|
|
(In thousands) |
|
|
March 30, 2019 |
|
December 31, 2018 |
Consolidated
Ducommun |
|
|
|
|
Military and space |
|
$ |
346,959 |
|
|
$ |
339,443 |
|
Commercial aerospace |
|
499,473 |
|
|
487,232 |
|
Industrial |
|
37,333 |
|
|
37,774 |
|
Total |
|
$ |
883,765 |
|
|
$ |
864,449 |
|
Electronic
Systems |
|
|
|
|
Military and space |
|
$ |
249,302 |
|
|
$ |
241,196 |
|
Commercial aerospace |
|
65,022 |
|
|
48,032 |
|
Industrial |
|
37,333 |
|
|
37,774 |
|
Total |
|
$ |
351,657 |
|
|
$ |
327,002 |
|
Structural
Systems |
|
|
|
|
Military and space |
|
$ |
97,657 |
|
|
$ |
98,247 |
|
Commercial aerospace |
|
434,451 |
|
|
439,200 |
|
Total |
|
$ |
532,108 |
|
|
$ |
537,447 |
|
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