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    Ducommun Inc (DCO)

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    Ducommun Incorporated is a leading global provider of engineering and manufacturing services for high-performance products and high-cost-of-failure applications. The company primarily serves the aerospace and defense, industrial, and medical industries, offering innovative solutions through its expertise in electronic and structural systems. Ducommun designs, engineers, and manufactures a wide range of products, including ruggedized electronics, aerostructure components, and assemblies for critical applications.

    1. Electronic Systems - Designs and manufactures high-reliability electronic and electromechanical products, including ruggedized wire harnesses, human-machine interfaces, complex circuit cards, lightning protection, integrated box builds, and motion control systems.

    2. Structural Systems - Engineers and produces large, complex contoured aerostructure components and assemblies, such as titanium hot forming, VersaCore Composite™ & Metalbond, titanium super plastic forming, ammunition handling systems, aluminum stretch form & chemical mill, extruded thermoplastics, magnetic seals, and aerodynamic enhancement products.

    NamePositionExternal RolesShort Bio

    Stephen G. Oswald

    ExecutiveBoard

    President and Chief Executive Officer

    Stephen G. Oswald has been CEO of DCO since January 2017 and has served as Chairman since May 2018. He previously led Capital Safety Company as CEO from 2012 to 2015 and held several leadership roles at United Technologies Corporation over 15 years.

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    Jerry L. Redondo

    Executive

    Senior Vice President, Electronics and Structural Systems

    Jerry L. Redondo is the Senior Vice President, Electronics and Structural Systems at DCO since November 2023. Previously, he served as Senior Vice President of Operations and Head of Ducommun Structures from June 2017 to November 2023, driving operational excellence.

    Laureen S. Gonzalez

    Executive

    Vice President, Chief Human Resources Officer

    Laureen S. Gonzalez is the Vice President, Chief Human Resources Officer at Ducommun Incorporated since September 2022, with prior HR leadership roles including Acting VP of Human Resources from December 2021 to August 2022 and Director of Human Resources, Shared Services from 2014 to 2021.

    Rajiv A. Tata

    Executive

    Vice President, General Counsel & Corporate Secretary

    Rajiv A. Tata has served as Vice President, General Counsel & Corporate Secretary at DCO since January 24, 2020, where he oversees legal affairs and corporate governance. There is no information indicating his involvement on boards or additional external roles.

    Suman B. Mookerji

    Executive

    Senior Vice President, Chief Financial Officer, Controller, and Treasurer

    Suman B. Mookerji is the Senior Vice President, Chief Financial Officer, Controller, and Treasurer at DCO since May 3, 2023. He previously served as Vice President, Corporate Development & Investor Relations and joined DCO in April 2017 as the Vice President, Strategy, Acquisitions & Integration.

    Daniel G. Korte

    Board

    Class I Director

    Board Member at Woodward, Inc. (Chair, Human Capital & Compensation Committee)

    Daniel G. Korte serves as a Class I Director at Ducommun Incorporated and is a member of the Corporate Governance and Nominating Committee. He has built a distinguished career in the aerospace and defense industry, notably serving on the Board of Directors at Woodward, Inc. where he chairs the Human Capital & Compensation Committee.

    David B. Carter

    Board

    Class I Director

    David B. Carter is a Class I Director at Ducommun Incorporated since February 1, 2024, and also serves on the Innovation Committee, contributing extensive engineering and defense market expertise.

    Dean M. Flatt

    Board

    Lead Independent Director

    Director at Curtiss-Wright Company (since 2012)

    Dean M. Flatt has served as the Lead Independent Director at Ducommun (DCO) since November 5, 2009. He has been a board member since 2009 and chairs the Corporate Governance & Nominating as well as the Compensation Committees, following a distinguished career at Honeywell International.

    Richard A. Baldridge

    Board

    Director

    Director at Viasat ; Director at EvoNexus

    Richard A. Baldridge has been serving as a Director at Ducommun Incorporated (DCO) since 2013. He brings broad operational and financial experience with a background in executive roles at Viasat, Inc. and Raytheon Corporation.

    Robert C. Ducommun

    Board

    Director

    Robert C. Ducommun has served as a Director at DCO since 1985 and holds key committee roles including Chair of the Corporate Governance & Nominating Committee and membership on the Audit Committee. He brings extensive financial and strategic expertise from over 30 years as an independent business advisor, former CFO, and management consultant with McKinsey & Company.

    Samara A. Strycker

    Board

    Director

    Executive Vice President and Chief Financial Officer at International Motors, LLC since February 2025

    Samara A. Strycker has served as a Director on Ducommun's board since 2021 and is Chair of the Audit Committee. She brings extensive financial leadership experience from her role as Executive Vice President and Chief Financial Officer at International Motors, LLC since February 2025.

    Sheila G. Kramer

    Board

    Director

    Sheila G. Kramer has been a Director at Ducommun Incorporated since 2021, serving as Chair of the Corporate Governance & Nominating Committee and as a member of the Compensation Committee. She previously held senior human resources leadership roles at Donaldson Company, Inc. (including Chief Human Resources Officer) and Taylor Corporation, contributing extensive human capital expertise.

    Shirley G. Drazba

    Board

    Director

    Shirley G. Drazba is a director at DCO, serving on the Board since 2018 with her term expiring in 2027. She was appointed as the Lead Independent Director on February 25, 2025 and also chairs the Compensation Committee, bringing extensive experience from her executive roles at IDEX Corporation and Honeywell International.

    1. Regarding the Q4 margin decline in Structural Systems, with expenses split between unfavorable mix and one-time costs, can you detail the specific remedial actions you plan to implement and when you expect margins to be fully restored?
    2. You’ve highlighted a difference in profitability between Boeing and Airbus programs; what targeted pricing or cost initiatives are being pursued to improve margins on the less profitable Airbus programs?
    3. In light of your capacity challenges mentioned for the Appleton facility supporting VIASAT work, how are you planning to balance growing demand with potentially diminishing volume from this work in the near future?
    4. With persistent destocking affecting the MAX business in the first half of 2025, what specific actions will you take to accelerate recovery, and what indicators will you monitor to adjust your strategy if build rates do not rebound as expected?
    5. Given the potential for defense budget reprioritization impacting legacy platforms like the F18, how do you plan to mitigate these risks while repositioning your defense product portfolio and maintaining margin growth?
    CustomerRelationshipSegmentDetails

    Boeing

    Commercial aerospace

    All

    2024 Net Revenue: 8.2% or $64.5M. A/R: 8.0% or $8.78M.

    General Dynamics

    Defense contractor

    All

    2024 Net Revenue: 3.8% or $29.9M ( × ). A/R: 0.6% or $0.66M ( × ).

    Lockheed Martin

    Defense contractor

    All

    2024 Net Revenue: 5.3% or $41.7M ( × ). A/R: 1.9% or $2.08M ( × ).

    Northrop Grumman

    Defense contractor

    All

    2024 Net Revenue: 6.4% or $50.7M ( × ). A/R: 2.7% or $2.96M ( × ).

    RTX

    Aerospace & defense

    All

    2024 Net Revenue: 18.5% or $145.5M ( × ). A/R: 15.6% or $17.72M ( × ).

    Spirit AeroSystems

    Commercial aerospace

    All

    2024 Net Revenue: 5.7% or $44.0M ( × ). A/R: 4.4% or $4.83M ( × ).

    Viasat

    Commercial aerospace solutions

    All

    2024 Net Revenue: 3.0% or $23.6M ( × ). A/R: 3.1% or $3.40M ( × ).

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    BLR Aerospace, L.L.C.

    2023

    Acquired in April 2023 for an initial purchase price of $115.0 million (final price $114.4 million), with the transaction structured as a 100% equity purchase including working capital adjustments, key assets such as $55.5 million in intangibles, and $41.2 million in goodwill; the acquisition was strategically aimed at diversifying Ducommun’s engineered products and enhancing aftermarket opportunities, financed via the 2022 Revolving Credit Facility.

    Magnetic Seal LLC (MagSeal)

    2021

    Completed on December 16, 2021, for $69.5 million, this acquisition was structured via an Equity Purchase Agreement and financed using cash on hand and a portion of an existing revolving credit facility; it strategically added MagSeal’s proprietary magnetic sealing technologies for aerospace and defense, bolstering Ducommun’s portfolio with high-value engineered products and recurring aftermarket potential.

    Recent press releases and 8-K filings for DCO.

    Ducommun Reports Q4 2024 Earnings & Strategic Progress
    DCO
    Earnings
    Revenue Acceleration/Inflection
    Guidance Update
    • Q4 revenue reached $197.3M, marking a 2.6% year-over-year increase driven by strong performance in commercial aerospace, military, and space segments
    • Net income improved to $6.8M (or $0.45 per diluted share) with Q4 gross margins at 23.5% and a record full‐year gross margin of 25.1%, reflecting successful cost and pricing initiatives
    • Adjusted EBITDA grew by 18.7% to $27.3M, underscoring enhanced operational performance
    • Achieved a record full‐year revenue of $787M and ended the quarter with a backlog exceeding $1.06B, signaling strong demand in military and space markets
    • Under its Vision 2027 strategy, engineered product revenues rose from 19% to 23% of total revenue, highlighting strategic progress
    • Management emphasized a diversified defense portfolio with no single program over 10% of defense revenues and updated its 2025 outlook, expecting mid-single digit revenue growth despite early destocking and lower build rates
    Feb 27, 2025, 12:00 AM