Questions? +1 (202) 335-3939 Login
Trusted News Since 1995
A service for airline industry professionals · Friday, March 29, 2024 · 699,678,146 Articles · 3+ Million Readers

Ducommun Reports Results for the Fourth Quarter Ended December 31, 2019

Strong Finish to 2019 Positions Company for Solid Year Ahead

/EIN News/ -- SANTA ANA, Calif., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Ducommun Incorporated (NYSE:DCO) (“Ducommun” or the “Company”) today reported results for its fourth quarter and year ended December 31, 2019.

Fourth Quarter 2019 Highlights

  • Revenue of $186.9 million
  • GAAP net income of $8.9 million, or $0.75 per diluted share
  • Adjusted net income for the quarter of $9.5 million, or $0.80 per diluted share
  • Gross margin increased 160 basis points year-over-year to 21.5%
  • Adjusted EBITDA increased 29.6% year-over-year to $25.2 million
  • Completed the acquisition of Nobles Worldwide, Inc. (“Nobles”)

“I am delighted with our strong fourth quarter performance as we close a very important year for the Company,” said Stephen G. Oswald, chairman, president and chief executive officer. “We once again achieved double digit increases for the sixth straight quarter, averaging 15%, with over 85% of the gains being organic growth. For 2019, sales reached $721 million, its highest since 2014 as Ducommun continues to gain more and more momentum. We also grew gross margins to 21.1% in 2019, up 160 basis points which is the highest level since 2003 and reflects significant operational improvements, effective portfolio management and our acquisitions exceeding expectations. The Company increased operating margin as well in 2019 and delivered $56 million in operating income along with strong cash flow from operations at $51 million. EBITDA generation was another great story in 2019 at $92.3 million, up 30% year-over-year.

“Ducommun’s fourth quarter revenue rose 14% year-over-year and the Company ended 2019 with an all-time high backlog* of $910 million, bolstered by strong orders across numerous key platforms, particularly within our defense business. Equally impressive was the book-to-bill ratio in the quarter of 1.4. We have spent a good amount of time during the past few years improving the performance of our defense operations and business development team and are now seeing the results. The Company is also leveraging our structures capabilities in the defense markets and orders increased sequentially in the second half of the year by more than 45%. Margins also increased across the board in Q4, and we generated $40 million in gross profit, another all-time record for the Company. We closed as well on a key acquisition in the quarter, Nobles Worldwide, Inc., which is the market leader in ammunition chutes. The integration is going well for this engineered products company, and the team is off to a fast start.

“During the quarter, we also continued to work closely with Boeing and Spirit AeroSystems on the 737 MAX. After the announcements in December, Ducommun took actions early in January to ensure all costs within our affected operations were being closely and proactively managed. We are looking forward to starting back production later in Q1 and are well positioned operationally to meet the rate requirements now and in the future.

“As we begin 2020, the Company is off to a strong start in many areas, and we look forward to continued high performance as we drive for excellence and industry leading customer satisfaction across the Company.”

Fourth Quarter Results

Net revenue for the fourth quarter of 2019 was $186.9 million, compared to $164.2 million for the fourth quarter of 2018. The 13.9% increase year-over-year was primarily due to the following:

  • $16.1 million higher revenue within the Company’s military and space end-use markets due to higher demand on the Company’s various military fixed-wing aircraft platforms and other military and space platforms; and
  • $3.6 million higher revenue in the Company’s commercial aerospace end-use markets due to additional content and higher demand for the Company’s large aircraft platforms.

Net income for the fourth quarter of 2019 was $8.9 million, or $0.75 per diluted share, compared to $0.7 million, or $0.06 per diluted share, for the fourth quarter of 2018. The year-over-year increase was due to higher gross profit of $7.4 million as a result of higher revenue and improved operating performance, and lower restructuring charges of $3.8 million.

Gross profit for the fourth quarter of 2019 was $40.1 million, or 21.5% of revenue, compared to gross profit of $32.7 million, or 19.9% of revenue, for the fourth quarter of 2018. The increase in gross margin percentage year-over-year was due to favorable product mix and lower compensation and benefits costs, partially offset by unfavorable manufacturing volume.

Operating income for the fourth quarter of 2019 was $15.2 million, or 8.1% of revenue, compared to $6.3 million, or 3.8% of revenue, in the comparable period last year. The year-over-year improvement in operating income of $8.9 million was due to higher revenue and lower restructuring charges of $3.8 million, partially offset by higher SG&A expenses of $2.4 million.

Interest expense for the fourth quarter of 2019 was $5.2 million compared to $3.8 million in the comparable period of 2018. The year-over-year increase was due to a higher debt balance as a result of the acquisition of Nobles on October 8, 2019.

Adjusted EBITDA for the fourth quarter of 2019 was $25.2 million, or 13.5% of revenue, compared to $19.4 million, or 11.8% of revenue, for the comparable period in 2018.

* 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 firm delivery dates of 24 months or less. Backlog as of December 31, 2019 was $910.2 million compared to $863.6 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 as of December 31, 2019 were $745.3 million compared to $722.8 million as of December 31, 2018.

Business Segment Information

Electronic Systems

Electronic Systems reported net revenue for the current quarter of $96.3 million, compared to $85.3 million for the fourth quarter of 2018. The year-over-year increase was primarily due to the following:

  • $9.3 million higher revenue within the Company’s military and space end-use markets due to increased demand, which favorably impacted the Company’s fixed-wing aircraft platforms; partially offset by
  • $1.4 million lower revenue within the Company’s commercial aerospace end-use markets due lower build rates on the Company’s other commercial aerospace platforms.

Electronic Systems operating income for the current year fourth quarter of $9.9 million, or 10.2% of revenue, compared to $7.5 million, or 8.7% of revenue, for the comparable quarter in 2018. The year-over-year increase was due to favorable product mix and lower restructuring charges of $2.4 million, partially offset by unfavorable manufacturing volume.

Structural Systems

Structural Systems reported net revenue for the current quarter of $90.6 million, compared to $78.9 million for the fourth quarter of 2018. The year-over-year increase was due to the following:

  • $6.8 million higher revenue within the Company’s military and space end-use markets due to increased demand for the Company’s other military and space platforms and rotary-wing aircraft platforms; and
  • $4.9 million higher revenue within the Company’s commercial aerospace end-use markets due to additional content and increased demand on the Company’s large aircraft platforms.

Structural Systems operating income for the current-year fourth quarter was $11.6 million, or 12.8% of revenue, compared to $5.7 million, or 7.2% of revenue, for the fourth quarter of 2018. The year-over-year increase was due to favorable product mix, lower compensation and benefit costs, lower restructuring charges of $1.1 million, and improved manufacturing efficiencies.

Corporate General and Administrative (“CG&A”) Expense

CG&A expense for the fourth quarter of 2019 was $6.3 million, or 3.4% of total Company revenue, compared to $6.9 million, or 4.2% of total Company revenue, in the comparable quarter in the prior year. The year-over-year decrease was primarily due to lower restructuring charges of $0.3 million and lower general corporate expenses of $0.2 million.

Conference Call

A teleconference hosted by Stephen G. Oswald, the Company’s chairman, president, and chief executive officer, and Christopher D. Wampler, the Company’s vice president, interim chief financial officer and treasurer, and controller and chief accounting officer, will be held today, February 20, 2020, 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 9672508. Mr. Oswald and Mr. Wampler 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 9672508.

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,” “look forward” 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 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, February 20, 2020, 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, depreciation, amortization, stock-based compensation expense, restructuring charges, inventory purchase accounting adjustments, loss on extinguishment of debt, and other debt refinancing costs). In addition, certain prior period amounts have been reclassified to conform to current year’s presentation.

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:

Christopher D. Wampler, Vice President, Interim Chief Financial Officer and Treasurer, and Controller and Chief Accounting Officer, 657.335.3665
Chris Witty, Investor Relations, 646.438.9385, cwitty@darrowir.com

[Financial Tables Follow]


DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars In thousands)

    December 31,
 2019
  December 31,
 2018
Assets        
Current Assets        
Cash and cash equivalents   $ 39,584     $ 10,263  
Accounts receivable, net   67,133     67,819  
Contract assets   106,670     86,665  
Inventories   112,482     101,125  
Production cost of contracts   9,402     11,679  
Other current assets   5,497     6,531  
Total Current Assets   340,768     284,082  
Property and Equipment, Net   115,216     107,045  
Operating lease right-of-use assets   19,105      
Goodwill   170,917     136,057  
Intangibles, Net   138,362     112,092  
Non-Current Deferred Income Taxes   55     308  
Other Assets   6,006     5,155  
Total Assets   $ 790,429     $ 644,739  
Liabilities and Shareholders’ Equity        
Current Liabilities        
Accounts payable   $ 82,597     $ 69,274  
Contract liabilities   14,517     17,145  
Accrued liabilities   37,620     37,786  
Operating lease liabilities   2,956      
Current portion of long-term debt   7,000     2,330  
Total Current Liabilities   144,690     126,535  
Long-Term Debt, Less Current Portion   300,887     228,868  
Non-Current Operating Lease Liabilities   17,565      
Non-Current Deferred Income Taxes   16,766     18,070  
Other Long-Term Liabilities   17,721     14,441  
Total Liabilities   497,629     387,914  
Commitments and Contingencies        
Shareholders’ Equity        
Common stock   116     114  
Additional paid-in capital   88,399     83,712  
Retained earnings   212,553     180,356  
Accumulated other comprehensive loss   (8,268 )   (7,357 )
Total Shareholders’ Equity   292,800     256,825  
Total Liabilities and Shareholders’ Equity   $ 790,429     $ 644,739  
                 


DUCOMMUN INCORPORATED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Quarterly Information Unaudited)
(Dollars in thousands, except per share amounts)

    Three Months Ended   Years Ended
    December 31,
 2019
  December 31,
 2018
  December 31,
 2019
  December 31,
 2018
Net Revenues   $ 186,926     $ 164,183     $ 721,088     $ 629,307  
Cost of Sales   146,815     131,486     568,891     506,711  
Gross Profit   40,111     32,697     152,197     122,596  
Selling, General and Administrative Expenses   24,933     22,531     95,964     84,007  
Restructuring Charges       3,887         14,671  
Operating Income   15,178     6,279     56,233     23,918  
Interest Expense   (5,150 )   (3,838 )   (18,290 )   (13,024 )
Loss on Extinguishment of Debt   (180 )   (926 )   (180 )   (926 )
Other Income, Net       276         303  
Income Before Taxes   9,848     1,791     37,763     10,271  
Income Tax Expense   977     1,118     5,302     1,236  
Net Income   $ 8,871     $ 673     $ 32,461     $ 9,035  
Earnings Per Share                
Basic earnings per share   $ 0.77     $ 0.06     $ 2.82     $ 0.79  
Diluted earnings per share   $ 0.75     $ 0.06     $ 2.75     $ 0.77  
Weighted-Average Number of Common Shares Outstanding                
Basic   11,568     11,415     11,518     11,390  
Diluted   11,837     11,713     11,792     11,659  
                 
Gross Profit %   21.5 %   19.9 %   21.1 %   19.5 %
SG&A %   13.3 %   13.7 %   13.3 %   13.3 %
Operating Income %   8.1 %   3.8 %   7.8 %   3.9 %
Net Income %   4.7 %   0.4 %   4.5 %   1.4 %
Effective Tax Rate   9.9 %   62.4 %   14.0 %   12.0 %
                         


DUCOMMUN INCORPORATED AND SUBSIDIARIES
BUSINESS SEGMENT PERFORMANCE
(Unaudited)
(Dollars in thousands)

    Three Months Ended   Years Ended
    %
Change
  December 31,
2019
  December 31,
2018
  % of Net
Revenues
2019
  % of Net
Revenues
2018
  %
Change
  December 31,
2019
  December 31,
2018
  % of Net
Revenues
2019
  %of Net
Revenues
2018
Net Revenues                                        
Electronic Systems   13.0 %   $ 96,328     $ 85,262     51.5 %   51.9 %   6.7 %   $ 360,373     $ 337,868     50.0 %   53.7 %
Structural Systems   14.8 %   90,598     78,921     48.5 %   48.1 %   23.8 %   360,715     291,439     50.0 %   46.3 %
Total Net Revenues   13.9 %   $ 186,926     $ 164,183     100.0 %   100.0 %   14.6 %   $ 721,088     $ 629,307     100.0 %   100.0 %
Segment Operating Income                                        
Electronic Systems       $ 9,863     $ 7,453     10.2 %   8.7 %       $ 38,613     $ 30,916     10.7 %   9.2 %
Structural Systems       11,637     5,683     12.8 %   7.2 %       46,836     19,063     13.0 %   6.5 %
        21,500     13,136                 85,449     49,979          
Corporate General and Administrative Expenses (1)       (6,322 )   (6,857 )   (3.4 )%   (4.2 )%       (29,216 )   (26,061 )   (4.1 )%   (4.1 )%
Total Operating Income       $ 15,178     $ 6,279     8.1 %   3.8 %       $ 56,233     $ 23,918     7.8 %   3.9 %
Adjusted EBITDA                                        
Electronic Systems                                        
Operating Income       $ 9,863     $ 7,453                 $ 38,613     $ 30,916          
Other Income           92                     119          
Depreciation and Amortization       3,568     3,201                 14,170     14,223          
Restructuring Charges           2,370                     4,776          
        13,431     13,116     13.9 %   15.4 %       52,783     50,034     14.6 %   14.8 %
Structural Systems                                        
Operating Income       11,637     5,683                 46,836     19,063          
Other Income           184                     184          
Depreciation and Amortization       3,913     3,015                 13,663     10,525          
Restructuring Charges           1,149                     7,897          
Inventory Purchase Accounting Adjustments       511                     511     622          
        16,061     10,031     17.7 %   12.7 %       61,010     38,291     16.9 %   13.1 %
Corporate General and Administrative Expenses (1)                                        
Operating loss       (6,322 )   (6,857 )               (29,216 )   (26,061 )        
Depreciation and Amortization       73     445                 472     548          
Stock-Based Compensation Expense       1,839     1,626                 7,161     5,040          
Restructuring Charges           321                     2,119          
Other Debt Refinancing Costs       77     697                 77     697          
        (4,333 )   (3,768 )               (21,506 )   (17,657 )        
Adjusted EBITDA       $ 25,159     $ 19,379     13.5 %   11.8 %       $ 92,287     $ 70,668     12.8 %   11.2 %
                                         
Capital Expenditures                                        
Electronic Systems       $ 688     $ 1,628                 $ 5,508     $ 6,719          
Structural Systems       3,230     2,539                 13,338     9,104          
Corporate Administration           139                     514          
Total Capital Expenditures       $ 3,918     $ 4,306                 $ 18,846     $ 16,337          

(1) Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.


DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP OPERATING INCOME AND AS A PERCENTAGE OF NET REVENUES RECONCILIATION
(Unaudited)
(Dollars in thousands)

    Three Months Ended   Years Ended
GAAP To Non-GAAP Operating Income   December 31,
 2019
  December 31,
 2018
  %
of Net
Revenues
2019
  %
of Net
Revenues
2018
  December 31,
 2019
  December 31,
 2018
  %
of Net
Revenues
2019
  %
of Net
Revenues
2018
GAAP Operating income   $ 15,178     $ 6,279             $ 56,233     $ 23,918          
                                 
GAAP Operating income - Electronic Systems   $ 9,863     $ 7,453             $ 38,613     $ 30,916          
Adjustments:                                
Restructuring charges       2,370                 4,776          
Adjusted operating income - Electronic Systems   9,863     9,823     10.2 %   11.5 %   38,613     35,692     10.7 %   10.6 %
                                 
GAAP Operating income - Structural Systems   11,637     5,683             46,836     19,063          
Adjustments:                                
Restructuring charges       1,149                 7,897          
Inventory purchase accounting adjustments   511                 511     622          
Adjusted operating income - Structural Systems   12,148     6,832     13.4 %   8.7 %   47,347     27,582     13.1 %   9.5 %
                                 
GAAP Operating loss - Corporate   (6,322 )   (6,857 )           (29,216 )   (26,061 )        
Adjustment:                                
Restructuring charges       321                 2,119          
Other debt refinancing costs   77     697             77     697          
Adjusted operating loss - Corporate   (6,245 )   (5,839 )           (29,139 )   (23,942 )        
Total adjustments   588     4,537             588     16,111          
Adjusted operating income   $ 15,766     $ 10,816     8.4 %   6.6 %   $ 56,821     $ 40,029     7.9 %   6.4 %
                                                         


DUCOMMUN INCORPORATED AND SUBSIDIARIES
GAAP TO NON-GAAP EARNINGS AND EARNINGS PER SHARE RECONCILIATION
(Unaudited)
(Dollars in thousands, except per share amounts)

    Three Months Ended   Years Ended
GAAP To Non-GAAP Earnings   December 31,
 2019
  December 31,
 2018
  December 31,
 2019
  December 31,
 2018
GAAP Net income   $ 8,871     $ 673     $ 32,461     $ 9,035  
Adjustments:                
Restructuring charges (2)       3,187         12,277  
Inventory purchase accounting adjustments (1)   409         409     516  
Loss on extinguishment of debt (1)(2)   144     769     144     769  
Other debt refinancing costs (1)(2)   62     579     62     579  
Total adjustments   615     4,535     615     14,141  
Adjusted net income   $ 9,486     $ 5,208     $ 33,076     $ 23,176  


    Three Months Ended   Years Ended
GAAP Earnings Per Share To Non-GAAP Earnings Per Share   December 31,
 2019
  December 31,
 2018
  December 31,
 2019
  December 31,
 2018
GAAP Diluted Earnings Per Share (“EPS”)   $ 0.75     $ 0.06     $ 2.75     $ 0.77  
Adjustments:                
Restructuring charges (2)       0.27         1.05  
Inventory purchase accounting adjustments (1)(2)   0.03         0.03     0.05  
Loss on extinguishment of debt (1)(2)   0.01     0.06     0.01     0.07  
Other debt refinancing costs (2)   0.01     0.05     0.01     0.05  
Total adjustments   0.05     0.38     0.05     1.22  
Adjusted Diluted EPS   $ 0.80     $ 0.44     $ 2.80     $ 1.99  
                 
Shares used for adjusted diluted EPS   11,837     11,713     11,792     11,659  

(1) Includes tax rate of 20.0% for 2019 adjustments.
(2) Includes tax rate of 17.0% for 2018 adjustments.


DUCOMMUN INCORPORATED AND SUBSIDIARIES
NON-GAAP BACKLOG* BY REPORTING SEGMENT
(Unaudited)
(Dollars in thousands)

    (In thousands)
    December 31,
 2019
  December 31,
 2018
Consolidated Ducommun        
Military and space   $ 451,293     $ 342,080  
Commercial aerospace   430,642     483,735  
Industrial   28,286     37,774  
Total   $ 910,221     $ 863,589  
Electronic Systems        
Military and space   $ 311,027     $ 243,841  
Commercial aerospace   75,719     45,387  
Industrial   28,286     37,774  
Total   $ 415,032     $ 327,002  
Structural Systems        
Military and space   $ 140,266     $ 98,239  
Commercial aerospace   354,923     438,348  
Total   $ 495,189     $ 536,587  

* 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 December 31, 2019 was $910.2 million compared to $863.6 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 as of December 31, 2019 were $745.3 million compared to $722.8 million as of December 31, 2018. 

Primary Logo

Powered by EIN News


EIN Presswire does not exercise editorial control over third-party content provided, uploaded, published, or distributed by users of EIN Presswire. We are a distributor, not a publisher, of 3rd party content. Such content may contain the views, opinions, statements, offers, and other material of the respective users, suppliers, participants, or authors.

Submit your press release