Ducommun (DCO) 28 Feb 182017 Q4 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Ducommun Q4 2017 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Chris Witty, moderator of this call. begin. may you Sir,

forward-looking limitations Treasurer. the welcome events, today XXXX and during are projections Vice Officer regarding Doug and Call. certain CEO; Quarter statements not or remarks the With that Groves, discuss historical cause statements any and Financial subject of Chief me under and, materially and that statements These Steve may today follows. are Reform including are performance and Certain we future differ President, going statements to facts, any to Litigation you, make risks, prepared market as to expressed Fourth XXXX perspective. Ducommun's Conference statements conditions, from or the operations, and forward-looking I'm are question-and-answer Thank financial session Oswald, future to that results therefore, implied statements. are the forward-looking results plan forward-looking actual by results Securities such of future Federal to Private our which to restructuring could or uncertainties Act other factors, projections, President

statements believe forward-looking reflected will to correct. that expectations we assurance reasonable, such in the prove be give our expectations we that can Although no are

operating government on business, except made, based to during Statements among change. and competition. risks. U.S. results on this and with regulatory the to Please and report this legal our in regulatory SEC, of the referenced the call as company's XX-K are cyclicality measures. filed on forward-looking SEC this of risks risks, if the management most statements and similar also current the made changes, These spending, the not statements update acquisitions intend reconciliation of others, authorities. are estimates and addition, those defense a of risks as facing presentation, by do of In we our the required measures. markets, call which This financial to the XX-K of non-GAAP cost described subject non-GAAP the others our GAAP Form for call refer annual Form level future in and only to any includes subject made and measures include, is are expansion Particular with filed are Ducommun our to time end-use

operating our the with We XX-K Oswald Investor have SEC company's website will filings for now filed the to and a call of Form all Mr. today, to link Relations you Steve? the over Steve would the to a results. tab. on turn the like under I find our review

thank XXXX detail. in review Doug us everyone, And Thanks, which, call. of for recent overview after Groves, joining Chris. for today conference developments, our our financial I'll will you, providing Okay. fourth begin quarter an results

future to we the will for core designed just completed important our year of which foundation So through for initiatives lay capabilities. strengthen several one a Ducommun, very growth

has our Wilmot As we our LDS you September, technology a as last or applications. proprietary the I'm defense at to help growth part -- you know, responsibility purchased Dave integrated suitable the Dave has drive bolstering electronic my LDS key taken Ducommun its company, leadership into of of in know company the numerous fully and electronics to additional Lightning and for Systems that been the off leader, that start great is team. here pleased a segment. aerospace announced to Diversion business

operation, our to begin operating structuring with the a a implementing costs, We utilization, our increase program need of cut to and efficiency we structure's multi-stage last also good regards asset company will announced where amount quarter, particularly improve ultimately, improvement.

Due across work taken of actions to where reflecting The the by significant facility, QX in QX, Doug entire to meant the and from cost lease reduced the difficult severance, expansion million, customer. make, for much of a be While nimble, consolidated more that Therefore, termination was Structural number encompass units began process were restructuring X this million the mentioned, across expected, to Presidents layer organization next-generation eliminating to of company, flatten Vice our X, programs the company functions our XX% are low of $X.X the review Parsons fixed in to the and to which we these took the to as and in needs to in management activities. segment, of big due one or we the investment and margins asset consolidating predictably organization. was to entire charges are structures this our and our impairments start redundancies We business from shortly. the done. out of as taking changes will transparent restructuring the charges close focus in $X.X operations total X. XX The

regional excess closed and such also fully helicopter and a few platforms have jet small process We we in continuing exiting equipment discussed and machinery programs, some certain the performing programs written facilities, business as off of past. and as the

overall is Our related in operating purchase and QX X.X% last and QX to versus one-time adjustments restructuring X.X% excluding inventory certain LDS X%, the year. expenses for margin adjusted accounting was acquisition. This

annual we in company's driving aerospace the While should, from And of to and margins are track XXXX. million and restructuring defense next to we committed on better the supplier the We program $XX much XXXX are complete and realize and savings, out XXXX, year. to you and stronger fully changes too, industries. I better, expect, remain approximately many working headwinds be in innovative starting with a and

across with segments and for the record enter a million. Another military a our to This for backlog sign $XXX and commercial ahead. positive significant both is a in development uptake company we our cuts investors great year the year in as backlog our the

I'm XXXX. very So about good feeling

position company margins As and and staff. all we highly-skilled proprietary work our growth, hard, processes, leveraging higher take customer steps and for stronger the relationships, faster technology

from space due to sector, our we on last and end-use slightly Now posted provide of military programs. let $XX.X of me primarily timing our revenue some and deliveries. Beginning fourth year, products quarter some color million, down certain markets, with

While growth Raytheon's defense year-over-year in strong in last programs QX we were Paveway defense-related particularly for missile became laser-guided year. saw for greater rack shipments a This one systems. components our structural the for top helicopters, lower as our of military platform,

For space just military revenue, comment it XXXX on up as whole, $XXX and from was a million. million, under to $XXX XX% XXXX

across again the grew at as well, of with Our great due $XXX backlog, defense our year, versus a to million innovative story, ending million of and most $XXX electronic the beginning applications. increase awards XXXX

fixed million, revenue $XX.X nice just large the this for on, were for the potential a on a XXXX our Airbus and from-- particularly business. year gain Boeing family. saw due in aircraft of up fourth this aerospace quarter the technology course, with were our space commercial contract our sales programs almost ongoing the on aerospace last of that of across slightly confident year, military customers represent Given With commercial solid as XX% feel and AXXX key up we upgrades and performance platforms the XXX we're in I increased need defense spending. this reflecting level applications, Notably, platforms again timing. This activity, is operations, to [indiscernible] Revenues mark will XX% shipment platforms again for Ducommun and, well. now

momentum as important our almost where jet performing comment platforms noting saw as business. of million commercial shows well to couple the $XXX end-new I've as record from in continue It's discussed, the $XX and portion mentioned. well, well million, on benefit fully as our as the up landscape worth as previously of from clearly start business of large XXXX with increased grow build We backlog customer. rates the exiting across helicopter the ended we year. platforms XX% building exited which win we're we programs, aerospace XXXX at commercial the Airbus with regional as to We with this were airframe also content as a business of This

exit platforms, jet addition, we on the made certain business to In some still regional certain bullish unattractive decisions was opportunities. space while

changes, expansion of steady in company to seen on we along the in remain margins drag new jets. business and to the Along GXXX excited a with given somewhat support facility. market and aircrafts, wins such additional year. value-added Ducommun seeing the that this our applications shareholders. to supplier the excited lot look now family position improved GXXX our supply cooler expertise, narrow-body XXX auxillary well production results These the in solutions titanium engine For And with of will of leverage Such titanium can programs ducts about source success. Parsons in out completion expect in organizational in be core team, are the expansion supplying product plenty our from that, for ongoing Gulfstream see in With room is track, Doug platforms. now MAX, them our of and jet new have of most a of QX which for new improvements Doug? and we're We're attractive of where also have we'll large-cabin result sole operating development Parsons we're largest. the on marketplace on with spring, all inlet state-of-the-art the I'll higher as our forward we've we're the but margin making example, titanium slow half wins our financial this, of a including And many review programs duct discussed and of XXXX this a growth, of for I've business ramp-up long-range along win. power past the within which of leverage been but Boeing progress our now about ramp-up programs. with progress our series, the of return especially first and these growth detail. for our good introductions

$X.X timing. and to higher everyone. its as $XXX was modules of of due commercial within the markets million well key rose revenue slight lower our highlighting quarter end-use we fourth our provide Ducommun's Steve, nearly in military as company's components to $XXX.X the critical highest you, aerospace ever, quarter, of aerospace industrial level with end the of shipment for customers XXXX. Revenues we at the This space of Thank and performance million, gains again, million by $X.X backlog XXXX million equivalent reflects markets OEMs. serve programs across the and day, to the to sales offset this good quarter fourth

profit. gross to Moving

$X.X write-offs fourth and the the in restructuring higher Our XX.X% our costs million professional SG&A comparable XXXX, is million or revenue million versus were of decrease versus The inventory the quarter primarily negative in revenue primarily higher fees. an program. to of income in related restructuring due quarter related an $XX.X than helicopter primarily gross quarter X.X% fourth fourth compensation operating and higher in decline year's and year-over-year to benefit exited acquisition. product quarter part with was the in operating that loss operating in $X income assets million amortization and greater or period. margin gross of The year-over-year was in X.X% was for reflecting XX.X% This LDS in the year commercial activities, intangible prior to million service company prior $X.X $X.X reported million of of of was increase fourth period. the the the $XX.X margin versus of charges XXXX in to mix due the

our million and charges corporate Steve initial certain at Electronic November, segments, and charges which, implemented million fixed million segment, plan, the consolidations Systems quarter, facility of of $X.X Systems the our several in level. our impairments. represent reductions, cost-cutting we Structural headcount stage within These included which for initiatives encompass mentioned, asset As $X.X $X.X restructuring the with

restructuring in We business And and of a primarily booked company. of in the first approximately to anticipate the in quarter to charges XXXX, and expenses XXXX the approximately we total in year million eliminate this in be annualized million $XX will further take million structures rightsize $XX measures $X within approximately charges.

charges noted, items, of typically severance of be facility machinery outlays, consolidation cash will mix the and As including noncash and and a these write-off previously for equipment.

I of XXXX. Ducommun's adjusted as on million the tied restructuring million as of of XXXX. On the expenses Note million acquisition net X%. per per LDS slightly in no million share The basis the net share $X.X or or fourth fourth the GAAP versus enacting For income basis, was the to this tax just of assets tax credit cost of Jobs December in working company prior accounting the deferred goods company expense reflects of facility the mentioned well restructuring of XX, well $X.XX tax-related Act fourth quarter for partially was and revolving remeasure to income million XXXX. charges for and there net adjustment tax higher versus operating expense to The liabilities net Tax our which a $X.X $X.XX which for million adjusted XXXX. million to diluted offset diluted million related in a $X.X quarter divestiture. the December $X.X for the compared margin aforementioned was SG&A a The share $X.X $X.X year-over-year which and purchase of of was $XX.X $XX XXXX $X.X $X.X the increase as net the LDS. of quarter to was required to million $X.XX legislation Cuts share its due in congress benefit, excluding $X.XX lower million charges adjusted expense that diluted million the year include income year in utilization period or was $X.X or reported per did last sold, benefit, due diluted per compared XXX&, an a by quarter Interest to from finalization fourth capital tax quarter, of higher to impact fourth as adjustment adjustments the as

fourth to of or tax million our rate EBITDA XX.X% XXXX. $XX.X X.X% for to Adjusted will restructuring the ending revenue revenue be was of XX% forward, of approximately charges. compared XX.X% before period of the XX% or XXXX Going comparable for expected quarter

me turn segment Now the let results. to

due on posted segment operating to XXXX million million was of I Systems increase of $XX.X platforms. product Our higher commercial particularly year-over-year Structural applications, to primarily our year. as million or charge unfavorable single-aisle million restructuring and aerospace mix. of fourth of the Structural to quarter posted previously operating million negative million, quarter due income for $XX.X was large Systems The across of loss decrease $X of in primarily or $X.X of the year-over-year versus of sales last X.X% revenue X.X% last $X.X year. compared revenue revenue $X.X a mentioned, The an

charges, operating adjusted the XXXX Excluding fourth restructuring was the Structures' for X.X% margin quarter.

a measures we Structures' and and year Parsons in the implementing result beginning this operating the As to evaluating new utilization higher we're and should series Steve programs at Margins increase business, leverage. efficiency margins our benefit ramp-up asset which manufacturing into discussed, anticipate associated of complex of improve with also later will across and the XXXX. our enhance

segment. Turning the to electronics

due million within in and versus These of million or the million period. $XX.X reflect the shipment in our $X.X military fourth lower prior the electronic quarter of in end-use prior in all Our commercial of or posted and period. quarter of revenue space to million segment posted results $X.X of markets, $X.X year XX.X% X.X% timing. revenue Systems revenue for $X.X the fourth revenue our $XX.X income sales versus million million customers Electronic year to aerospace decrease operating

the year. revaluing restructuring charge As I of previously inventory sold a to quarter $X.X goods from tied mentioned, included million of million acquisition LDS cost higher and the fourth $X.X last

was revenue general X.X% fees. higher benefit CG&A compared of to I higher $X.X fourth year. charges for fourth cost million $X.X the million, The last X.X% cost sold, CG&A, service to mentioned, quarter. of revenue expenses, and company was quarter, as XXXX primarily restructuring total higher margin of and and professional restructuring expense the million the higher and charges electronic's operating for goods Corporate was or XX.X% of compensation $X.X due the and administrative Excluding or

full net million in in cash the was down income resources. due operations to $XX.X Turning a from and decrease quarter for liquidity XXXX $XX.X fourth which capital million generated in to accounts XXXX lower million $X.X and We of of payable. year, the and from

debt down to million in of acquisitions. pay $X.X down XXXX $XX expect million to paid and million quarter the $XX absent also any in We

our we these $XX.X the remarks. the margins In terms proprietary to the as than We fourth spent of $XX XXXX, to million expertise to investment Parsons' technology completed leverage development the which of less much million quarter, XXXX, for facility CapEx, is well-positioned approximately initiatives, in the growth $X.X programs we related in $X Steve? $XX to million in on the titanium million to related anticipate our expansion. which we was over expansion. steps ended and spending largely facility Parsons being further it new back turn platforms. I'll processes, our the to Overall, expansion for the due taken now restructuring Steve higher his and year new and closing million

Thanks, Okay. Doug.

Okay.

the strengths and I'm month and overall, be progress. building with told in completed assessing first I've So at company's actively last organization. the investors into just I've better and the higher-performing much pleased work decisive time weaknesses this take year my business that And some and I'd a fully Ducommun.

During XXXX, do with and initiatives plans growth. say that. track margins our to we're just we to accelerate enhance on laid to Pleased various

of plan our The phase is first restructuring complete.

this direction. our deal all optimum parts are great up structural potential, us million line improve to asset even we're to business in want in that bringing reductions, XXXX, enhancing running over know We'll We're long-term want value-added we long-term I Gulfstream in the platforms. and operating $XX enterprise $XX to as to let open commercial new XXXX that backlog hard these of Boeing, the we'll more for the spring our into at moving put our million position right of people build we'll electronics next of as applications it's are the on opportunistic where innovative for I or on for same At the in time, a utilization. customers. winning will while appropriate. the or the continue whether as patience business invest also it's that, questions. see now business, a move our success. store and approximately community have defense all The in With we solutions at advancing efficiently annualized line With changes the bottom achieve finish We just and profitability call their clearly starting likes to in focusing and you And and is to appreciate in building working I clear Ducommun's ways that look growth, on an will applications, place numerous necessary everyone Parsons year expansion it. acquisitions top technology Ratheon. Airbus, And Ducommun year. investment cost to with operator, and achieve

[Operator Instructions].

question & Marshall comes Edward Company. first with from Sidoti Our

topic, guess, on just get I to first my restructuring. is I So wanted sense. a

getting you're you upside see see for to much how of million? million do As into that $XX secondly, opportunity in recognized this, And that do in savings $XX QX? you

Yes.

of to question, first So that if of there's that further obviously, upside. communicated. committed I take mean, working we've your part hard. opportunity, we'll we're that Ed, we're And definitely say there's the wouldn't I that. number advantage

through this of 'XX, million, in XX% For $XX that of of the that year, in flowing flows 'XX. with that through about rest

it'll year course, of also the the QX, QX, say a we $X restructuring year. through So lot I the in because through than while are get as would less ongoing, through in QX done of being will there's million, the activities, of ramp go but rest and

something million of get And the shy it came it you $XX that $XX about And tally, but about in in for almost bit million there QX. Maybe million XQ? in Or I didn't that's a tally, XXXX? little it the expect to Was do it. Got $XX light. million million. That's $XX something coming 'XX. $X.X was talked like in full seems

Yes.

the through value. off LDS were sheet accounting related So have purchase balance knew that back of million QX, going were purchase we inventory to we And then that artifact we the we as number had we in that its as sold to mark came the an with that to because that did these fair up the adjustments to $XX estimating, accounting.

guided kind in how So at looking had at probably you mentioned we XXXX. comments, as which $XX to. I -- the million, to of the million that's get we're what is And as another in $XX look we

really through $XX and about exactly of And our ago. million that the an going now about get on months total more versus million that's talked plans clarity artifact like. a as various more just what work three is of detailed we we this $XX to So look

for the had peel of on on to to kind development you And about think of the speed. that's past start was XXXX work caused? off the the years, you talked effect trying to some Do those get going that margins of that for through programs drag kind an that couple to there? them margin -- you What Great. of programs up the

in you're higher of we There's Well, There's Because exact number. -- I that of asked give as certain level process different efficiency. things, know these Ed. on. a didn't lot a there's new scrap been it's past. the question of combination an has a and programs a bringing

know And that as so that on expecting and get margin we're we're the really a of behind scrap to focused and increase inefficiency lot this us.

for be I XX% between guess, right? the [indiscernible]. should And the 'XX tax said lastly, adjustment Okay. Is rate that you tax XX%. the for That's to

any before yes, charges. right, That's restructuring

than So that, go even with layered lower tax structuring down the to XX%. charges rate XX% effective probably in, will

from You're Cleave Capital question comes from Markets. Ben next Noble

a on restructuring questions of So couple here. the

the second, I'm last indicated do still skewed Or estimates? down all first those And those QX? consistent are all, XX-XX with kind you that line breakdown that pretty cash towards then the split expenses of are Or is of cash wondering, across XX-XX coming expenses. you call, XX-XX still between and in more split noncash On up road? your think quarters?

That's pretty Yes. consistent.

you'll at we $X took that see XX-K the of that in quarter, charges We today, of out look the with out in $X.X you that million quarter. fourth If about severance-related fourth severance the we in to about XXXX. filed paid paid be remainder our million

employees terminated not over So we in one severance sum. time lump the for paid out

then LDS. questions regarding of And couple perfect. a Okay,

with having Do be that operations that wondering past expand year, about is as months So the by that footprint? legacy you you a may opportunities of see. I'm pretty additions market driven opportunity be -- of volume have there by you excuse Is they them such or me, penetrate what to their in few customers? didn't position, their than their driven in see volume a Ducommun expand increases new going market fleet now growth increases programs side the to clients from before? Or rather see do to commanding new

see really in is have them, This to the the leader is latter of LDS, the Oswald. space. your Steve Yes. thrilled We comments. absolutely we're

we see, So as technology far really really to the the is and things we're where as going be connected that and to going growth anticipating. all planes it's come,

I the things So company. I'd But say good are former. ahead the more it's for think on the than latter

lastly, Perfect. that And for Okay. negotiations for then acquisition we -- multiple talked having the players. about

'XX. did foot a curious the regarding they up solid focused so 'XX, I organically they development Did standpoint? how gas -- And from the Or gas business really off they pipeline keep on basically, foot that to come Ducommun they with in business take much their leading I'm grow efforts they of trying for Are you development on -- a their do opportunities? can the to acquisition? acquisition. think and negotiations into the I'm understand their

Yes. Foot you on I was a acquisitions they tricky. a the focused. and that I'm like big and floor happy very as said, for beat. report a know, missed mean, the LDS. integration I success, mean, And haven't group can it's be great I

to come. So more

they question and/or backlog And contribution? gave then Can quantify perfect. Okay, contribution the you revenue the or on QX -- that one the last LDS.

not that. is of significant the And reasons. purposely, of of part structures look backlog, you we growth, for their we our the No, in A lot is our portion growth that at acquisition, aerospace backlog Yes. business. didn't when we're when a the seeing competitive commercial did disclose

Did represented of that of overall Fair two I a enough. And revenue? segment or out. of commercial the that was a your XX% Or say of AXXX couldn't overall figure One, Okay. or MAX your revenue, XXX questions. then more XX% you that XX% clarification. and point revenue? revenue

the platforms year-over-year. platforms No, company. Sure. those now are said we single-aisle the that of segment and in of the -- total growth commercial And XX% revenue approaching two the the aerospace was XX% the

okay. Okay,

me that be it that that? then -- is bit due you long revenue -- Or the And are Is is a pushed the into that than question quarter? lower chunk a the turning get going going delays is perfect. for timing-related that revenue Okay, to delays space of think to to there last the are first longer was timing.

No. creep in to and nice I think than I mean, seeing you a up And don't QX military order they're saw we're backlog flow longer space. that. to going from there. be the QX

it's won't to leak out it a or -- So than not more quarter going two.

Okay.

And last guess, for of the perfect. Parsons? CapEx Okay, was I for one me. one million. that actually, much How $XX.X related year,

There reoccur. million that XXXX expansion in was $XX Parsons' related to the Sure. almost won't obviously

comes And our next question with from Herbert Ken Canaccord.

above I just be about ask. how any AXXX, the announcements going in Boeing wanted rates should the of requirements a CapEx? Or maybe terms and think obviously, these then the have what XXX the XXX? speculation those investments support to what higher before Can we of, about and to incremental first on comment ultimately Considering importance of of Airbus see long, the lot specifically lately announced. do you just you would if too rates, we

Steve. This Yes. is

we're -- the So we've we've got those into for put uptick. really part a is put We customers capacity. the to especially same platforms, investment out see, York, And it. don't absolutely about of supply about and with and we're into the chain talking Parsons hearing we've the things the New big investments all which

uptake. on don't So really I operating the I some gaining see hopefully CapEx for us see any just leverage. just pressure

board, platforms, on your you the And increased backdrop 'XX? just Or the without these -- do structure of how I have what's incremental specifics, from a then, the of you lot the around of year? that's pricing pricing? the either the side, particular pressure Can narrow-body recent well-established? Or regarding in talk in And with across feel obviously, in on in about maybe great that, higher Well, are pressure visibility fairly programs. customers the but from about but to of fiscal risk talk, your maybe Okay. contracts any the next customers guess, pricing rates you hear. seen in general the

-- of in say well-established. is this obviously, down is would them. go up, I rates Ken, as a are The price there fairly No. some contracts Doug. And

we've by course, than As summer. we'll kind And been at be to, the a customers. alluded of earlier Steve of XXXX. XX little XX And for talking the already to they're the signaling narrow-body, out then

pretty So our are contracts well-established.

pressure the year. it go each has we that So through as any contract, been contract each isn't renewals different

think Can the pipeline And you homerun the you're your a strategy to LDS things and And then moving just see what I today, bit a acquisition to your you and that maybe going initially. about under set now of belt, takes evolving how's talk be a obviously should opportunities got it's you've finally, around where great forward? on out so like Okay. one sort Steve. M&A of types Obviously, do little speak? be to seeing could maybe of looks you on

do sure. to it. Yes, I'm happy

we of I I general, that, confidence I've So first -- So mentioned, one needed all, for lead. the mean, okay? top-flight build done brought just in just thing we've as investors and person, to in do, needed Mookerji, we we a to and did the the company, Suman in

experience team, and the acquisition. in in lot with we M&A, Our else Doug leadership have of and everybody a

that I we company the So strong we these and to box in the things confidence check have happen. think go make can pretty the

that us. came in this we're We're We're really things. about for we absolutely as We're won. changing certainly be going LDS we look don't that do that that we with year. how only a active. can we but certainly they're things to and for but be feel driving looking LDS. with. something like, tough is really fit They're And wonderful approach products, And that's this busy. strategy. about -- us felt And So to still I going and going to things a engineered definitely XXXX, we was It at see it's we process, out we bolt-on to well for

will So it just see I'd come. least, active. -- and we year at I a year, more this in if stay calendar be are the anything to bolt-on. say, tuned, But And

from comes Gulani question next from The Instructions]. Riley FBR. Aman [Operator B.

question here me. one for Just

AXXX? the Airbus opportunity your the do opportunity the with commercial say from see is you AXXXneo that On Airbus? other potential side, you biggest to Or aside

certainly XXX, on most a have XXX, standpoint. things content standpoint. to we're of Well, from that a XXX we are a -- under is finding a doing volume legs in the obviously, we lot XXX, that technology, program from attractive Airbus, we're on just the got we've the the And the company, material which the has the it have biggest but

So we've highest going a platforms. be. certainty steadily been the are We're where the because opportunities that's biggest growing all pursue as Airbus and quite AXXX continue as to on the the build at customer looking opportunity rates to

with And this that. I'd is Steve. agree

out. I we make working some of it ship were were think, Before done, that obviously, and things. spec mentioned I and to the XXXX Ducommun press where actually good I And Airbus in really past the had mean, and out, as calls, I releases met started, was sort year product

So that's we've -- and what done.

think that's a overall. So I good news story

think have actually get forward, at I going to Ventura us partners, helping Airbus been better. they're and

entire platform. more commercial we see growth good across opportunities, the think, we've I So certainly, ahead. And got

showing the no call for Stephen I'm over speakers. turn Instructions]. CEO, back All further Oswald, any remarks. right, closing to questions. to I'd [Operator like

wrap Okay, I'm going up it to here.

for thank today. calling in want I again, to everyone Just

very report I a for solid QX. think it's

I think to Ducommun. together support to community for past this things, as investor we and patience plans come. put continue some thank we've Again, want and done their more the really these the strengthen and and to good grow I

Doug on myself, have a and nice thanks afternoon. So of again, behalf and my

is Ladies disconnect. have and great day. once more. gentlemen, the may Everyone, you program, This concludes the all this operator, a and