Ducommun posts 4Q loss as Miltec unit loses value

Shares of Ducommun Inc. sank Monday after the aircraft parts maker reported a fourth-quarter loss on a large writedown on the value of its Miltec subsidiary.

Shares fell $2.65, or 16.7 percent, to $13.21 in midday trading. The stock has traded between $12.63 and $35 over the past year.

The company, which makes components for commercial and military aircraft, posted a loss of $4.2 million, or 40 cents per share, compared with a year-ago profit of $5.4 million, or 51 cents per share.

The latest quarter included a goodwill impairment charge of 76 cents per share on its Miltec unit, which provides in-house engineering services to defense and aerospace companies. Excluding that, income was 36 cents per share.

Revenue rose 9 percent to $101.4 million from $93.5 million. The company said sales grew at both its defense and commercial units, but it lost about $6.5 million as a result of the machinist strike at Boeing Co.

Analysts polled by Thomson Reuters expected a profit of 44 cents per share on $95.7 million. Analysts typically exclude one-time items from their estimates.

For the full year, earnings fell 33 percent to $13.1 million, or $1.23 per share, from $19.6 million, or $1.88 per share, a year before. Revenue rose 10 percent to $403.8 million from $367.3 million.