Ducommun (NYSE:DCO) shareholders approved all items on the ballot at the company’s 2026 annual meeting, including the election of two directors, an advisory “say-on-pay” measure, the ratification of its independent auditor, and an amendment and restatement of its 2024 stock incentive plan.
The virtual annual meeting was held April 29, 2026, and was led by Stephen G. Oswald, chairman, president, and CEO. Raj Tata, vice president, general counsel, and corporate secretary, oversaw procedural matters and reported the preliminary voting results.
Board update and meeting logistics
Oswald said the company had been working to identify a new director candidate but “could not identify a candidate in time for the annual meeting.” He added that Ducommun was “now in the process of vetting a candidate who, if confirmed, will be appointed shortly following the annual meeting.”
Tata reported that the record date was March 2, 2026, with 14,986,947 shares outstanding and entitled to vote. According to the inspector of elections, shares representing 13,470,734 votes—about 89.9% of voting power—were represented in person or by proxy, constituting a quorum.
Shareholders approve four proposals
Oswald outlined four proposals, each of which the board recommended shareholders approve:
- Proposal 1: Election of two directors—Oswald and Samara A. Strycker—to serve as Class of 2029 directors.
- Proposal 2: Non-binding advisory vote to approve named executive officer compensation.
- Proposal 3: Ratification of PricewaterhouseCoopers LLP as independent registered public accounting firm for the year ending Dec. 31, 2026.
- Proposal 4: Approval of an amendment and restatement of Ducommun’s 2024 stock incentive plan.
After noting there were no shareholder questions on the proposals, Oswald closed the polls at 9:10 a.m. Pacific Time. Tata then reported preliminary results showing all measures passed. The company said final voting results would be included in a Form 8-K filed with the SEC within four business days of the meeting.
Company update highlights 2025 results and backlog
Following the formal meeting, Tata reminded shareholders the presentation could include forward-looking statements subject to risks and uncertainties.
Oswald provided a brief business update, citing fiscal 2025 revenue of $825 million and “Remaining Performance Obligations” of $1.1 billion, which he described as orders still to be shipped to customers. He said the company felt “very good” about its position entering 2026 and emphasized Ducommun’s exposure to defense markets, calling it “a good place to be this time of the cycle.”
He also characterized commercial aviation as improving, saying the commercial business is “good, only gonna get better,” and highlighted the company’s position in narrow-body aircraft. Oswald pointed to key customer relationships, noting that RTX “continues to be our largest customer as far as revenue,” alongside Airbus, Lockheed, and Northrop Grumman.
Strategy, margins, and corporate responsibility
Oswald discussed the company’s “Vision 2027” framework, which was introduced in fall 2022. He said revenue would likely come in “a little light” versus earlier projections “basically due to Boeing,” adding that the company expected to be “in the $900s for sure” by the end of next year.
He also discussed profitability goals and progress, saying engineered products represented 23% of revenue as of last year and that he expected Ducommun to reach 25% by 2027. Oswald cited drivers including scale in contract manufacturing, defense growth, acquisitions, and “pricing for value,” which he said had been a significant shift since he became CEO in 2017. He said two consolidated facilities were “fully closed now.”
On margins, Oswald said the company was “in the 16% plus range now” and “heading to 18%,” describing a targeted 500 basis-point improvement in EBITDA margin over five years as “an outstanding job for any company.”
Oswald also referenced corporate responsibility metrics and recognition, including safety, recycling, cybersecurity, and progress on greenhouse gas emissions, energy savings, and renewable energy usage. He said Ducommun received a 2025 “Gold Partner to Win Medallion” from BAE Systems and highlighted its “STEM on the Sidelines” initiative, stating the program surpassed 1,000 students and involved 132 high schools in Orange and Los Angeles counties. He also noted Ducommun’s recognition by Newsweek for a third consecutive year among responsible companies.
No shareholder Q&A submitted
When the meeting moved to a general shareholder Q&A, Tata said he did not see any questions submitted through the platform. Oswald then concluded the meeting, thanking shareholders for their support.
About Ducommun (NYSE:DCO)
Ducommun Incorporated, through its Electronics and Structures segments, provides engineered products and integrated systems for the global aerospace, defense and space markets. The Electronics segment focuses on high-reliability electronic assemblies, cable and wire harnesses, connector systems and harsh environment electronics for flight-critical applications. In the Structures segment, Ducommun manufactures complex metallic and composite components such as flight control surfaces, skin panels, heat exchangers and other aerostructures for commercial and military platforms.
Founded in 1849 in California as a hardware and stagecoach parts supplier, Ducommun expanded into aerospace manufacturing during World War II and has since grown its capabilities through targeted acquisitions and organic investments.
