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Shares of Ducommun Inc. (DCO - Snapshot Report) have been on an uptrend since this aerospace & defense equipment company reported strong second quarter results on August 6. With a price-to-book (P/B) ratio of just 0.73, this Zacks #1 Rank (Strong Buy) is a true value pick.

Strong Second Quarter

Ducommun reported second quarter earnings of 37 cents per share, 23.3% higher than the Zacks Consensus Estimate of 30 cents.

Total revenue increased 71.0% year over year to $184.7 million. The improvement came on the back of strong demand for commercial aircraft and contributions from the acquisition of LaBarge Technologies.

Total expenses climbed 54.3% over the prior-year quarter, primarily due to an increased cost of goods sold (up 74.8% year over year).

Ducommun’s diverse aerospace product portfolio and business development initiatives ensure a continuous stream of orders. The company exited the quarter with a strong backlog of $640 million.

Earnings Estimates Move Higher

The past 30 days has seen two of three estimates for 2012 move higher, propelling the Zacks Consensus Estimate by 28.6% to $1.62 per share. This reflects an estimated year-over-year growth of 15.4%.

Attractive Valuation

Along with a P/B of 0.73, Ducommun has a price-to-earnings (P/E) ratio as low as 9.1. (A P/B ratio under 3.0 and a P/E ratio below 15.0 indicate value.)

The chart below depicts the full story, with the stock rising steadily and growing from $9.74 per share (August 6) to the present level of $14.78 per share, up 51.7%.

Based in Carson, California, Ducommun Inc. was founded in 1849. This aerospace company provides engineering and manufacturing services for its domestic and international consumers in the areas of aerospace, defense and allied industries. With a market capital of $4.22 billion and 3,541 employees, Ducommun Inc. competes with CPI Aerostructures Inc. (CVU), among others.

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