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Park Electrochemical misses Q3 Street views

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Park Electrochemical Corp. (NYSE:PKE) said Wednesday third quarter revenues grew slightly to $47.3 million, but sales and profit still fell short of market expectations.

Revenues saw marginal growth of $47.3 million for the quarter that ended November 27. That compares to $46.9 million a year-prior.

Net income logged in at $5.3 million, or 26 cents per share, compared to a year-earlier profit of $5.02 million, or 24 cents per share.

Analysts, on average, expected earnings of 32 cents a share, with revenues of $51.3 million, according to Bloomberg.

Shares of Park Electrochemical lost 4.64 percent, declining to $25.30 each today on the New York Stock Exchange.

Selling, general and administrative costs rose 14.8 percent to $6.9 million in the quarter, while its cost of sales grew to $34.3 million.

Quarterly gross margin declined to 27.5 percent from 30.9 percent a year earlier.

Park Electrochemical makes and sells digital and radio frequency circuit materials for the telecommunications, internet infrastructure and high-end computing industries. The company also makes advanced composite materials, parts and assembly products for the aerospace sector.

It has manufacturing facilities in Singapore, China, France, Connecticut, Kansas and as well as Arizona and California.

Quick facts: Park Electrochemical Corp

Price: 16.03 USD

NYSE:PKE
Market: NYSE
Market Cap: $328.91 m
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