Park Electrochemical 2Q Slips On Weaker Sales
MELVILLE, N.Y. (AP) ¿ Park Electrochemical Corp., a circuit materials maker, said Friday its second-quarter profit slipped 3.7 percent as lower expenses partially offset falling revenue.
For the three months ended Aug. 30, net income declined to $4.76 million, or 23 cents per share, compared with $4.94 million, or 24 cents per share, in the year-earlier period.
Analysts polled by Thomson Reuters expected, on average, earnings per share of 18 cents.
Sales fell to $42.5 million from $55.6 million. Analysts expected revenue of $39.6 million.Selling, general and administrative expenses declined to $5.2 million from $6.2 million in the year-earlier quarter. Its shares rose 86 cents, of 3.7 percent, to $24.04 in morning trading Friday.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV