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.