Profits fall 32 percent at Park Electrochemical
Park Electrochemical chief executive Brian Shore Credit: Handout
Park Electrochemical Corp. said Monday that its fiscal first-quarter profit tumbled 32 percent as sales fell 11 percent.
The Melville company, which provides components for telecommunications and network equipment, said its net income fell to $4.9 million, or 24 cents per share, down from $7.2 million, or 35 cents per share, a year ago.
The earnings matched the estimates of three analysts polled by FactSet.
For the quarter ended May 27, revenue fell to $46 million from $51.8 million a year ago.
The company's cost of sales fell 7.7 percent to $33.1 million, while selling, general and administrative expenses dropped 6.5 percent to $7.1 million.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
Sarra Sounds Off, Season 3, Ep 3: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Northport and Half Hollow Hills East matchup, plus Tess Ferguson has an update on the high school fantasy football standings and Jared Vailuzzi has the plays of the week.
