Park Electrochemical earnings disappoint analysts
Park Electrochemical Corp. makes printed circuit materials for the telecommunications and computing markets and composite materials for the aerospace industry.
Park Electrochemical Corp. Friday posted flat earnings per share for the third quarter compared to the year-ago period as sales declined by 4 percent.
The Melville-based maker of printed circuit materials for telecommunications and Internet infrastructure reported diluted earnings per share of 23 cents, equal to the year-ago period, but 6 cents below analysts' estimates.
Net income for the quarter ended Dec. 1 was $4.7 million, roughly equal to the year-earlier period after adjusting for restructuring charges in 2012 related to plant closures in China and Connecticut.
The company reported net sales of $39.7 million for the quarter, a decline from the $41.3 million in the prior year and below analysts' estimates of $44.35 million.
In early afternoon trading Friday, Park's stock fell 2.4 percent to $26.59.
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