Park Aerospace Clocks 22% Sales Growth In Q1
Portfolio Pulse from Nabaparna Bhattacharya
Park Aerospace Corp. (NYSE:PKE) reported a 21.7% YoY increase in Q1 FY24 sales to $15.55 million. EPS remained flat at $0.09, while adjusted EPS was $0.12. Adjusted EBITDA was $3.31 million, up from $2.80 million a year ago. Gross margin contracted by 90 bps to 31.1%, while gross profit increased by 18.1%. Earnings from operations fell 9.8% YoY to $2.22 million. The company recorded $570,000 of pre-tax activist shareholder defense costs and $65,000 of pre-tax losses on sales of investments to fund a special dividend. PKE shares are trading higher by 0.71% to $14.15.
July 06, 2023 | 2:56 pm
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Park Aerospace reported a 21.7% YoY increase in Q1 FY24 sales, with EPS remaining flat. Despite a contraction in gross margin, gross profit increased by 18.1%. However, earnings from operations fell 9.8% YoY. The company's shares are trading higher.
The increase in sales and gross profit, despite a contraction in gross margin, indicates a positive financial performance for Park Aerospace. However, the decrease in earnings from operations could be a concern for investors. The stock is currently trading higher, indicating a positive market reaction to the earnings report.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100