Park Electrochemical stock slides on lower sales, income
The exterior of the Park Electrochemical offices in Melville on July 29, 2014. Credit: Newsday / J. Conrad Williams Jr.
Shares of Park Electrochemical Corp. fell 5.6 percent Wednesday to close at $14.11 after the maker of printed circuit board materials and aerospace composites posted lower first quarter sales and net income amid continued weakness in demand in China.
The Melville-based company reported that sales declined 16.8 percent to $31.5 million versus the year-ago quarter. Net income for the quarter ended May 29 slid 38.5 percent to $3 million. Park had diluted earnings per share of 15 cents compared with 24 cents in the 2015 period.
In a conference call Wednesday, CEO Brian Shore said continuing weakness in China’s markets is hurting Park’s electronics results, but he expects aerospace sales to improve in the second quarter. Electronics accounted for 76 percent of total sales, with the remainder going to the company’s emerging aerospace business.
Chief financial officer P. Matthew Farabaugh said the percentage of total sales going to Asia shrank to 39 percent in the first quarter, down from 46 percent a year ago.
The company has manufacturing facilities in Singapore, France, Kansas, Arizona and California.
Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.
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