Park Aerospace Clocks 6% Sales Decline In Q1

  • Park Aerospace Corp PKE reported a first-quarter FY23 sales decline of 6% year-over-year to $12.78 million.
  • Adjusted EPS declined to $0.09 for the quarter compared to $0.13 in 1Q22.
  • The gross margin contracted by 824 bps to 32%.
  • Earnings from operations totaled $2.46 million (-35.5% Y/Y), and the margin fell by 880 bps to 19.2%.
  • Adjusted EBITDA was $2.8 million, compared to $4.1 million in 1Q22, and the margin contracted by 825 bps to 21.9%.
  • The company’s cash and equivalents totaled $107.33 million as of May 29, 2022.
  • Price Action: PKE shares closed higher by 0.32% at $12.67 on Wednesday.
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