(By Balachander) Park Electrochemical Corp. (NYSE: PKE), a maker of digital and microwave printed circuit materials, reported a 5 percent drop in earnings for the third quarter amid a decline in sales. Both earnings and sales missed Wall Street projections.
The Melville, New York-based company earned $5.11 million or 25 cents a share, down from $5.38 million or 26 cents a share in the year-ago quarter. Wall Street analysts, on average, expected earnings of 29 cents per share.
Sales fell 13 percent to $41.26 million, versus consensus estimate of nearly flat sales.
Gross profit as a percentage of sales improved to 30.4 percent for the third quarter ended Nov. 25 from 27.5 percent in the comparable period of the previous year.
[Related -Dividend Roundup: LXP, SALM, PKE, RAS, BOOM, RFIL]
Selling, general & administrative expenses declined 9 percent.
The advanced materials company develops its products mainly for the telecommunications and internet infrastructure and high-end computing markets and advanced composite materials, parts and assemblies for the aerospace markets.
For the second quarter, PKE posted earnings of $5.77 million on sales of $46.43 million.
The stock, which has been trading between $22.54 and $32.19 over the past year, ended Tuesday's regular trading at $25.57.