Park Aerospace (NYSE:PKE) Releases Quarterly Earnings Results

Park Aerospace (NYSE:PKE) posted its quarterly earnings results on Thursday. The semiconductor company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.03, FiscalAI reports. The company had revenue of $24.19 million for the quarter, compared to analysts’ expectations of $22.31 million. Park Aerospace had a return on equity of 9.28% and a net margin of 13.14%.

Here are the key takeaways from Park Aerospace’s conference call:

• Q4 results came in within guidance, with sales of $24.2 million and adjusted EBITDA of $5.2 million landing in the top half of the company’s forecast range.
• C2B fabric sales were a major driver of the quarter, including $7.1 million of fabric sales and $1.3 million of ablative materials manufacturing tied to stockpiling for missile programs.
• Missed shipments and supply chain issues are re-emerging as a constraint as industry ramps accelerate, with the company expecting about $1.3 million of missed shipments in Q1.
• Defense demand looks unusually strong, especially for PAC-3 Patriot-related products, as depleted missile stockpiles and reported plans to quadruple production are driving “hyper” quoting activity for ablative materials.
• Park plans a larger manufacturing footprint to support both the commercial aerospace “juggernaut” and missile systems growth, and management said the original plant design likely needs to be expanded further, implying higher capital needs.

Park Aerospace Trading Up 2.2%

NYSE PKE opened at $36.36 on Friday. The company has a market capitalization of $724.63 million, a PE ratio of 84.56 and a beta of 0.45. Park Aerospace has a 1-year low of $13.48 and a 1-year high of $38.20. The firm’s fifty day simple moving average is $31.95 and its 200-day simple moving average is $26.16.

Park Aerospace Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, May 4th. Stockholders of record on Thursday, April 2nd were paid a $0.125 dividend. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.50 dividend on an annualized basis and a dividend yield of 1.4%. Park Aerospace’s dividend payout ratio is 116.28%.

Wall Street Analyst Weigh In

PKE has been the topic of several research reports. Wall Street Zen cut Park Aerospace from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 23rd. Weiss Ratings raised Park Aerospace from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, March 11th. One equities research analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy”.

Institutional Investors Weigh In On Park Aerospace

Hedge funds have recently bought and sold shares of the company. Deutsche Bank AG boosted its holdings in Park Aerospace by 9.3% during the fourth quarter. Deutsche Bank AG now owns 20,073 shares of the semiconductor company’s stock valued at $428,000 after acquiring an additional 1,707 shares during the period. Citadel Advisors LLC bought a new position in Park Aerospace during the third quarter worth about $362,000. Occudo Quantitative Strategies LP bought a new position in Park Aerospace during the third quarter worth about $256,000. Comerica Bank lifted its stake in Park Aerospace by 736.3% during the third quarter. Comerica Bank now owns 5,386 shares of the semiconductor company’s stock worth $110,000 after purchasing an additional 4,742 shares during the period. Finally, State of Wyoming bought a new position in shares of Park Aerospace in the second quarter valued at approximately $211,000. 77.83% of the stock is currently owned by institutional investors.

About Park Aerospace

Park Aerospace (NYSE: PKE) is a specialized materials and manufacturing company that designs, develops and produces high-performance composite structures, engineered laminates and specialty adhesives for aerospace, defense and industrial markets. Its product portfolio includes advanced honeycomb cores, composite assemblies, dielectric and high-reliability circuit materials, as well as structural and bonding solutions that meet demanding performance and weight requirements.

The company operates through two principal segments.