Park Aerospace Corp (PKE) Reports Second Quarter Results for Fiscal Year 2024
Released on October 5, 2023, Park Aerospace Corp (NYSE:PKE) reported its second quarter results for the 2024 fiscal year, which ended on August 27, 2023. The company's net sales for Q2 2024 were $12,481,000, a decrease from $13,875,000 in Q2 2023 and $15,551,000 in Q1 2024. Despite the decrease in net sales, the company's net earnings for the first six months of the current fiscal year were $3,600,000, slightly lower than the $3,795,000 reported for the same period in the previous fiscal year.
Financial Highlights
Net earnings before special items for Q2 2024 were $1,746,000, compared to $1,885,000 for Q2 2023 and $2,407,000 for Q1 2024. Adjusted EBITDA for Q2 2024 was $2,669,000, slightly lower than the $2,709,000 reported for Q2 2023. However, the company's adjusted EBITDA for the first six months of the current fiscal year was $5,980,000, an increase from $5,513,000 for the same period in the previous fiscal year.
Income Statement Analysis
Basic and diluted earnings per share for Q2 2024 were $0.09, consistent with the $0.09 reported for Q2 2023. However, basic and diluted earnings per share before special items were $0.09 for Q2 2024, compared to $0.09 for Q2 2023 and $0.12 for Q1 2024. For the first six months of the current fiscal year, basic and diluted earnings per share were $0.18, compared to $0.19 for the same period in the previous fiscal year.
Balance Sheet Summary
As of August 27, 2023, the company reported total assets of $128,619,000, a decrease from $159,333,000 reported on February 26, 2023. Total liabilities were $15,907,000, a significant decrease from $43,399,000. Shareholders' equity was $112,712,000, slightly lower than the $115,934,000 reported earlier in the year.
Company Overview and Outlook
Park Aerospace Corp (NYSE:PKE) is a leading developer and manufacturer of advanced composite materials used in the global aerospace markets. Despite the challenging market conditions, the company remains committed to delivering high-quality products and services to its customers. The company's financial results reflect its resilience and adaptability in a dynamic market environment.
This article first appeared on GuruFocus.
