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Park Electrochemical posts flat 1Q earnings

MELVILLE, N.Y. (AP) -- Park Electrochemical Corp. said Wednesday that its fiscal first-quarter earnings were flat compared with last year while revenue declined slightly.

The company, which makes circuit materials used for telecommunications and Internet infrastructure and high-end computers, along with certain aerospace parts, earned $4.9 million, or 24 cents per share, in the three months that ended on June 2, the same as last year.

Revenue was $43.4 million, down from $46 million a year earlier.

Excluding charges related to a plant closure in China, adjusted earnings were 25 cents per share in the latest quarter, up from 24 cents a year earlier.

Analysts, on average, were expecting adjusted earnings of 27 cents per share on revenue of $46.7 million, according to FactSet.

Shares rose 4 cents to $24.15 in late morning trading amid broader market gains.