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Park Aerospace Corp. (NYSE: PKE) reported its financial results for the fourth quarter and fiscal year ending March 3, 2024. The company recorded net sales of $16.33 million for Q4, a rise from $13.53 million in Q4 2023. Full-year net sales were $56 million, up from $54.05 million in 2023. However, net earnings decreased to $2.67 million for Q4 compared to $4.71 million in the previous year and $7.47 million for the full year down from $10.73 million in 2023. Adjusted EBITDA for Q4 stood at $3.20 million, improving from $2.63 million in Q4 2023. EPS for Q4 was $0.13, down from $0.23 in the previous year. The company faced costs related to activist shareholder defense, investment losses, and recruiting fees.
Park Aerospace Corp. (NYSE: PKE) plans to release its financial results for the fourth quarter and the full fiscal year ending March 3, 2024, on May 30, 2024, after market close. The company will host a conference call to discuss the results at 5:00 p.m. EDT on the same day.
On May 22, 2024, Park Aerospace Corp. (NYSE: PKE) announced that its Newton, Kansas manufacturing facilities sustained structural damage due to a storm on May 19, 2024.
No manufacturing lines or equipment were damaged, but the roofs of all three buildings likely need replacement, and multiple specialty HVAC units were damaged or destroyed. The company is assessing the damage and working with contractors for repairs.
Temporary measures will bring the manufacturing lines back online within weeks, but permanent repairs will take months. The company expects a shift in sales from FY2025 Q1 to FY2025 Q2 but does not anticipate losing business. Further details may be provided during the FY2024 Q4 investor call.
Importantly, no employees or their families were injured.
