Park Electrochemical Q1 Non-GAAP EPS Tops View - Quick Facts

(RTTNews) - Park Electrochemical Corp. (PKE) Tuesday reported higher first-quarter net earnings of $8.22 million, or $0.39 per share, versus last year's $4.93 million, or $0.24 per share. Excluding special items, non-GAAP net earnings amounted to $8.58 million, or $0.41 per share for the latest quarter.

During the first quarter ended June 1, 2014, the firm recorded pre-tax restructuring charges of $267,000 pertaining to the closure of its Nelco Technology (Zhuhai FTZ) Ltd. facility in the Free Trade Zone in Zhuhai, China and the closure of its New England Laminates Co., Inc. business unit located in Newburgh, New York, Park noted.

The company's quarterly net sales advanced to $48.82 million, from $43.44 million in the prior-year period.

On average, 2 analysts polled by Thomson Reuters expected earnings per share of $0.34, on $49.04 million sales for the quarter. Analysts' estimates typically exclude one-time items.