Park Aerospace reported second-quarter fiscal 2027 net sales of $20.791 million, up 26.9% from $16.381 million a year earlier and up 13.5% from $18.312 million in the prior quarter.
Net earnings rose to $4.534 million from $2.404 million in the year-ago quarter, a gain of 88.6%, and from $3.533 million in the first quarter, up 28.3%. For the first six months, net earnings climbed to $8.067 million from $4.484 million, an increase of 80.0%.
Gross profit increased to $7.135 million from $5.116 million a year ago and from $6.376 million in the prior quarter. Gross margin expanded to 34.3% from 31.2% in the same quarter last year, though it edged down from 34.8% in the first quarter.
Selling, general and administrative expenses were $2.403 million, up from $2.271 million a year ago and $2.361 million in the prior quarter. As a percentage of sales, SG&A fell to 11.6% from 13.9% a year ago and 12.9% in the prior quarter.
Operating earnings reached $4.732 million, compared with $2.845 million a year earlier and $4.015 million in the first quarter. Earnings before taxes were $5.571 million, versus $3.235 million a year ago and $4.801 million in the prior quarter.
Income tax provision increased to $1.037 million from $831,000 a year earlier and from $1.268 million in the prior quarter.
Earnings per share came in at $0.21, up from $0.12 a year ago and $0.17 in the prior quarter. For the first half, basic EPS rose to $0.38 from $0.23, while diluted EPS increased to $0.37 from $0.22.
Adjusted EBITDA was $5.285 million, up 55.4% from $3.401 million a year earlier and 15.5% from $4.576 million in the prior quarter. For the first six months, Adjusted EBITDA rose to $9.861 million from $6.364 million.
On the balance sheet, cash and marketable securities increased to $114.749 million from $89.368 million at the end of the prior fiscal year, while total assets rose to $175.083 million from $142.228 million. Shareholders’ equity climbed to $162.732 million from $129.950 million, and equity per share increased to $7.39 from $6.22.
Accounts receivable increased to $14.834 million from $10.974 million, inventories rose to $8.963 million from $7.411 million, and prepaid expenses and other current assets increased to $1.390 million from $918,000. Total current assets moved up to $139.936 million from $108.671 million.
Total liabilities were little changed at $12.351 million, compared with $12.278 million at the end of the prior fiscal year. Following these announcements, the company's shares moved 1.37%, and are now trading at a price of $29.66. Check out the company's full 8-K submission here.
