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Brian Shore | Chairman and CEO |
Brian Glenn | Olcott Square Investment Partners |
Good morning. My name is Paul, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Park Aerospace Corp.
First Quarter Fiscal Year ‘23 Earnings Release Conference Call and Investor Presentation. [Operator Instructions] Thank you. will call I to time, this turn over the Mr. At Officer. Chairman and Shore, Chief Brian Executive Mr. Shore, your may you begin conference.
as Matt Thank you, quarter me, first everybody to as Paul. This is conference Brian. call. our CFO. Farabaugh, Welcome our always, usual, With
on about earnings the get we release. website. quarter presentation access our earnings there to our in presentation to how we're our are first the So, this instructions out to access release, also morning, release, put is go earnings through, And the that webcast,
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So, let's keep going.
May, has per quarter. Now only through in second month produced month per aircraft XX family XX Airbus the AXXXneo Airbus in but XXXX delivered
about? it? is average XX So, Why Airbus this that's month, what's XX. it divided year, Yes, discrepancy And deliver is XXX by there? what per the wants going to isn't XXX an -- on
I This Now, going something from came but yesterday, and the with Aviation presentation, that Faury's to from I’m there it. Week ready in have Didn’t out July interview news is to read CEO on these was Xth. it. I'm time follow try going get to to items.
kind the of industry It's of Money important. acknowledged bear is to well, engine stupid. said too me prepared in supply catch XX Many was of and may So, Airbus steep the difficult we XXX half iterated waited and stupid, it target you're exactly month ramp-up behind a it's where commercial up interesting problem, a by the curve but severe engine we is should per now. This challenges. manufacturers, and is when Faury he chain maybe were tough are as for here. saying the this, XXXX be the in problems it. we from curve delivering aircraft XXXX 'XX, severe ramp-up. quote late, the the then of with planned that in making be manufacturers the We are first saying that were
to they get see us, you in look, now we're little look unhappy us and bit maybe warned we can that to exasperated. sense, you listen my pay in. you a at Saying, didn't maybe the last guys, you predictive attention and don't So the year,
back to complete building probably And this delivered. the explaining discrepancy is the and reading So deliveries. between back be aircraft, engines production gliders. Airbus is the I'm for Otherwise waiting article again, important, -- from to to currently
said the here. quote, So, is targets. short to he what Suppliers a time production not recover. have -- he we're shaking see he the let's This Teams are give is crazy. is up? for course, recover. this, doing is are Of them engine to least They manufacturers, like says. engine has ramping prepared us working Is single nonetheless and committed He up, their they'll drop a tell manufacturers, shaking This lines, it to else Airbus market, said at supply-constrained term. quote, it that on stressed aisle, not
gliders able deliver to be engines when XXXX crisis, to but for also And were hung. he So, the the they their Airbus to wasn't they predicament. away the points same build to target, had
chain, movie the we're obvious the they what of been is So, at supplier the through the to doing executive didn’t. warned industry, Airbus because there's this and they part warned frustration lecturing Airbus, attention what conference, pay attention This on pay they they’ve the before, engine companies, guy supply we're doing.
just And building so But now, predicament. gliders. they're at we're
the did himself, CFM, fallen also CFM That said because they’re airplanes airplanes we saw now explain terms GE this it that Pratt what Lots the to going XX we Faury he now important down. be concept they keep to my AXXXneo engines have more on in doing engines. It will the And have mean? speculating going So very before. that confirms that because in a the hung available, of are then will it’s of get want They're in That's both lot building is the push they're shipping. producing They what we answer When from Airbus That's when it's made It's don't is not what know gliders. lots slide build bogged the they to are they're They'll that engines this are is airplanes Pratt, just And interpretation. and behind. does not keep delivered. doing. kind want in made about airplanes. to don’t This available, what Well, which of of why moving. here, airplanes, be money. costs they is of may of and engines what we're comment. the they discrepancy forward, fairness than stop.
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know a XX. time I late. and Slide running we're took So that long
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bottom there. of the real So, change no XX, slide
That that develop they did, that relevant it's I'm Let's Boeing least CEO introduce, a going -- not a never until keep That's does took which or for said that not. test announce probably not few place June. sure XX. response What has to and the to nice. probably engines even XLR not means mean? be first airplanes flight an really Boeing years. XLR never the it's going in at XXXX, the And point, any Slide they're at with news, The to new LEAP-XA if equipped going. Also, of XLR.
I So, basically space, very doing this space. is Boeing Airbus whole that think what is a important seeing space this is
about deliveries? is me, much seems a managed not a of lot to one little, revenues from inventory too the on much why good investors, to downstream like too answer downstream family AXXX timing revenues came over question don't a differences inventory overshooting, don't Park’s talk our short AXXX too why big picture corrections, too little, not of going in of chain little. big and There is the our the And well, on in reconcile a our So, lot sometimes derived it's are chain, AXXX We too it -- a too much interval, the supply And aircraft supply deal. question. a reconcile? the that what's lot, supply,
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million. So first in in at of $X.X came all, QX
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on go Let's slide to XX.
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on numbers. go going I'm update quarter. an to to every Let's give go these you not through slide We XX.
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highlighted on them, want these at you still working things, these with working discussing we're JV still partners. work -- is the If we partner and different the this They’re cover. burner, front but We're potential we a to thing new actively we with initiatives. look the item, they're only that on decided
on additional prospective these XX. okay? to that we're partner on Let's So, working projects, go slide with
Okay. Park. a and This new exciting for thing is
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our one from So, Rocketdyne. OEMs, we Aerojet award of received favorite little customers, nice a
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the taxes others, Park, millions incentives welfare tens let pandemic the of of need We corporate Park, many to During economic not our inclined incentives, At meaning incentive of of or not pandemic. to companies accept We're we people. earn and government employees. made while our money, others, kept meaning took our including and large we many, more money, money government go of At dollars Park, paid do money keep quarter At as we people. payer our tax not to handouts. money. as every throughout own money government all crisis,
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of away. employees or to the is hire priority money a these that trying government So, the ultimate people of lot actually some that took people
to on Let's slide XX. go
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well done job So, by them.
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are And questions, if listening. now there any be we'll to take happy being for much very Thanks patient, operator, Okay. them.
Our is Instructions] first question [indiscernible] Management. from [Operator Nick with NR
if Brian. aviation. those think process endeavors? electric I'm Good products would potential. markets morning, Are your that make on any different Park be comment do I could of markets? of wonder thinking for SpaceX, for niche Park you kind you for could sales new And those there
Thanks the question. Nick. for Thanks,
But two we want maybe I maybe I working space private the But mentioned or been so we have a in that more done really haven't markets those aircraft from interested far aircraft. so in us that they’re have you Is that toward we in pie still aircraft are and we you product private far. a to of that We do are do not are some little I sales mentioned, markets there's helpful a space. say that like appropriate we call guess And those in analysis, would success information? achieve I terms And private products would still electric lot these So, these Nick, you targeting. liked two may these think them have space. markets. for help companies. that have markets, type targeting toward a
Thank you. Thank much. No so Thank you you. Yes.
Thank you.
Investment is Our Glenn Olcott with Partners. Brian from next Square question
XX be XX, goes questions. Just might this two the back think, it's I first, guess, it slide to, I million.
$XX you year ablative we are can guys the XXXX just that indication year any provide so can trajectory mentioned a for bit? RAYCARB, expecting You for looked fiscal respect that fiscal to XXXX and with there you million. would what the like figure Is sales have understand
we million, Yes. to over really yes, $X that, should I million, million. And think $X said million $XX we $X.X said that. have like something
be not is a all too to is conservative. trying we're This think booked. I forecast. This
last number Xish. after over million. But think, of looking somewhere is front have I this the the yes, year but $XX in don't year we're was, number actually, So I in the X.X. me,
Understood.
up, cash or to bring not. I is you to a up, second a dividend times potentially couple allocation, regarding you've have capital other and for cheap I the a I mentioned question, know you I guys want there's only I the for if But is do guys to the Okay. that Company But, lot I've That's only and And you the And if of share did of then that's way short-term shares multiyear are And you know earnings there's out up period And view giving that, repurchases. calculus shareholders. of serious go I to guaranteed, nothing thought thing and some that the whether about growth. on asked helpful. there's and well as specifically thing you stock bring the the save view, you that. into to know the bring assumptions the obviously to relative but spoken other with bucks is you best that repurchased. the consider few shareholders, is as wanted growth thing want other a the
a more So, appreciate in who has anyone time company, who be seller. but to is ownership I ownership, know horizon you a has and likely anyone the short
didn't to be bias structure sort selection And respect of repurchases. effectively exists whenever base partners investor time business a have there's that bit and appreciation but they more your long you share calculated, kind of So, and capital is ownership term. end which a piece. horizon, engages that hopefully, cleanse an also more, calling the you crop they with, thoughtful the company in is up why the that's that of fellow better up a do you sell a to a have with better of shareholders worth and Again, end and a
which I and by be selection the of that might there's appealing. Board So, kind be considered think, should bias,
input. I I the agree, and appreciate
we maybe appreciated. interesting, allocation. before, X input don't received from that I we to of was some even about this it the opinions why And but probably input, commented, kind with interesting. different announcement. gave investors You've And before see capital was we X I -- made was know
know don't we there's the we I So or appreciate give valid input. but input. some to the anticipation And consideration whatever, all
direction Your we're input is now. you what valid. tell going I can't right
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country if As what this the but of situation in unsolicited, our We've number only the and stock, level, just of It's factors the gave looks even and And I factors well, economy you pretty but one you're the buy going. factor, I concerned at and done mentioned, mentioning sure it's country and And are from kind where generally the not we about appreciated it received are obvious. a happen. ourselves. crunching make shareholders. about, little some analysis some we've from the
have advisors this outside do I And and of always appreciate us work we said. input. for kind anything investment as well. with We won't But that banks disagree you
the make and often it's based to the Brian, like end and think indications big direction. going valid. the considering aren't is girl have all all all the world, decision the At we in boy a upon of I day, same factors the the big case, in
if you So, hope, do always the I decision. wasn't anyway, a you then, you that minute, you realize have best make course you right to that correct, wait And judgments can. the and
the again, with in answering to -- don't anything just think your said. best do responding, say can So, I that's you except I disagree I
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say that's would I correct. partially
projects, Now, projects and it's like about million, I if $X something plan, these million, about that. the capital we presentation two the you're talk in the this think right, and slide thing $X
about like, and we much customers you or maybe However, would And spoken those We've maybe here, We're should an not But capital. more as pointed of that could we consume we to of are balance advantage. have talked others some ongoing which would project in projects saying, much talk, more more -- consume as proactive instance, with -- use even we would M&A joint much sheet this sometimes ventures, those capital. that trying talking been you about capital, together. project, we've for out. do kind And initiate discussions our regard. OEMs discussions consume something -- that
Brian this no Shore turn any [Operator over at comments. to further I floor time. closing back questions Instructions] There are would to like the for
Thank soon. everybody, available. and always have and free talk we'll Feel summer, great thank time. want. for a Paul, to appreciate are Okay. any you call listening. questions. us the I I time Matt you, your you, appreciate I to and And you
take care. You
conference. today's concludes This
this participation. for Thank time. lines You your at may you your disconnect
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