NEW YORK (TheStreet) -- Planar Systems (PLNR) shares are skyrocketing, up 74.3% to $6.45 in early market trading, on Thursday after the electronic display manufacturer beat analysts' first quarter earnings and revenue estimates.
The company reported a 17% increase in total revenue over the same quarter last year to $53.6 million, ahead of analysts' $48.5 million expectations for the period.
Non-GAAP net income for the period more than tripled to $3.1 million, or 14 cents per diluted share, from $1 million, or 5 cents per diluted share, last year. Analysts were expecting the company to report earnings of 9 cents per diluted share during the quarter.
TheStreet Ratings team rates PLANAR SYSTEMS INC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate PLANAR SYSTEMS INC (PLNR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the company's profit margins have been poor overall."