NEW YORK (TheStreet) -- Shares of electronics display manufacturer Planar Systems (PLNR) fell 4.07% to $6.13 in morning trading Friday to give up a portion of the gains it made Thursday after the company reported first-quarter earnings that beat analysts' expectations.
Adjusted 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, in the same quarter one year earlier. Revenue increased 17% year-over-year to $53.6 million.
Analysts had expected adjusted earnings of 9 cents a share on revenue of $48.5 million.
More than 1.8 million shares had changed hands as of 11:42 a.m., compared to the average volume of 655,246.
Separately, 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."