Even as it feels the slowdown in Europe, Glatfelter ( GLT - Snapshot Report ) is still expected to see double digit earnings growth in 2012. This Zacks #1 Rank (Strong Buy) is also a rare growth stock that also has value. Glatfelter has a forward P/E of just 11.6.

Glatfelter makes specialty papers and fiber-based engineered materials. Its products include book publishing papers, tea bags, coffee filter papers, envelopes, drawing papers, and pressure sensitive papers, among other items.

It has facilities in Canada, Germany, France, the United Kingdom and the Philippines.

Glatfelter Beat By 19.4% In Q1

On May 1, Glatfelter reported its first quarter results and surprised on the Zacks Consensus for the second quarter in a row. Earnings per share were 43 cents compared to the consensus of just 36 cents. This easily surpassed the 34 cents reported in the year ago period as well.

Net sales, however, just barely rose, coming in at $397.4 million from $396.8 million in the year ago quarter.

All three of the company's segments had a strong start to the year. Specialty Papers saw a 7% increase in operating income with net sales rising 1.5%.

However, the European slowdown did impact Advanced Airlaid Materials and Composite Fibers as those segments experienced softer conditions.

Outlook for 2012 Is Still Bullish

Glatfelter is still optimistic about the second quarter. Composite Fibers is expected to have shipping volumes about 5% higher than the first quarter while selling prices are expected to be in-line with the first quarter. Advanced Airlaid Materials is expecting volumes to be in-line.

Specialty Papers is forecast to post slightly lower shipping volumes with an unfavorable mix in the second quarter. Two facilities are expected to have annual maintenance, as well, and are expected to adversely affect second quarter operating profit.

2012 Zacks Consensus Estimate Rises

In the last 30 days, the 2012 Zacks Consensus Estimate has jumped 7.7% to $1.30 from $1.20 per share.

This is still earnings growth of 28.7% as the company made just $1.01 in 2011.

Valuations Are Solid

Shares have had a rocky 2012 but are still holding near 2 year highs.

There's still plenty of value in the stock.

In addition to a P/E under 15, which is my cut-off for value, Glatfelter also has a price-to-book of 2.7. A P/B under 3.0 usually indicates value.

The company also has a price-to-sales ratio of 0.5. A P/S ratio under 1.0 can mean a company is undervalued.

Giving Back to Shareholders

On May 29, Glatfelter announced its Board of Directors had approved a $25 million share repurchase program. The shares will be repurchased from time to time. There was no expiration provided.

Glatfelter also pays a dividend which is currently yielding an attractive 2.4%.

For value investors looking for growth Glatfelter fits the bill.

Tracey Ryniec is the Value Stock Strategist for Zacks.com. She is also the Editor of the Turnaround Trader and Insider Trader services. You can follow her on twitter at @TraceyRyniec.