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Park Electrochemical Corporation (PKE - Free Report) has surprised on the Zacks Consensus 3 out of the last 4 quarters by an average of 30.1% as technology demand returns to the global economy.

Park Electrochemical manufactures high-technology digital and RF/microwave printed circuit materials for the telecommunications and Internet infrastructure and high-end computing markets. It also develops advanced composite materials, parts and assemblies for the aerospace market.

The company has manufacturing facilities around the world, including in Singapore, China, France, Kansas and Connecticut.

Park Electrochemical Beat on the Fourth Quarter by 30.1%

Park Electrochemical reported its fiscal fourth quarter results on Apr 28 and saw sales rise 42% to $50.4 million from $35.5 million in the year ago quarter. For the full year, sales came in under the prior year at $175.7 million compared to $200.1 million.

Earnings per share were 40 cents compared to 14 cents in the year ago period. The Zacks Consensus called for 26 cents.

It was the continuation of a turnaround for Park Electrochemical's earnings over the past few quarters.

As you can see from the chart below, analysts believe the earnings have started a rebound that should continue into 2011.

The Zacks Consensus Estimates Rise

With the big beat for the fourth quarter, analysts have been raising their estimates for the fiscal first quarter and the full year.

The fiscal first quarter Zacks Consensus is up 15 cents to 45 cents in the last 30 days.

For the full year, estimates have jumped by 33% to $1.74 from $1.31 in the last month.

Analysts now expect earnings growth for the year of 54%.

Value Fundamentals

Park Electrochemical is trading with a forward P/E of 13.9 which is under the industry average of 16.6 and under the normal value cut-off of 15. It has a price-to-book ratio of 1.6 which is also under the industry average of 1.8 and clearly within the value parameters.

Additionally, the company has a solid 5-year average return on equity (ROE) of 10.9%.

Park Electrochemical is a Zacks #1 Rank (strong buy) stock.

Tracey Ryniec is the Value Stock Strategist for She is also the Editor in charge of the market-beating Zacks Value Trader service.

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