NEW YORK (TheStreet) -- Allegheny Technologies (ATI) - Get Report stock is tanking by 11.72% to $14.99 in late afternoon trading on Tuesday, after the company reported its 2015 third quarter financial results.
The specialty materials and components producer reported a loss of $1.35 per share for the most recent quarter.
Revenue declined to $833 million from $1.07 billion for the year ago period.
Analysts had forecast for a loss of 39 cents per share on revenue of $949.49 million for the quarter.
"This was a very challenging quarter due to difficult business conditions, especially in the flat rolled products segment, further weakening in demand from the oil & gas markets, and continued weak demand for forged products from the construction and mining market," CEO Rich Harshman said in a statement.
"Our operating results reflect the very difficult, yet different, economic realities of our two business segments," Harshman added. "At this point we see no significant improvement in our major end markets until 2016."
Separately, TheStreet Ratings team rates ALLEGHENY TECHNOLOGIES INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
We rate ALLEGHENY TECHNOLOGIES INC (ATI) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally disappointing historical performance in the stock itself, deteriorating net income, poor profit margins and feeble growth in its earnings per share.
You can view the full analysis from the report here: ATI