NEW YORK (TheStreet) -- Shares of Allegheny Technologies(ATI) - Get Report were retreating 15.39% to $15.06 on heavy trading volume early-afternoon Tuesday after the company reported 2016 third-quarter results that fell short of analysts' expectations.
Before today's market open, Allegheny posted an adjusted loss of 21 cents per share, higher than analysts' estimated loss of 9 cents per share.
Revenue came in at $770.5 million, below Wall Street's projected $821.9 million.
During the same period last year, the Pittsburgh-based specialty materials and components producer reported a loss of 25 cents per diluted share on revenue of $832.7 million.
Allegheny said it will shutter two plants in Western Pennsylvania in 2016 as a result of low raw materials prices and global commodity stainless steel sheet and strip overcapacity, among other reasons.
The company will close its Midland, PA-based commodity stainless steel melt and sheet finishing facility, which employs about 360 people, and its Bagdad, PA-based grain-oriented electrical steel finishing facility, which has about 250 employees, according to the Associated Press.
Allegheny expects to report between $11 million and $21 million of charges related to the closures in its 2016 fourth quarter earnings.
More than 3.36 million of the company's shares changed hands so far today vs. its average 30-day volume of 2.03 million shares per day.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Allegheny Technologies as a Sell with a ratings score of D+. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and feeble growth in its earnings per share.
You can view the full analysis from the report here: ATI