NEW YORK (TheStreet) -- Shares of Carter's (CRI) - Get Report are tumbling 10.72% to $99.52 on heavy trading volume Wednesday afternoon after the company reported solid results for the 2016 fiscal second quarter, but provided a downbeat outlook.

Before today's opening bell, the maker of children's apparel posted adjusted earnings of 72 cents per share on revenue of $639.5 million. Analysts were modeling earnings of 66 cents per share on revenue of $636.9 million.

Carter's said it sees adjusted earnings of $1.52 per share for the third quarter, below Wall Street's expectations. Analysts are looking for earnings of $1.78 per share.

Revenue for the period is expected to rise 6% to 7%.

The Atlanta-based company also cut its fiscal 2016 adjusted earnings per share growth guidance to 10% from its prior view for an increase of 10% to 12%.

Its full-year revenue growth forecast was reduced to 5% to 6% from 6% to 7%.

About 2.68 million of the company's shares changed hands so far today, above its average volume of 493,007 shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.

The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, revenue growth, notable return on equity and good cash flow from operations.

Recently, 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.

You can view the full analysis from the report here: CRI

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