NEW YORK (TheStreet) -- Shares of Esterline Technologies Corp. (ESL) are tumbling by 30.25% to $52.85 on heavy volume in mid-afternoon trading on Friday, after the company reported its 2016 first quarter earnings results.

After the market close yesterday, the aerospace and defense manufacturer reported adjusted earnings of 62 cents per diluted share, missing analysts' expectations for earnings of $1 per share.

Revenue for the quarter dropped by 12.5% to $441.5 million, lower than analysts' estimates of $476.6 million.

"Our revenue performance in the first quarter reflects challenges related to both the condition of our markets and our execution, each of which underlines the necessity of sharper operational focus," CEO Curtis Reusser said in a statement.

Esterline Technologies forecasts full year adjusted earnings per share between $4.40 to $4.80 per share on revenue in the range of $1.93 billion to $1.98 billion.

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The Bellevue, WA-based Esterline Technologies designs, manufactures and markets specialty products primarily for aerospace and defense clients.

About 2.33 million of the company's shares were traded by this afternoon, much higher than its average volume of 224,444 shares per day.

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