NEW YORK (TheStreet) -- Shares of Forward Industries (FORD) - Get Forward Industries Inc. Report were gaining 139.8% to $1.56 on heavy trading volume Tuesday after the specialty and promotional products manufacturer reported its fiscal third quarter results.

Forward Industries reported earnings of 6 cents a share for the fiscal third quarter, up from break-even warnings in the year-ago quarter. Revenue fell to $7.23 million for the quarter from $9.06 million in the year-ago quarter.

There were no analysts' estimates available for the company.

"Over the last two quarters we've cleaned up all the legacy legal issues, right sized the company and are clearly focused on rebuilding the business to success," CEO Terry Wise said in a statement. "While we experienced a decline in revenues, we are encouraged that we were able to increase our gross profit margin in an industry that sees significant cost pressure daily."

About 3.6 million shares of Forward Industries were traded by 1:03 p.m. Tuesday, above the company's average trading volume of about 24,000 shares a day.

TheStreet Recommends

TheStreet Ratings team rates FORWARD INDUSTRIES INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate FORWARD INDUSTRIES INC (FORD) a SELL. This is driven by a few notable weaknesses, 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 deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself."

You can view the full analysis from the report here: FORD Ratings Report

FORD data by YCharts

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