NEW YORK (TheStreet) -- Shares of Wabash National (WNC) - Get Report were falling 11.9% to $11.77 on heavy trading volume early Tuesday afternoon after the company posted weaker-than-anticipated revenue for the 2016 third quarter.
After yesterday's closing bell, the Lafayette, IN-based maker of trucking equipment reported revenue of $464.3 million, lower than analysts' expectations of $479.9 million.
Adjusted earnings of 50 cents per diluted share beat analysts' projections of 48 cents per share.
Third-quarter new trailer shipments were about 15,450 vs. its previous outlook for 15,500 to 16,500 trailers. This was driven by timing of customer pick-ups and continued slow demand in the company's tank trailer business.
Additionally, Wabash now expects 2016 total units to be at the low end of its prior guidance for shipments between 60,000 and 62,000.
"Longer term, while we do expect to see order volumes moderate, we continue to believe the demand environment for trailers will remain healthy as fleet age, regulatory compliance requirements and customer profitability all support an extended trailer cycle," CEO Dick Giromini said in a statement.
More than 3.65 million of the company's shares changed hands so far today vs. its average 30-day volume of 836,911 shares.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures and notable return on equity.
The team believes its strengths outweigh the fact that the company shows weak operating cash flow.
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: WNC