NEW YORK (TheStreet) -- Shares of Wabtec (WAB) - Get Report are diving 6.11% to $66.80 on heavy trading volume Monday afternoon after the company posted weaker-than-expected results for the 2016 second quarter.

Before today's market open, the Wilmerding, PA-based company reported adjusted earnings of $1.05 per diluted share, lower than analysts' estimates of $1.08 per share.

Revenue for the period was $723.6 million, below analysts' projections of $806.5 million.

"Our transit business is performing well, with revenue growth, improved profitability and a strong backlog. Our freight business, however, continues to be affected by overall rail industry conditions and the sluggish global economy," CEO Raymond Betler said in a statement.

"In this environment we are focused on controlling what we can by aggressively reducing costs, generating cash and investing in our growth opportunities, including acquisitions," Betler added.

For 2016, Wabtec sees earnings per share between $4 and $4.20 per share. Analysts are modeling earnings of $4.37 per share.

The company also forecasts that full-year revenue will be down 10% year-over-year.

Wabtec manufactures products for the rail industry, such as locomotives, freight cars, passenger transit vehicles and power generation equipment.

About 2.94 million of the company's shares changed hands so far today compared to its average volume of 944,541 shares per day.

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 largely solid financial position with reasonable debt levels by most measures, notable return on equity, good cash flow from operations and growth in earnings per share.

The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.

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: WAB

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