NEW YORK (TheStreet) -- Shares of Colfax (CFX) - Get Report are tumbling by 8.83% to $29.22 on heavy trading volume on Tuesday afternoon, following the Annapolis Junction, MD-based company's 2016 first quarter results.
Before the market open, the manufacturing and engineering company said it had adjusted earnings of 30 cents per share, which surpassed analysts' expectations of 27 cents per share.
Revenue was $876.8 million, higher than Wall Street's forecasts of $837.5 million. But, in the same period last year, the company reported revenue of $911 million.
During the quarter ended April 1, gas and fluid handling orders dropped by 8.8% from the year prior to $407.6 million.
We are making very good progress on our cost reduction initiatives, but our progress on growth initiatives continues to be largely offset by the choppy end market environment," CEO Matthew Trerotola said in a statement.
"While end market trends are mixed, solid performance in our shorter-cycle and aftermarket businesses is expected to largely offset the increased risk to project bookings for the balance of the year," he added.
Colfax is a manufacturer of gas and fluid handling and fabrication technology products and services.
About 1.82 million of the company's shares were traded so far today compared to its average volume of 901,880 shares per day.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted its rating are mixed. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins.
However, the team also finds weaknesses including disappointing return on equity, weak operating cash flow and a generally disappointing 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: CFX