This was a "devastating announcement" for what has been one of the most consistent companies in the industrial sector, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment.
The company said it experienced slower-than-expected growth in Europe and sees shipment volume growing less than previously anticipated. In addition, management said it is "disappointed" with this year's expected earnings per share results.
To Cramer the report was concerning, to say the least. "This company does not miss unless things are getting worse," Cramer said. "Wow."
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.