NEW YORK (TheStreet) -- Shares of Albany Molecular Research (AMRI) plummeted 22.58% to $17.55 in afternoon trading Wednesday after the company reported third-quarter earnings that came up well short of analysts' expectations.
The company, which provides global contract research and manufacturing services to the pharmaceutical and biotechnology industries, reported a loss of $8.6 million, or 27 cents a share, for the quarter. The adjusted loss came to 2 cents a share. Revenue totaled $62.5 million for the period.
Analysts had expected adjusted earnings of 16 cents a share on revenue of $71 million.
For the full year, Albany Molecular Research expects earnings in the range of 67 cents to 73 cents on revenue in the range of $278 million to $286 million. The consensus estimate calls for earnings of 88 cents a share on revenue of $304.31 million.
More than 3 million shares had changed hands as of 12:48 p.m., compared to the average volume of 311,765.AMRI data by YCharts