NEW YORK (TheStreet) -- Shares of Quiksilver Inc (ZQK) were plummeting, sharply lower by 28.23% to $0.89 on heavy volume in early market trading Tuesday, after the outdoor sports apparel and footwear maker pulled its full year outlook this morning.
The company made the decision to remove its guidance after reporting worse than expected second-quarter earnings results before the opening bell.
For the second-quarter the company posted a loss of 22 cents per share on revenue of $333.05 million.
Analysts polled by Thomson Reuters had forecast a loss of 14 cents per share on revenue of $341.24 million for the quarter.
The company is removing its previously stated financial guidance for the fiscal year 2015.
About 1.38 million shares have exchanged hands as of 9:58 a.m. ET today, compared to its average trading volume of about 1.32 million shares a day.
Huntington Beach, Calif.-based Quiksilver designs, develops and distributes branded apparel, footwear, accessories and related products.
The company focuses its style on a casual youth lifestyle associated with the sports of surfing, skateboarding and snowboarding.
Separately, TheStreet Ratings team rates QUIKSILVER INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate QUIKSILVER INC (ZQK) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and generally high debt management risk."