NEW YORK (TheStreet) -- Shares of Headwaters (HW) were dropping late Tuesday afternoon after the company posted weaker-than-expected results for the 2016 fiscal third quarter.

Before today's opening bell, the South Jordan, UT-based building materials company reported adjusted earnings of 30 cents per share, while analysts were looking for earnings of 38 cents per share.

Revenue for the quarter was $262.5 million, below analysts' estimates of $276.8 million.

"We are pleased with our growth and continued margin strength during the third quarter, despite being impacted by adverse weather conditions in a number of our markets, including heavy rain in the Texas and Gulf regions," CEO Kirk Benson said in a statement.

About 2.18 million of the company's shares traded so far today vs. its average volume of 527,718 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 compelling growth in net income, revenue growth, notable return on equity, good cash flow from operations and solid stock price performance.

The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.

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: HW