NEW YORK (TheStreet) -- Shares of LKQ (LKQ) were sharply lower on heavy trading volume midday Thursday after the company posted light revenue for the 2016 third quarter and cut its full-year outlook.

Before the market open, the Chicago-based vehicle products company reported revenue of $2.39 billion, while analysts had projected $2.46 billion.

Adjusted earnings of 45 cents per diluted share met Wall Street's estimates.

"While there was softness across parts of the global auto industry during the quarter, the company delivered positive organic revenue growth for parts and services of 3.7%," CEO Robert Wagman said in a statement.

For 2016, LKQ now sees adjusted earnings per diluted share between $1.78 and $1.84 compared to its prior view of $1.79 to $1.87 per share. Analysts surveyed by FactSet are looking for earnings of $1.83 per share.

The company also lowered its full-year organic revenue growth forecast to range between 4.5% and 5.0% from its previous guidance for an increase of 5.5% to 7.0%.

More than 4.96 million of the company's shares changed hands so far today vs. its average 30-day volume of 2.05 million shares.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, increase in net income and good cash flow from operations.

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: LKQ

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