NEW YORK (TheStreet) -- Shares of CF Industries (CF) were falling 7.09% to $22.95 on heavy trading volume late Thursday morning after the company reported weaker-than-expected revenue for the 2016 third quarter.
After yesterday's closing bell, the Deerfield, IL-based nitrogen fertilizer manufacturer reported revenue of $680 million, below analysts' estimates of $788 million. Last year, the company generated revenue of $928 million.
Adjusted earnings of 13 cents per diluted share beat analysts' projections for a loss of 3 cents per share, according to FactSet.
Revenue was impacted by lower average selling prices across all segments, the company said.
"CF remains well-positioned with enduring structural advantages despite the challenging market environment," CEO Tony Will said in a statement.
In North America, the start of the 2017 fertilizer year was slow due to delays in buying activity, CF Industries noted.
Import volumes of nitrogen products are markedly lower year-over-year and the downstream channel reportedly has low inventory, according to the company.
"However, increasing domestic and international supply has driven global prices lower, and buyers were reluctant to take the inventory risk during the third quarter," CF Industries said.
More than 11.14 million of the company's shares changed hands so far today vs. its average 30-day volume of 5.14 million shares.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its good cash flow from operations and expanding profit margins.
But the team also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.
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: CF