The stock of Accuride Corporation (NYSE:ACW), which manufactures parts for commercial vehicles, hit a record low on Wednesday. The company was expecting a full-year loss of 5 cents to 12 cents per share before, including a 6 cents per share loss, due to the shutting down of its Elkhart, Ind. Plant. Revenue range is predicted to be between $1 billion and $1.03 billion.
There was no stipulation about the net income by the company, but FactSet data reveals that analysts have predicted a loss of 30 cents per share on revenue of $967.8 million. Accuride claims that its performance has been negatively affected soft Class 8 truck orders. The stand taken by Navistar and Paccar has also caused problems because they have decided not to offer their Gunite hub and drum assemblies to be used as standard equipment.
Shares of Accuride went down 30.40% or $1.39 to $3.17 in Wednesday’s session. The stock had declined earlier to $3.26, which is a record low since the company went public in early 2010. Shares have dropped 38% till date. Accuride has resorted to downsizing its personnel by 14% to cope with the issues.