Shares of Cemtrex Inc. tumbled Wednesday after the Farmingdale company reported a 32 percent decline in second-quarter net sales.
Cemtrex stock fell 22.6 percent to close Wednesday at $2.05. Shares were trading at $3.94 12 months ago.
The company, which reported earnings after Tuesday's market close, said net sales fell to $20.6 million in the period ended March 31 compared with $30.5 million in the previous year's period.
Net income for the quarter edged up 2 percent to $423,471, or 4 cents per share.
"We had a decrease in sales due to ongoing challenges in our industrial products business arising from a weakness in environmental markets globally, as well as a loss of [a] couple customers in our electronics business," Cemtrex chairman and chief executive Saagar Govil said. "We expect revenues to be weaker for the next few quarters."
Govil said the company will exit its environmental instruments and controls business this year and will focus on producing smart devices and virtual and augmented reality devices.