In a report published Monday, William Blair & Company analyst Brian Drab downgraded the rating on GSE Holding GSE from Outperform to Market Perform.
In the report, William Blair & Company noted, “GSE reported third quarter 2013 revenue and earnings that came in below expectations. Revenue declined 3% year-over-year, to $118 million, below the consensus estimate of $124 million. Adjusted EBITDA of $7.5 million were down 40% year-over-year, and below the consensus estimate of $10.3 million. The substantial drop in profitability was primarily due to a 580-basis-point contraction in gross margin, to 11.6%, primarily driven by a competitive pricing environment and overcapacity in GSE's North American operations.”
GSE Holding closed on Friday at $2.66.
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