Shares of Thermon Group Holdings Inc. (THR) plummeted 11.87% on Tuesday after the company reported fiscal Q2 2025 results and lowered its full-year revenue guidance, citing challenges in its large project business and extended timing of backlog conversion.

For the second quarter ended September 30, 2024, the industrial process heating solutions provider reported adjusted earnings of $0.38 per share, beating Wall Street estimates of $0.37. However, revenue of $114.6 million missed expectations of $116.2 million, declining 7.4% year-over-year due to ongoing headwinds in large project revenue.

While Thermon maintained its fiscal 2025 adjusted EBITDA guidance of $105-110 million and adjusted EPS guidance of $1.77-1.89 through strong execution and cost discipline, the company lowered its full-year revenue outlook to a range of $495-510 million from its previous guidance of $527-553 million.