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Here's Why KLX (KLXI) Stock Closed Sharply Lower Today

NEW YORK (TheStreet) -- Shares of KLX (KLXI) plunged by 14.23% to $30.01 on heavy trading volume on Monday, after the Wellington, FL-based company posted lower-than-expected revenue for the 2016 first quarter.

Before today's market open, the provider of aerospace fasteners and consumables said revenue fell by 14.7% to $368.2 million. Analysts were expecting revenue of $383.6 million.

Adjusted earnings of 42 cents per share topped analysts' forecasts of 30 cents per share.

Revenue in the...