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What: Shares of Allegheny Technologies (NYSE:ATI) were looking duller today, finishing the day down 11% as the metal producer delivered results below expectations in nearly every category of its earnings report.

So what: Third-quarter earnings per share dropped 43% to $0.32, below estimates of $0.39, while revenue dropped 10% to $1.22 billion, also missing estimates. The company also said fourth-quarter net income would drop sequentially and reduced its full-year sales forecast. CEO Rich Harshman said that "we are seeing conservative inventory management throughout the supply chains of most of our major end markets" and blamed uncertainty on the election, the fiscal cliff, and weakness abroad.

Now what: Cyclical companies have taken a hit so far this quarter, with many scaling back their forecasts amid global economic weakness. Add Allegheny's name to the list, as its shares have fallen by nearly half since the beginning of the year. Still, this looks like typical cyclical weakness. Fundamentally, the company looks sound,and should bounce back with the rest of its sector when demand picks up.

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Jeremy Bowman and The Motley Fool have no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.