Shares of tool maker Hardinge Inc. (Nasdaq:HDNG) are dipping 18% in midday action after the Elmira, N.Y.-based company posted a first-quarter loss of $0.7 million, or $0.06 per share, which widely missed Wall Street’s estimate of earning $0.34 per share. During the prior-year period, Hardinge posted a profit of $5.3 million, or $0.60 per share.

Quarterly sales edged down 2% to $85.6 million versus $87 million a year ago. Wall Street analysts anticipated $89 million in sales.

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